What Should My Homeowners Insurance Cover?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Your homeowners should cover the replacement cost of your residence against almost every bad thing that can happen.  It should cover your personal property contained in the residence with extensions to cover personal property that is away from the residence.  It should cover other buildings on the property.  The most important coverage is legal liability coverage.  The company you select should stand ready to handle a lawsuit against you for bodily injury or property damage.  The higher the limit on this coverage the better.  A lawsuit can ruin your day.  There are limitations, exclusions and restrictions.  Read the policy that you are considering but make sure that the agent that you use gives the insurance company all of the correct information. 
    Answered on March 14, 2014
    flag this answer
  2. 1844 POINTS
    David W. Clausen
    Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
    Your homeowners policy should cover the amount it would cost to completely rebuild your home including re-engineering costs. It should be written on an insurance form that is considered "All Risk". All risk coverage will not list what you are covered for, but rather, it covers everything that is not excluded. Typical exclusions include earthquake, flood, wear & tear, maintenance and intentional acts. You should cover your contents, or personal property, with a replacement cost endorsement. This will replace your items in your home rather than depreciate your personal property. Our office recommends at least $500,000 in Personal Liability coverage and Loss of Use coverage should you need to live somewhere else while your home is rebuilt or repaired. Hope this answers your question. You should check with your local independent insurance agent. They will help customize your policy for your unique needs.
    Answered on September 21, 2015
    flag this answer
    3. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>