Get the right amount of coverage for your home

When was the last time you reviewed your home insurance coverage? Recently, we’ve received claims where the amount of insurance each client had wasn’t enough to cover the costs to repair or replace their belongings. Even with partial damage to their home, a family of four can quickly use up their $30,000 to $50,000 personal limit. If their home was damaged beyond repair, this coverage wouldn’t be enough.

If you’re just starting out or you are a mature home owner on a strict budget, lower coverage amounts may be suitable. But most people require higher limits to fully cover their homes and everything in them.

How much coverage is enough?

Use the following tips to help ensure you have the coverage you need.

  • Do you feel the limit is adequate? You are in the best position to know about the value of your belongings. Things like artwork, antiques, hobby/sports equipment, etc. can quickly add to the value of your home’s contents.

  • Think replacement cost vs. actual cash value. When insuring at replacement cost, you are able to replacebelongings with new, comparable items rather than estimating the current value of your used goods.

  • Count everything. Don’t just focus on high-value or highly visible items such as furniture and televisions. Remember to include all the unseen items in closets and drawers, the basement, garage and tool shed. They add up quickly.

  • Make an accurate list. Use the tools available to help you determine your needs, including our personal property Inventory Log. Alternatively, check out the Insurance Information Institute’s “Know Your Stuff” home inventory tool.

We can help you review your home insurance needs to make sure you and your family have the right coverage. Contact us today for a free insurance needs analysis.