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How Much Home Insurance Do You Need?

How Much Home Insurance Do You Need?

How Much Home Insurance Do You Need?
News from Fox Business:

You found your dream home, negotiated and signed a deal, moved in and now it’s time to insure your new residence. While some of the homeowner insurance coverage will be dictated by your mortgage provider, many new homeowners will have to evaluate how much coverage they need and can afford.

Navigating the home insurance world can be difficult, but here are three expert tips to avoid under and over insuring your home.

Tip No.1: Insure the Cost to Rebuild  

In order to properly insure your home, you’ll need to figure out the cost to rebuild it. According to Loretta Worters, a spokeswoman for the Insurance Information Institute, many home buyers mistakenly base the rebuilding costs on what they paid for the home. “In today’s stagnant real estate market, the cost to rebuild a home can greatly exceed its real estate value, and there is no correlation between real estate value and the amount of insurance needed.”

She advises homeowners calculate their rebuilding costs by excluding the value of the land, but taking into account the square footage, type of exterior wall construction, the style of the home, number of rooms and bathrooms, roof materials, kitchens amenities and  any other extras in the home. Sheds and garages should also be part of the equation.

If you are dealing with a lender…………… continues on Fox Business

… Read the full article

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