Determining How Much Home Insurance You Need

Determining how much home insurance you need.

One of the biggest mistakes you can make when purchasing home insurance in Palm Beach County is not having enough.

Dwelling Coverage

Your dwelling coverage needs to equal the replacement cost of the home. This is the money it takes to rebuild your home. You can use online calculators or ask your agent at KreateWave to help you figure this out based on the square footage of the home and construction costs in the area. Things that affect a home’s replacement cost include any new building codes that were set up after the home was built, remodeled kitchens, additional structures and rooms, and the rising costs associated with construction and building materials.

Personal Property

In order to figure out how much coverage you need for your personal belongings, start with a home inventory. You can begin with your bedroom and work your way to the garage. At this time, you should be taking pictures of expensive items. It may seem like a lot of time to do this but it can be helpful, especially if you do need to replace everything. There are limits to personal property coverage so if you have high-end items, you may want to get additional coverage.

Liability Coverage

Many home policies have minimums of $100,000 for liability coverage. However, you should buy more if you can. Since accidents can happen to anyone at any time, the more coverage you have, the better it will be when it comes to liability. Some dog breeds may be flagged and not covered under home insurance. Check with your agent to see if you need more coverage based on the dog you have.

Additional Living Expenses Coverage

Most policies will use a percentage of your extended dwelling coverage to calculate this. If you have a large family and think you will need more coverage for this, you can opt for greater protection.

Contact KreateWave in Palm Beach County to get a quote on home insurance.