Is Your Home Insurance Sufficient For Your Needs?

​Most individuals' biggest purchase is a house. This means that securing your investment requires obtaining enough insurance. Insurance may cover the cost of replacing and repairing your personal property and additional living costs.

How Much Coverage Do You Need?
It is ultimately up to you how much home insurance you require. You may pay a higher monthly premium for a policy with bigger limits, but you may also be better protected. The four basic coverages that determine the cost of home insurance—are dwelling, personal property, living expenditures, and liability insurance.

Dwelling Coverage
Before figuring out how much homeowners insurance you need, you must consider how much dwelling coverage you need. The amount needed to reconstruct your house in the event of a total loss should be your first concern. You should require a specific amount of insurance based on your particular residence.

Personal Property Coverage
Your homeowner's insurance may cover personal property up to a maximum replacement cost of your home. Personal property insurance provides payouts for both property damage and theft. It is one of the few parts of your insurance that should pay out even if your home is undamaged. 

Calculate the amount of coverage you should need to replace your personal goods before purchasing an insurance policy.

Living Expenditures Coverage
The portion of your insurance coverage costs during a covered loss is additional living expense coverage. This coverage may cover the costs of renting an apartment or staying in a hotel while your house is fixed. This accounts for 20% of your homeowner's insurance. However, you could need more if you anticipate high living expenditures during an emergency.

Liability Coverage
Purchase liability insurance with a sufficient limit to protect your assets. Increasing your liability limits may only cost a few dollars each month. Your liability insurance may pay the costs of those losses up to the policy maximum. This applies if someone got hurt on your premises or their property was damaged due to your negligence.

Conclusion
You create happy moments with your family at home. In a disaster, it is essential to secure it and all of your possessions adequately. That's why it's crucial to determine just how much coverage you require.

At Roper Insurance Services, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (828) 697-6709. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!