Home Insurance: How to get determine your home insurance coverage

How much home insurance coverage do you need on your home? Many homeowners ask themselves this very same question. Often, homeowners mistakenly believe that they need enough coverage to match the market value of their home. In reality, your home insurance coverage should be enough to cover the replacement value of your home. (Market value includes the value of the land which does not need to be calculated into your home insurance coverage.

So how much would it cost to replace your home in the event of a total loss? Click here to use our home insurance calculator. This helpful tool will show you how to determine your home insurance dwelling coverage based on square footage and local construction costs.

The other types of coverage included in your homeowners insurance (other structures, contents, loss of use, liability and MedPay) are based on percentages of your dwelling coverage. For example, some of these are typically as follows:

Other Structures: 10% of dwelling coverage
Contents: 50%-70% of dwelling coverage
Loss of Use: 20% of dwelling coverage
Liability: $100,000
MedPay: $1,000 per occurrence

Do you have other questions about home insurance or how to get started?. Feel free to Request a Call and one of our agents will be in touch shortly. Otherwise, please give us a call at 1-877-50-MyHome to speak with an agent licensed in your state.

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