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I recently reviewed our home insurance policy after not looking at it for years. I am concerned that we are no longer adequately insured. How can we figure out how much home insurance we need? Mary P.- Port Charlotte, Florida

Dear Mary,

A great question and quite a common one.  You will need enough home insurance to cover the cost of the following:

1. The structure of your home: To estimate the amount of insurance you will need to cover the structure of your home use our home insurance calculator. The calculator will help give you a rough estimate on the amount of dwelling coverage you may need to protect your home.

2. Your personal possessions: To determine the value of your personal possessions and belongings you should perform a home inventory. A standard homeowners insurance policy typically offers a percentage of your dwelling coverage as coverage for content, or personal possessions. Coverage varies per policy and you should ask your agent about the specific of your policy. If you have any particular items of high value, ask your agent if they are covered or if you should schedule an endorsement on your policy to cover them.

3. Additional Living Expenses: In the case that your home is damaged and you must live somewhere else while repairs are performed you will need coverage for those costs.  A home insurance agent can help you determine the amount of additional living expense coverage you may need, however, most policies include a standard percentage of your dwelling coverage to compensate you for living expenses incurred while unable to habitat your home due to a covered claim.

4. Liability: This part of your policy protects your liability to others for accidents that may happen at your home or caused by a covered family member when a lawsuit is presented.  A home insurance agent can help you determine the amount of liability coverage you need.

Asking a licensed home insurance agent is always a great way to determine how much home insurance you need.  They can help you determine specific coverage levels and discuss appropriate deductibles.


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