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Home InsruanceWhen it comes to purchasing homeowners insurance, the question of "How much do I really need?" comes up a lot. The fact is that there is no one-size-fits-all to home owners insurance policies. There are however, some basic things that you should keep in mind when you are figuring out how much insurance you should get. Home insurance typically covers six different areas:
  • Dwelling:Covers damages to the home itself and attached structures.
  • Other Structures: Covers damages to non-attached structures like sheds and fences.
  • Personal Possessions: Replaces lost and stolen items such as televisions.
  • Loss of Use: Covers some living costs if your home becomes uninhabitable.
  • Medical Payments: Covers medical bills of anyone injured on your property.
  • Personal Liability: Protects against lawsuits by anyone injured on your property.
Of these, dwelling and personal possessions will be the largest determining factor in your insurance costs. Generally your dwelling coverage should be enough to cover the costs to rebuild your current home in its current location in the event of total loss. When it comes to your personal possessions, a good way to look at it is that if you were to be robbed, what items could a burglar pick up and move.

This ranges from expensive electronics, to furniture to the silverware. All of this adds up, therefore it is recommended that you cover those items for 50 to 75 percent of your dwelling coverage. In other words, if you decide that your home would cost $200,000 to rebuild you would want to have $200,000 dwelling coverage and $100,000 personal possessions coverage.

Many homeowners think that when the market drops they can save a little extra cash by lowering their coverage. However, just because the market is down doesn't mean that the cost of rebuilding is down. In fact it may be a good time to increase your coverage to account for inflation.

Another thing to consider is that homeowners insurance is not the same as flood insurance and may not cover costs in the event of a burst water pipe.

Lastly, you want to consider your deductible when calculating your insurance premiums. The deductible is what you will have to pay out of pocket when you submit a claim. The higher your deductible, the lower your insurance rates. It is recommended that you have as high a deductible as you can afford.

Finding the right coverage for you is not something that should be done alone or in a hurry. You should take some time and speak with experts who can answer questions regarding any concerns that you may have.

At Fleming & Riles Insurance, we know and understand the difficulties in finding the best coverage at affordable rates. Call us today at (800) 833-4379 to ask about how we can help you find the right home insurance policy for your needs.
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