Properly Insure Your Home
Most insurance companies recommend that your policy covers 100% of the replacement cost. If your home is financed, many mortgage banks will have minimum coverage requirements.
Consider the following:
1. Estimate the cost to rebuild:
Ask your real estate agent or mortgage representative for average local building costs and
multiply it by the square footage or your dwelling.
2. Account for the value of your personal possessions:
Determine the amount of coverage needed to replace the contents of your home with new items at current prices if everything were destroyed.
3. Learn about the geology of the area you live in:
Review your policy's exclusions statements. You many need supplemental coverage for natural disasters or other hazards unique to the location of your home.
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