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Todd & Lisa McLain, RE/MAX Properties IncPhone: (719) 290-6734
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Homeowners insurance : A guide to how much is needed

by Todd & Lisa McLain 09/16/2024

person thinking about homeowners insurance

After purchasing a property, protecting your space and personal belongings is important. Having the right coverage in the case of emergencies can offer financial peace of mind. This article provides a brief guide for choosing homeowners insurance to protect your space. 

How much basic coverage do I need?

Calculating the total cost of your home and assets helps in choosing the appropriate amount of coverage. The coverage limits should be enough to rebuild your home and replace personal items if needed. 

Insurance companies use a calculator to figure out the total worth of your home. From there, most offer around 50% of that amount to cover personal belongings. 

What types of homeowners insurance do you need?

There are many types of homeowners insurance. Some offer personal property coverage and liability coverage. Others are very limited and only offer enough coverage for the structure of a property. 

An HO-3 is the most common type of homeowners insurance. It offers liability insurance, dwellings coverage, funding for personal property and more. 

Do I need additional living expenses coverage?

Having additional living expenses coverage secures your well-being if you’re displaced from your home as it’s getting repaired. For example, if a fire damages your home, repairs may take a while. Additional living expenses coverage would pay for you to stay in a rental. 

The right insurance company will offer policies covering all of your property. Shop around to get the best fit for your needs!

 

About the Author
Author

Todd & Lisa McLain

We are Todd and Lisa McLain and we would love to serve you throughout your home buying/selling experience. Whether you're in the research phase of your real estate search or you know exactly what you're looking for, you'll benefit from having real estate professionals with over 20 years of experience in the Pikes Peak region by your side. We'd be honored to put our real estate experience to work for you!