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Home Insurance Buyers’ Guide 2: How much do I need?

Home Insurance – How Much Do I Need?

• How much buildings insurance do I need?
• How much contents insurance do I need?
• Additional/Extended Cover

How much buildings insurance do I need?

When assessing how much building insurance you require, be aware that you only need to insure the cost of rebuilding your home and not its market value.

If you live in a period house or unusual property, you should ensure that your cover is high enough to allow for rebuilding in the style of your home.

Home Insurance – The Basics

• Home Insurance – the basics
• Buildings insurance
• Contents insurance
• Home Insurance – How much do I need?
• Glasses On! Read your home insurance small print
• How to find great home insurance deals
• How to reduce your home insurance premiums
• Burglar-proofing tips
• How to make a home insurance claim

Home Insurance = Peace of Mind

Your home is your castle and everything within it your crown jewels, but since you probably don’t have a troop of beefeaters to stand guard, it’s a good idea to opt for some home insurance.

Adequate home cover will afford you peace of mind so that if your home is damaged or destroyed it will be repaired or rebuilt, or if your possessions are damaged or stolen you will be compensated.

You need enough insurance to cover the following:

1. The structure of your home.
2. Your personal possessions.
3. The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
4. Your liability to others.

The structure

You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don’t include the cost of the land. And don’t base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.

One question insurance customers never fail to ask is, “What’s it going to cost me?” The cost of homeowners insurance is influenced by a broad range of market factors:

• From rising construction costs to the
• Increasing number of liability lawsuits.
• But it’s also affected by the customer’s needs, policy choices and habits.
• We are dedicated in helping our clients control their insurance costs.

Homeowners insurance is one of the most important investments you’ll make. You should keep in mind the difference between market value and replacement value, and make certain your home is insured “to value.” In many cases, it costs more to reconstruct a house than the house would bring on the open market. Talk with us to make sure you have the right amount of coverage.

You can take steps to lower the cost of your premiums. Our companies offer special discounts and credits for such features as fire extinguishers, sprinkler systems, and burglar alarms. These are factors in loss prevention, which ultimately help control insurance costs.