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what is the normal coverage I should be getting for my home owners insurance

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Mansfi

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I need home owners insurance and wasnt sure what should be my coverage as far as liability etc...
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May 14 - Babylon
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Melody91

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 I agree with much of the above, and DID recently learn I needed to switch my auto policy to the same company as covering my home Owner's Policy; it saved an unbelievable couple of thousand dollars!

There are a few things I thought of to add:

1. An Inspector ought to come out and see what they suggest for the level of coverage;

2. You ought NEVER insure for less than 80% of the value (as one cannot insure Land); since then one is then considered a co-insurer with the Bank; and one can get caught in a mess of red tape;

3.I think one person was referring to an Umbrella Insurance Policy which is always a good idea, if your home is worth something.  These past years, with more and more and more unemployed people, we seem to have a litigious populace. So, it is best to be safe.

4. Above Replacement Cost, one ought to purchase Insurance that gets one 'To the "Current New Codes' applicable at the time of this hypothetical loss, (that we pray never occurs) since that can run a lot of money ; if not so covered.
I know of one case where it ran an extra $100K.

    Best of luck...Mel
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September 29
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Ruth Stroup, "Insurance Agency"

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For individuals, liability insurance is part of both home and auto policies, and as a homeowner, I recommend you maintain the same level for both types of policy. 

This is one of the reasons I advocate using one company for both policies.  You may also receive a nice discount for packaging your coverage.

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September 29
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Eric Kossian, "InsurePro"

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Homeowners policies are in fact a package policy that includes a number of different coverages. However, it is important to consider a number of things: 1. get a "full replacement cost policy" if they are available in your state (they are in Washington State). 95% of policies are "extended replacement cost" or "replacement cost" which limit the actual amount paid to replace your home to the amount showing on your policy plus between 0-25% more, depending on policy type. "Full replacement cost" policies do not cap coverage. If your credit score is good, they are often available for less than policies with lesser coverage.

Second you will want to consider perils coverage. Most home policies have "broad or special form" which provide no coverage unless the peril is on the list of covered perils. It is better to get "comprehensive perils". Keep in mind that all home policies exclude (unless an endorsement is added )things like damage resutling from flood, earthquake, landslide, earth movement, mold and mildew.

It is also wise to consider the amount of liability coverage needed. While the average homeowner would likely be okay with $500,000. affluent and weathly clients may need 1 - 10 million or more. A typical 1 million dollar liability policy on top of your underlying home and auto liability amount is generally $175 - 300 per year depending on credit score and youthful drivers.
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May 28
 

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Question what is the normal coverage I should be getting for my home owners insurance
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