Your home is often your most valuable asset, and homeowners insurance can help you protect what’s most valuable to you. In the event of an unforeseen disaster, homeowners insurance can help you rebuild your home, replace your belongings and protect your assets if you were a liability to others. To help determine how much coverage you may need for your home, speak with one of our agents at RCU Insurance Services.
About Homeowners Insurance
Having the right amount of coverage for your home is crucial. Knowing how much coverage you need can be calculated by considering the following factors:
• The rebuild cost of your home
• The total value of the personal belongings in your home
• The value of your combined assets
• The value of your monthly living expenses
Determining how much coverage you need can help when selecting coverage options for your home. You generally have six different types of coverage to consider:
• Dwelling coverage: Helps reimburse you when the structure of your home is damaged. If you don’t select enough coverage to cover the cost of your home entirely, you could end up with out-of-pocket costs.
• Other structures coverage: Helps rebuild or replace structures not on your property, such as garages or fences. This coverage typically is around 10% of your home’s value.
• Personal property coverage: Helps pay for belongings such as furniture and electronics. Coverage is typically around 50-70% of your dwelling coverage amount.
• Personal liability coverage: Helps pay for legal fees, medical bills, funeral expenses and other expenses associated with injuries you’re liable for if someone gets injured at your house. This policy typically offers a maximum of $500,000 of coverage.
• Medical payments to others coverage: Helps pay for medical bills of your guests in the event they’re injured while at your home. This coverage helps regardless of who’s at fault and most often consists of $5,000 of coverage.
• Additional living expenses coverage: Helps pay for costs of you living somewhere else in the event you cannot live in your home for a period of time after a disaster. Typically consists of 20% of your dwelling coverage.
Your coverage is going to be unique to your home and needs. Connect with your agent to discuss which coverage options are right for you.
Contact Us Today
At RCU Insurance Services, we know how important it is to protect what’s most important and valuable to you. Contact us today to learn more about homeowners insurance for your home.