How Much Home Insurance Should I Have?

When you invest in a home, for many people it is the largest investment they ever make. Protecting that investment requires having the right home insurance. How much home insurance you should have is determined by several factors. At Integra Insurance Services in Huntington, TX our passion lies in serving and protecting our clients from many things that can affect their financial stability. We aim to create a long-term relationship by giving you the customer service you deserve. 

If you have a mortgage your lender will require you to have liability and building coverage, these may be very minimum requirements.  The sad fact is that 60% of homeowners are underinsured by as much as 20%. 20% may not sound like much but when you think hundreds of thousands of dollars; it is a lot of money. If you file a claim and your limit is too low, you won’t get enough to replace what needs replacing. You need:

  • Enough money to rebuild your house
  • Replace your stuff
  • Cover damage or injuries that happen on your property
  • Pay your living expenses if you can’t stay at home

The rebuilding cost of your home is just that, not the value of your home. These two figures are not the same, and you don’t want to have to settle for less than you already have. You need to know your square footage and the average building cost per square foot in your area. 

Do any inventory to get a better idea of how much stuff you have and how much it will take to replace it. Keep in mind your policy limit on certain items like jewelry and electronics. 

With liability coverage, get as much as you can afford. 

Additional living expenses should be between 10%-30% of your property coverage. 

In Huntington, TX, contact Integra Insurance Services for all your home insurance needs.