Five College Realtors®
Cindy O'Hare Owens, Five College Realtors®Phone: (413) 262-7186
Email: [email protected]

How to figure out your homeowners insurance needs

by Cindy O'Hare Owens 12/18/2022

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. Speaking with a local lender can help you explore different coverage options. 


About the Author
Author

Cindy O'Hare Owens

Welcome to my real estate website, your number one source for Amherst, MA Real Estate, Northampton, MA Real Estate, Hadley, MA Real Estate, Sunderland, MA Real Estate, Leverett, MA Real Estate, South Hadley, MA Real Estate, and surrounding towns. Feel free to contact me today.