First, you need to consider the amount and type of coverage you will need. If your policy limit is less than 80% of the replacement cost of your home, you will face a "coinsurance penalty," which means you'll have out-of-pocket expenses to cover costs beyond your policy's deductible. You also need to determine how much personal property insurance and personal liability coverage you need. Personal property, like a home, should be insured for its replacement value. Personal liability is a bit more subjective, but limits should not be less than those on other liability insurance such as auto. Once you have decided on the coverage you want, you can decide which insurer you would like to purchase the insurance from. The best way to go about this is to get quotes from different insurance companies and agents. |
