HomeSmart Key Realty
Cynthia Vanover, HomeSmart Key RealtyPhone: (760) 265-5707
Email: [email protected]

How much homeowners insurance is needed?

by Cynthia Vanover 11/23/2022

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

Cynthia Vanover

I spent over 2 decades as a senior loan officer and mortgage supervisor for one of the largest residential lenders in the area, and I also have 15 years of successful experience as a realtor. This experience, combined with my intricate knowledge of the lending process, gives me (my clients) a significant advantage when negotiating, writing creative offers and and allows me to guide my sellers to the right offer, not just the highest offer, which can be laden with issues and delays.  

When you hire me, my team of experts in marketing, home photography, inspection, escrow, lending, and brokerage will work together toward the success of your home sale or purchase. Their expertise frees me up to focus my attention on my clients questions, concerns, negotiate, and solve problems, and give my clients the personal care they deserve. This collaboration with the best of the best has resulted in my being a consistent top producer for many years. I hope to have the opportunity to put my team to work for you!