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Smucker Insurance Agency, Inc.

154 North Chillicothe Street
Plain City, OH 43064

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Smucker Insurance Agency, Inc. Blog

How Much Home Insurance Should I have?

What’s the biggest mistake you can make when buying home insurance? You guessed it right. Not purchasing enough home insurance. If you have been buying home insurance, you probably have been renewing the policy without asking whether it’s sufficient for you.

Would your current home insurance cover you if your home was totally damaged? Would your liability coverage protect you optimally if your dog causes injuries to a guest? Answering these questions will help you determine whether you have adequate home insurance. But because home insurance isn’t that straightforward, Smucker Insurance Agency Inc. in Plain City, OH, delves further to help you see if you have sufficient home insurance.

How much dwelling coverage do you need?

Wouldn’t it be awful to discover that your home insurance isn’t enough to build your home after a catastrophe? Luckily, you can avoid falling into that pitfall by buying adequate dwelling coverage. But how much is enough? Well, your dwelling coverage should be enough to cover the replacement cost of your home.

Assume a worst-case scenario. A fire has brought your home into ashes. How much would it cost to rebuild your home? The answer to this question provides a clue as to how much home insurance you need.

How much personal assets coverage should you have?

Just like dwelling coverage, you should have personal property coverage that covers all your belongings minus the deductible. This way, you won’t have to incur out-of-pocket expenses when a disaster causes damage or loss to your assets.

How much liability coverage should you have?

Most homeowners have liability coverage of $100,000, but we advise you to maintain at least $300,000 or $500,000 if you can afford it. This amount cushions you should you or your family member cause property damage or bodily injury to others.  

If you need higher coverage, consider umbrella insurance.

Learn more about home insurance

Still not sure about how much home insurance you should have? If you are in Plain City, OH and its environs, don’t hesitate to get in touch with Smucker Insurance Agency Inc. for more information.