1. 920 POINTS
    Frank Lombard CPCU ARM
    Insurance Advisor, Massachusetts
    Boy, there should be quite a few different answers to this question. However, in the spirit of trying to answer any rational insurance question with a rational response, I’ll do my best.
    Price is an important consideration but so aren’t the reasons you are considering the purchase of insurance in the first place.

    Is it to repair and REPLACE any damage to your home or other personal property you own?
    Is it to cover the additional cost of living in temporary quarters should your home be damaged or destroyed?
    Is it to provide defense and payment should you be found responsible for injuring someone or damaging their property?
    Depending on the age, location, and condition of your home as well as the cost to build or rebuild it, a reasonable approximation would be $2-3 per thousand per year. If it is any more or less than that, you may want to take a harder look at it.
    Answered on September 14, 2013
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