When Do You Need Home Insurance?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    At a minimum, you might need to satisfy your mortgagee.  Your mortgagee is most concerned about property because that is the basis for the loan.  Next you should consider your own exposure for a law suit.  Finally you should consider how it would cost you to replace your home and personal property if it is destroyed.  If you have a $200,000 home and $100,000 of personal property, I would suggest that you consider those amounts as the homeowner’s policy limits and $300-500,000 as the liability limit.  Lower limits can leave gaps which will make you very unhappy at the time of claim.
    Answered on April 21, 2014
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