1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    You should have enough home insurance to meet the requirement of your lender.  After that you should meet with your trusted insurance agent and select those limits that will make you comfortable in the worst case scenario.  It isn’t the annual premium that is crucial; it is the limits of the policy when you have to file a claim.  You can save premium dollars by scrimping on coverage but if that perfect storm strikes those savings won’t ease your pain.
    Answered on April 23, 2014
  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    Great Question! The contents coverage should be enough to roughly pay for the estimated cost of the bulk of your belongings. Take roughly what it would cost to replace your things (and I highly recommend that you ask for "replacement value" in your policy versus "actual cost" as it can make a huge difference for you) and look for that amount of coverage. Some companies will have guidelines and limits, and some things - artwork, jewelry, collectibles, etc. may need riders or separate policies. Your agent should be able to walk you through this. If you need help, please feel free to contact me. Thanks for asking!
    Answered on April 23, 2014
  3. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    The short answer is, of course, as much as you need to protect yourself.  However, in most homeowners' policies, the amount of coverage stated in the policy to protect your personal belongings is the result of applying a factor to the dwelling amount.  In other words, in most Homeowners' policies, the amount listed for personal property will be 70% of the stated dwelling amount.  Talk with your Insurance Professional to make sure that full "Replacement Value" is included in your policy.
    Answered on April 23, 2014
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