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Question 6 of 11 in How Much Coverage To Buy |
How much insurance is enough? |
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Most of us find that “enough” means enough to replace or rebuild your home. Though the insurance industry standard is to write home policies for at least 80% of the home’s value, you don’t want to be underinsured. It’s often a better idea to increase the policy limits to 100% and offset the increase in cost by raising your deductible amount. For example, instead of insuring a $100,000 home for $80,000 worth of dwelling unit coverage with a $200 deductible, consider insuring the home for $100,000 with a $1,000 deductible. You may be able to afford a $1,000 loss as opposed to a $20,000 out-of-pocket loss.
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