One of the biggest misconceptions about home insurance is that you need to carry a home insurance policy based on the value of your home. This may be too high or too low, based on your specific home, as well as the items stored inside of your home. As such, you may be wondering how much insurance you really need to purchase. Here at Infinity Insurance Group, we can help residents in the greater Post Falls, ID region understand how much insurance they need.
Here are a few of the factors that may affect how much home insurance you need to carry:
The Replacement Cost of Your Home
Most policies pay you the replacement cost to get your home back to its pre-accident condition. The replacement cost is not the actual value of your home, and as such, your policy may need to be higher or lower than the value of your home based on the replacement cost.
Any Renovations Completed on Your Home
Another factor that you need to consider when determining how much home insurance to carry is any renovations that have been completed on your home. Your renovations change the replacement cost of your home and typically increase it. As such, if you complete a renovation, you should always consider adjusting your home insurance policy.
The Value of the Items Stored in Your Home
Lastly, home insurance not only covers your home but the items stored inside. If you have high-end furniture, electronics, clothing, and jewelry, you may need more home insurance than someone who does not store expensive items in their home.
Contact Us Today
An insurance agent can help you determine how much coverage you may truly need when it comes to home insurance. Reach out to us at Infinity Insurance Group, serving the greater Post Falls, ID area, to schedule an appointment to discuss your home insurance needs with one of our professionals.