When you buy homeowners insurance, you should always cover the cost of your dwelling. However, that is only the beginning of your calculations. Custis Insurance Service, the premier home, life, business, and auto insurance agency in Sheffield Lake, OH, explains below how to decide how much homeowners insurance you really need to keep your family and your lifestyle safe. For more than 60 years, they have served Lorain and Western Cuyahoga counties, providing indispensable advice and helping businesses and residents protect what they value most.

5 Questions That Will Help You Determine How Much Homeowners Insurance You Need

What Is The Cost To Rebuild?

Don't base your homeowners insurance coverage on your home's market value. Rather, determine the cost to rebuild your home as-is. Market values can fluctuate wildly, but rebuilding costs typically remain constant.

What Is The Value Of Your Personal Property?

Many insurers recommend you insure personal property for 50 to 70% of your home's value. If this seems inadequate, create an inventory of personal property and value each item to better understand the amount of personal property insurance you need.

What Is The Value Of Unique Items?

If you own artwork, heirlooms, or expensive jewelry, have these pieces appraised and add that amount to your personal property total before buying insurance.

What Are Your Total Assets?

You should purchase liability insurance in the amount of your total assets. This protects you against legal action should an accident occur on your premises or elsewhere due to your negligence that injures a visitor or damages someone else’s property.

What Would Additional Living Expenses Cost?

How much would you have to spend on hotel accommodations, dining out, and personal care if your home became uninhabitable? Many insurers recommend you buy additional living expense insurance equivalent to 20% of your home's value.

Custis Insurance Service, the most trusted commercial, personal, and auto insurance agency in Sheffield Lake, OH, represents nationally recognized insurance brands like Progressive®, AAA®, Safeco, and Grange to help you protect your largest investments. Visit their agency online for contact information and a description of services, or call (440) 949-­7171 to request an insurance quote from a friendly professional today.