How to Calculate How Much Homeowner Insurance You Need

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You can find out how much homeowner insurance you need by using a very specific calculation. Calculate how much homeowner insurance you need with help from a dedicated insurance professional in this free video clip.

Part of the Video Series: Insurance Help
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Video Transcript

Hi, I'm Doug Levi, principle agent of Strategic Insurance Services and today I'm going to talk to you about how to determine how much homeowner's insurance coverage I need. The first thing I'm going to recommend to you is to get with your agent and have them do what's called a replacement cost estimator. A replacement cost estimator simply is going to gather a lot of data on your home itself and determine how much does it cost to rebuild my home. The second thing that I would recommend to you is if it's a new home, your general contractor should be able to give you a very good idea. The other thing you could look at is your appraisal and your appraisal is going to show you a couple numbers. A lot of people get caught up with their appraisal. My home is worth X. Keep in mind that the value of my home and how much it costs to rebuild don't always go together. What you want to make sure is that if you home was totally destroyed, the example I use with my clients, if your home burned to the ground, how much coverage would you need to rebuild and I find often times people think it costs less to rebuild than it actually does. So in summary the two things you really want to do is you want to look at a replacement cost estimate from your agent or you could also look at an appraisal or an estimate from a general contractor. This was how to determine how much homeowner's insurance coverage I need. For good tools on this you can go to our website at Tampabayinsurance.net. My name is Doug Levi. I'm with Strategic Insurance Services.

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