Determining the correct amount of insurance to get on your home can be a difficult task. If you have more than you need, premiums can be through the roof, but if you have less, you may not be covered when disaster strikes. At Kevin Dennis Insurance Agency, we are here to help those in the Mishawaka, IN area to determine the right amount of insurance to fit your specific circumstances.
There are four things you need to be sure to have covered: your home itself (the structure), your possessions, living expenses if you are forced to go somewhere else due to home damage, and any liability to others.
An accurate way to determine the amount of coverage you need for the structure of your home is to multiply the total square footage by the local construction costs, which can be determined with the help of your agent at the Kevin Dennis Insurance Agency. Through a standard homeowners policy, damage as the result of most natural disasters and theft are covered, though impairments resulting from floods and earthquakes is not. An inflation guard may be added to your policy to reflect the current costs of construction in Mishawaka, IN. Older homes may be difficult to insure due to the expense of replacement materials, and therefore you may have a policy that replaces housing components with modern (less expensive) building materials.
To determine the best amount of insurance you need for personal possessions, a home inventory is in order. Make a detailed list of all your belongings that need to be replaced if damaged by fire, theft, etc. You can decide if you are more comfortable with an actual cash value policy, which will cover the cost of possessions minus depreciation, or replacement cost policy, which repays for items in full, regardless of depreciation.
Lastly, your liability portion covers against lawsuits by others due to injury at your abode, or significant damage caused by pets. Your representative at Kevin Dennis Insurance Agency will help you determine an appropriate amount for you.