How Much Should I Insure My Home For?

Jun 16, 2016 (0) comment

Last week we discussed probably the most important coverage of any homeowners insurance quote you might receive from any insurance company in the DFW area: Dwelling coverage.  We went over just exactly what dwelling coverage covers.  Today, we will look at one of the questions most often asked about dwelling coverage on a home insurance quote, one that is applicable to any Home in Dallas.  That question is simply:  How much should I insure my home for?

This is a question that differs from one homeowners quote to another. It’s a question that has a number of factors affecting it – for instance, many of our homeowners policies in McKinney have lower dwelling coverage then our customers in Keller, because cities like McKinney (as well as Plano, Addison, Frisco, etc) are more likely to have built in garages, whereas our Keller customers are much more likely to have attached garages, which affects the pricing.  A good rule of thumb however: your dwelling coverage should be about $100 for every square foot more or less.

Often times customers that are looking for cheaper insurance, are still concerned that the price of their home insurance’s dwelling coverage is lower than the price of their actual home.  We’ve had numerous customers from Grapevine, to Austin, who have expressed this concern.  This occurs, because often times they aren’t considering that the value of their land is not included in a homeowners insurance quote.  If you are to suffer a total loss, through one of the Wild Fires that have ravaged Texas recently, the land your home is built on will not burn down – and does not need to be replaced.  This is why the value may not measure up to expectation, as the dwelling value only concerns the value of your home.

On the other hand many consumers are also concerned that the home insurance quote they receive online has a dwelling coverage that is too high.  It’s always wise to express these concerns with your local insurance agent, but generally this occurs because the coverage takes into account debris removal. It generally costs more to rebuild, then to build, simply because removing the remnants must be accounted for.

If you’re looking for a local insurance agent, you can find us on Facebook, or email us at contact@minsuranceagent.com.  If you’re ready for a free insurance quote, you can submit your information on our home page, or call us at 214-733-8400.

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