At Giles & Iten Insurance in Surprise, AZ, we understand your desire, as a homeowner, to protect the structure of your home in case of a peril. However, we also know that you not only want to cover the house itself but also want to cover all the assets you own within your home. Still, how much coverage should you carry when it comes to home insurance coverage for your personal property (contents)?

When choosing a homeowners insurance policy, it is essential to do a full assessment of your home’s value. In this assessment, you will consider your home’s size and age, roof, and other features.

Calculating the Value of Your Home

When considering your home’s value, you must factor in the risk associated with living at your location. For instance, if you are in an area prone to flooding or earthquakes, you may have to consider purchasing additional coverage for those perils if not required by state or local laws or your mortgage company.

Then there is the factor of your budget. How much insurance coverage can you afford to pay for? A standard homeowner policy will allocate up to 70% of the dwelling coverage for your personal items within the home. For example, if your home is valued at $300,000, your personal property coverage could be up to $210,000. Suppose you have a wealth of items that supersede the $210,000 in personal property. In that case, you may consider adding additional coverage to your policy. Several major insurance agencies offer an extended replacement policy to customize your coverage up to 125% or more above the original amount of coverage.

It is important to inventory your personal belongings and adjust the amount whenever you purchase larger items in your home, such as TVs, computers, and appliances. You must also decide if you want your personal property claims settled on an actual cash value amount based on the depreciated value of your items or on a replacement cost basis based on today’s rates.

Call Us Today!

At Giles & Iten Insurance in Surprise, AZ, we get it. There is so much to consider when looking for the best homeowner insurance to suit you and your family’s needs. That is why we have licensed, trained experts who are knowledgeable and will help you make a well-informed decision and take the guesswork out of your home insurance policy. Cover your home and everyone and everything in it by giving us a call at (623) 201-8570.