• How Much Homeowners Insurance Is Right For Me - Arthur Blake Insurance

How are you supposed to know how much insurance coverage for your home is right? We purchase homeowners insurance on a range. Too much, and you’ll be paying costly premiums every year for more than you need. Too little, and your home won’t be covered as well as it should be if disaster strikes. It’s a balance! But how are you supposed to find that balance? Arthur Blake Insurance in Plano, Texas, is here to help. We have some advice on knowing how much homeowners insurance is right for you. 

Calculate Replacement Costs

First, you need to know that you can’t evaluate your property and assume that’s how much coverage you need because property valuation includes the land your home sits on, but the land isn’t going anywhere, so why insure it? We also recommend that you insure more than just the cash value of your home because, thanks to changing inflation, depreciation, and construction costs, that might not be enough coverage later on. The best way to ensure you have roughly enough homeowners insurance coverage is to calculate how much it would cost to repair and rebuild. Repairs could cost you more money than if you only insured the exact cash value, but it will be worth it if you file a claim. 

Know What’s Covered and What’s Not

Depending on what area your home is in, you might be prone to different issues for your home. You should research what’s most common in your areas, like floods or tornadoes, and see if your insurance covers it. We highly encourage you to look into additional riders with your company or secure coverage through a different insurer if it doesn’t.

Don’t Forget about Liability Coverage

It’s not enough to cover your physical home. It would be best if you covered other possibilities as well. Say, if you’re having work done on your home, and someone incurs an injury, you might be liable for that. That’s where liability coverage comes in. You could be sued for your assets if injuries or accidents happen on your property. Liability coverage can range anywhere from $100,000 to $500,000 to cover any issue like that. And if you’re worried that’s not enough, there are “umbrella” policies that cover above that amount. On the other hand, a million dollars worth of coverage only costs a hundred dollars a year, which could be worth your peace of mind. 


There are more tips for homeowners insurance that we could give you, but we believe these are the basics. If you would like assistance purchasing homeowners insurance or learning more about insurance, don’t hesitate to contact Arthur Blake Insurance in Plano and Frisco, Texas! We know your home is important to you, and we want to help you protect it.