How to Calculate Best home insurance calculator 2019

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How to Calculate Best home insurance with guidence calculator 2019.There are many variables to consider when buying homeowner insurance, but you typically start by deciding the coverage amount for the following:

  • dwelling
  • deductible
  • liability
  • medical payments

The limits of your coverage for the following are typically a set percentage of your dwelling coverage limit as shown below:

  • other structures – 10 percent
  • personal property – 50 percent (you choose between replacement value or actual cash value)

How much liability coverage do I need?

Liability insurance provides a financial safety net for the household. It pays out when you and your family members are legally responsible for others’ injuries or property damage. That’s to say, it covers the medical expenses of people who are hurt while in your home or on your property, as well as damage caused to neighbors’ property. Personal liability also covers legal fees if you are sued, as well as any resulting judgments from a lawsuit, up to your policy limits.

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Most home insurance policies come with $100,000 in personal liability insurance but this is rarely enough coverage. The cost to defend a lawsuit or to pay for medical expenses for a serious injury can easily exceed that amount. Most experts recommend upping your limits to at least $300,000. 

How Much Does Home Insurance Cost?

The average cost of homeowners insurance has risen by more than 50% over the past 10 years, with the nationwide average standing at $1,083 in 2018. However, rates differ significantly based on the state, neighborhood and specific home. For example, residents in Oregon paid an average of just $574 per year for their policies, while homeowners in Florida almost four times as much, at $2,055. The sharply higher figure for Floridians is likely due to such regional risks as hurricanes, and to special coverage needs, such as mold damage insurance due to the state’s high humidity.

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