A common question we get asked when people ask us how much property insurance we recommend to their family members is, “How much does property insurance cover?”
The short answer is, you’ll need to discuss your policy with your insurance agent.
We want to be sure you understand how much your insurance policy covers, and we also want you to understand how your policy affects your ability to protect your family members.
Before you begin, you might want to think about the basics of your policy before asking this question.
We’ll be covering the basics below.
The Basics of Your Insurance Policy You need to know what you’re covering First, you need to figure out the scope of your coverage.
For example, if you have a policy that covers you and your wife, but your wife is the only one covered, you should consider how much coverage you’ll actually need.
You might be surprised at the amount of coverage you might need to buy.
The policy you’re talking about covers you, your spouse, and children (but not dependents) for an average of $10,000.
If your policy covers your spouse and children, you can pay less than $1,000 per person per year.
If you only have a few kids, it might be okay to pay less, but be aware that you might not be able to cover everyone who needs your help.
What are the minimum policies cover?
Generally, you’re covered under two different types of policies.
There are two main types of policy: a standard policy that gives you the same coverage but has an annual limit, and a policy with an annual cap.
The standard policy usually includes coverage for the following: Your home and all your belongings, including personal belongings (like your keys, credit cards, and cell phones)