Hi Mustachian Family -
I'm looking for some advice on my current homeowners insurance policy before I go shopping around for more reasonable coverage. For starters, here are a few facts about our home:
3 bedroom + loft / 2 1/2 bath; 2100 sq ft.
Outstanding Mortgage: $263K
Approx Home Value: $400K
State: Southern California
Here are the details on my current homeowners policy:
Company - Liberty Mutual
Yearly 12 month premium = $629 (or ~$52/month)
Standard Coverages:
Dwelling - $296K
Other Structures - $29.6K
Personal Property w/Replacement Cost - $208K
Loss of Use of Insured Location - $59K
Personal Liability (each occurrence) - $300K
Medical Payments to Others (each person) - $5K
Current Deductible: $600 (this seems really way too low to me, would increasing to 1 or 2K help?)
There are some additional coverages that are included in the rate, but it doesn't seem like anything of importance.
My questions are:
1.) Are my coverages sufficient for this property? Am I actually over-insured given the cost to actually rebuild a house on already paid for land?
2.) Am I getting a decent rate for this level of coverage and deductible?
3.) Should I consider raising my deductible? If yes, recommended amount.
4.) If I do switch insurance carriers, do you have any recommended companies to pursue for quotes?
5.) Anything else I should consider?
Thanks in advance for the valuable input from the MMM community. You guys/gals are awesome!
Best regards,
Starterstache