Home Insurance 101: How Much Coverage Do You Really Need?

Home insurance isn’t the sexiest topic, but in the world of financial independence, predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens.
Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker, onto the show to discuss how you can financially protect your family when disaster strikes.
Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast.
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Join the BiggerPockets Money Facebook Group:
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Need Insurance in Colorado?
weinsurecobusiness.com/
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Give Steve a Call For Your Colorado Insurance Needs:
303-808-9351
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Should You Require Renters Insurance as a Landlord?
www.biggerpockets.com/blog/re...
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Complete Guide to Homeowners Insurance:
www.biggerpockets.com/blog/ho...
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A Natural Disaster Could Wipe Out Your Investment:
www.biggerpockets.com/blog/na...
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest
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Follow Mindy on Instagram:
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Episode 265.5
Show notes at: www.biggerpockets.com/moneysh...
0:00 Intro
1:49 Are You Underinsured?
9:00 Can You Be Overinsured?
12:02 Insurance Binding Restrictions
15:42 Renewing Your Policy and Coverage Limits
18:51 Filing and Claim When Disaster Strikes
23:30 Rental Property Insurance
29:26 Roof Coverage
32:02 Renter's Insurance
38:29 Processing a Claim

[@devinmclean8779]

Under contract for a home and this video couldn’t have had better timing. Great informative video as usual.

[@joshdominguez341]

Same here

[@Way2fast4ya]

Great video!
What about us landlords that don’t put our homes under an LLC, for our rental properties, doing a landlord policy $1 million to cover liability at the minimum before doing an umbrella policy?

[@igelpey]

Yeah, at the same time when you do do the claim, then Insurance raise your premiums or not even ensuring you any more. Where is the fairness in it How about discussing what you can do about it?