Home Insurance Calculator: Estimating Your Costs by Estimating Coverage

Providing a generalized estimate for monthly homeowner’s insurance premiums can be difficult, because those premiums are generated based upon a number of factors unique to your home, your location, and the nature of your belongings. However, we can make some assumptions that can help us estimate your monthly new home insurance costs:

1. In terms of your home, remember that in the worst case scenario, you only have to replace the house, not the land! Many homeowner’s forget that a part of the price they paid when they bought the home they live in was for the land that they bought as well. Therefore, it makes no sense to insure your home for the exact price you paid. Rather, you can use this online calculator to estimate the replacement cost of your current home, which will keep you from being seriously over-insured.

2. In terms of your possessions, you should also be thinking about the replacement costs for the belongings that you would be most likely to replace should you lose everything you own (beds, clothing, cookware, etc.). Special items you own such as high-value jewelry, antiques, or collectibles should be included in your estimation. By answering a series of questions in this personal property valuation calculator from Confluency Solutions, you can get a ballpark range on what it would cost to replace the items in your home.

Once you have a firm idea of what the replacement costs are for your home and personal belongings, you have an idea of what your insurance needs may be. You can take these estimates to your insurance agency, or use this information to compare equivalent coverage across a number of insurance companies. Comparing similar coverage is vital to establishing the basic cost basis for coverage from each company. At that point, you can delve deeper into the supplemental coverage or service features that differentiate each company, and choose according to your needs and desires.

Calculate Rates & Quotes

Providing a generalized estimate for monthly homeowner’s insurance premiums can be difficult, because those premiums are generated based upon a number of factors unique to your home, your location, and the nature of your belongings. However, we can make some assumptions that can help us estimate your monthly new home insurance costs:

1. In terms of your home, remember that in the worst case scenario, you only have to replace the house, not the land! Many homeowner’s forget that a part of the price they paid when they bought the home they live in was for the land that they bought as well. Therefore, it makes no sense to insure your home for the exact price you paid. Rather, you can use this online calculator to estimate the replacement cost of your current home, which will keep you from being seriously over-insured.

2. In terms of your possessions, you should also be thinking about the replacement costs for the belongings that you would be most likely to replace should you lose everything you own (beds, clothing, cookware, etc.). Special items you own such as high-value jewelry, antiques, or collectibles should be included in your estimation. By answering a series of questions in this personal property valuation calculator from Confluency Solutions, you can get a ballpark range on what it would cost to replace the items in your home.

Once you have a firm idea of what the replacement costs are for your home and personal belongings, you have an idea of what your insurance needs may be. You can take these estimates to your insurance agency, or use this information to compare equivalent coverage across a number of insurance companies. Comparing similar coverage is vital to establishing the basic cost basis for coverage from each company. At that point, you can delve deeper into the supplemental coverage or service features that differentiate each company, and choose according to your needs and desires.