I'm buying a new home. How much insurance am I required to buy?

Question

I'm a week away from closing on my home and have not purchased insurance yet. I just wanted to know what kind of coverage is usually required.

Answer 1

you need to carry enough on the dwelling to keep the home at replacement cost and to cover your loan amount.  you also need to be sure you have a good policy with a deductible you can afford, replacement on your contents, I would advise water back up, and also a flood policy.

Answer 2

Required by whom?  Most states, the lender will require you to carry a limit that is the balance of the loan, OR 100% replacement cost of the building, whichever is less.  

Most insurance companies, if you want the BEST rates, will require you to insure the home to 100% of replacement cost.

Answer 3

geico so easy a caveman can do it

Answer 4

Talk to your lender.  They will certainly require the dwelling to be insured for its full assessed value.

Answer 5

You should have insurance to cover the replacement value of the structure in the event  fire, flood, hurricane or any other disaster, insurance to cover the personal property within the home. These should be put in place at the time of closing.