Home insurance coverage calculator

You can use the home insurance calculator to get an idea of how much home insurance you’ll need according to your circumstances. Use the left column to enter some basic information about your home and insurance preferences and you can see your estimate on the right side of the screen.

If you aren’t sure what one of the terms means you can click on the “i” icon for a brief definition.

Cost to rebuild your home

This is the amount to rebuild your house from scratch taking into account its original standard and current market prices for construction, materials, and labor. For a rough estimate, you can multiply the square footage of your house by local building costs, according to the Insurance Information Institute (III). An appraiser or real estate agent may be able to give you average building costs.

Cost to replace your belongings

This is the cost to replace all of your possessions of a similar quality and/or kind. This applies to items that would be covered by insurance in a loss event.

Net worth

Net worth is the total worth of your assets minus the number of liabilities that you owe. For example, if you have $100,000 of assets and $50,000 of debt, your net worth would be $50,000 dollars.

Deductible and premium preference

Depending on your preferences, you may be able to opt for a home insurance policy with a higher deductible in exchange for lower premiums. In contrast, you may want a lower deductible before your insurance kicks in, which will result in higher premiums.

Homeowners insurance costs can fluctuate based on a number of factors related to your personal finances, credit history, and information regarding the state of your home. These factors include:

Housing condition and features

The type of home you own will influence your home insurance needs. This includes whether your home is a single-family or condo, and the age of your major systems (HVAC, plumbing, electric, etc.). Insurers will also want to know about the square footage of your home, the types of material used in its construction, and more.

Home age

Older homes typically have higher insurance premiums. This is because there is a higher likelihood of aging construction materials causing harm to key systems such as your electric, plumbing, or roofing. Older homes may also not be up to local codes or building standards.

Location

The location of your home can have a profound impact on your home insurance. If you live in an area where loss events, such as vandalism or theft, are frequent you may have higher rates. Similarly, if your area is prone to certain types of natural disasters, your home insurance premiums may reflect this.

Credit history

In most states, insurers can use your credit history as a rating factor in assessing the level of risk they take when they provide insurance to you. A higher credit score is associated with lower risk and therefore lower prices. California, Hawaii, Maryland, Massachusetts, Michigan, Oregon, and Utah are the only states that prohibit or limit the use of credit with home insurance policies, according to Experian.

Claims history

Insurance companies may take your recently filed claims into consideration when calculating your rate. Your insurer may also look at the claims history before you owned the home, if you weren’t the original owner.

A home insurance policy can have a variety of coverages designed to protect you and your property. Understanding the different types of coverage is important for selecting the protection that fits your specific needs. Here are a few of the most common types of coverage.

Dwelling coverage

Dwelling coverage covers the structure of your home including your walls, roof, and floors. It also covers attached structures like garages or porches and built-in systems, like plumbing, electrical and HVAC. If a covered part of your house is damaged, dwelling coverage can help you pay for repairs. Your dwelling coverage should be based on the cost to rebuild your home as opposed to the worth of the property.

Personal property coverage

Personal property coverage protects your belongings, including furniture, electronics, appliances, and clothing in the event of theft, fire, and other covered risks.

Liability coverage

In some cases, if someone is injured on your property, you may be legally responsible to cover their expenses related to the injury. Liability coverage can help you cover medical bills and legal fees associated with these situations.

Loss of use coverage

Loss of use coverage, sometimes referred to as additional living expenses (ALE) coverage, can help cover your temporary living expenses if your home becomes uninhabitable due to a covered loss. This may include hotel stays, rental costs, meals, or other types of daily living expenses while your home is made habitable again.

Other structures coverage

Other structures coverage can protect parts of your home that are not attached to the main dwelling. Common examples of these can include detached garages, storage sheds, fences, driveways, patios, gazebos, and swimming pools.

Guest medical protection

Guest medical protection helps pay for medical expenses if a visitor is injured on your property regardless of who is liable for the injury. This type of insurance could be helpful for homeowners who have frequent guests or have fixtures such as playground equipment or pools that can increase the risk of injury.