You want to buy enough liability coverage to cover what can be taken from you in a lawsuit.Īdditional living expenses (ALE) coverageĪLE reimburses you for extra costs if you can’t live at home because of damage from a problem covered by your home insurance. Liability insurance pays out to other people if you’re sued over someone else’s injuries or property damage that fall under your home insurance. This reimburses you the cost of new items, as opposed to actual cash value coverage, which pays only the depreciated value of your damaged items. You may also want to have “replacement cost” coverage. Creating a home inventory is a good way to calculate how much coverage you need.
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