A: The amount of insurance is generally required to be the cost to rebuild. Older homes almost always cost more to  rebuild than their market value. Failure to insure for 100% of the cost to rebuild could leave a homeowner with inadequate settlement funds in the event of a major or total loss.

A: This coverage was added as a standard component of all normal homeowners policies many years ago, when utility sheds became popular, and claims for these structures and their contents went unpaid, due to a lack of coverage.

A: Generally, your homeowners policy provides sufficient protection. Personal property is covered as if it were in your home (up to 10% of your coverage amount). There are limitations for theft coverage if the child leaves things in the dorm room or apartment over a long break or summer. Check your policy for the specific number of days that the unit can be unoccupied.