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Replacement cost is what it would cost to rebuild your home from scratch using current materials and labor — this is what homeowners insurance should cover. Market value includes the land and reflects real estate conditions. Market value can be higher or lower than replacement cost. Insure for replacement cost, not market value.

A standard HO-3 policy covers: dwelling (structure), other structures (garage, fence), personal property (furniture, electronics), loss of use (hotel if uninhabitable), personal liability (lawsuits), and medical payments. It does NOT typically cover floods or earthquakes — those require separate policies.

Standard policies cover personal property at 50–70% of your dwelling coverage. Conduct a home inventory to determine your actual property value. High-value items (jewelry, art, electronics) may need scheduled endorsements for full coverage. Consider replacement cost coverage rather than actual cash value.

Key strategies: bundle with auto insurance (5–20% discount), install security system or smoke detectors, raise your deductible, maintain claims-free history, improve your credit score, update your roof and HVAC systems, ask about loyalty discounts, and shop quotes every 2–3 years.