Q: How much insurance coverage should I buy for my house?

A: Most homeowner’s insurance policies will provide coverage for personal property located away from the principle residence. There are certain circumstances that should be considered by parents of a college-bound child. Certain types of property such as electronics, collectibles, high-value jewelry and other valuable items may have separate coverage limits that are significantly lower than the normal personal property limits.

A: You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don't include the cost of the land. And don't base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today. Some banks require you to buy homeowners insurance to cover the amount of your mortgage. If the limit of your insurance policy is based on your mortgage, make sure it's enough to cover the cost of rebuilding. For a quick estimate of the amount of insurance you need, multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call your insurance agent.

Q: Do I need liability insurance for my business?

A: No matter how careful you are, you may find yourself in a variety of situations that could result in a lawsuit against your business, so it's a good idea to be prepared—just in case. This type of coverage protects you in case you are sued because of accidents, injuries or claims of negligence. For example, if someone is injured on the premises of your business and files a lawsuit against you, this type of coverage may (depending on the situation) help cover some of the related costs.

A: The limits and deductibles on your regular car insurance policy typically still apply to your rental car so long as you drive it for personal use. If it's a commercial or business rental, your personal car insurance coverage may not apply. However, be sure to check your car insurance policy or call your insurance company to find out which coverages extend to your rental car.

A: Some experts say you should have enough life insurance to cover five to 10 times your annual income (especially if you have a young family), but often that's just a guess. The answer really depends on how much money your family and/or dependents will need after you're gone.

Q: How much life insurance do I need?

Q: Is my daughter's personal property covered while she's away at school?

Q: When I rent a car, do I need to buy the insurance sold by the rental company?