Home Insurance (10)
That is a loaded question. It depends on your personal situation. If your buying a home and using a mortgage company to do so they will tell you the minimum you need. That is not always enough though. Its best to work with a professional and get a policy tailored to your situation.
Short and easy answer it only gives you the money back for the value of the item at the time of loss. Very similar to how you insure a car. Example: If you have a 2013 Honda that you paid $30k. If you crashed said vehicle today its only worth say $15k. that is what you receive. This coverage can be applied to your home and personal property depending on the policy.