If needed, it is usually possible to purchase an umbrella to your existing policy to increase your liability coverage. When you buy insurance, you should buy the most comprehensive coverage that you can, and take the highest deductible that you can afford. The cost of your insurance policy is driven by the cost of rebuilding your home. Although land has value, it doesn't need to be insured because it would not be destroyed in a fire. Considering the annual cost of insurance, you should obtain quotes from different insurance companies and shop around for the best deal for comparable coverage.
Maintenance is difficult to budget for.
You never know when something is going to break down or require repair. As a general rule you can expect to spend about 1 percent of the purchase price per year on maintenance. You will find that some years you spend less, and other years you may spend more. A new roof would cost you several years worth of your annual budget for maintenance. Keep in mind that there are other expenses, which you may feel are necessary but are actually not.