If my home insurance is covering 645K for personal property, but the personal property in our home could all be replaced with just 50K, then can I reduce my coverage to 50K so that my monthly payment is lower? I don't know why I would be forced to pay for more than what I need.
Most likely this is going to depend on what your loan amount is and what your Mortgage company is requiring... But at a high level $190k or above would be the answer...
