PROTECTING YOUR HOME – WHAT IS HOMEOWNERS INSURANCE?
Homeowners insurance in Minnesota can mean a few different things. Insurance for your regular stick house (HO-3 or HO-5), a condo (HO-6), a townhome (HO-6) or renters’ insurance (HO-4). The primary coverage is for fire. Fire damage the structure, personal property or both. Policies are bundled with many other coverages though. Things like lightning, windstorm, hail, smoke, vehicle, aircraft, civil commotion, riot, falling objects, volcanic eruption, explosion, etc. There is “All Risk” and “Named Peril” coverage. All Risk means everything is covered but a list of exclusions. Named Peril is a list covered items and everything else is excluded. Common exclusions are war, flood, nuclear hazard, earth movement, ordinance and law, neglect and so on.
These policies always include personal comprehensive liability insurance. This is commonly referred to as personal liability insurance. Limits are generally offered at $100,000, $300,000 & $500,000. With the cost different being maybe $25.00 per year, between $100,000 and $500,000, so $500,000 is recommended. This liability provides financial protection for not only you, but your family. Protection if you or a covered resident of your household is sued for bodily injury or property damage.
People who buy Minnesota homeowners insurance often buy car insurance, boat insurance, motorcycle insurance, life insurance too. Our independent insurance agency also offers general liability insurance, commercial auto insurance, contractors insurance, workers compensation insurance, restaurant insurance, business owners policy, tow truck insurance, liquor liability insurance and bonds.
The right homeowner’s insurance agent will help you find the best protection, at the very best price. Our independent insurance agency is in Lakeville, MN. We are local and not your average insurance agency. We shop multiple home owners insurance companies giving you a choice. A choice in carriers, protection and rates.
WHAT IS THE BEST HOMEOWERS INSURANCE POLICY FOR ME ?
It depends on the type of home you live in. Look at the different types of home insurance available in Minnesota :
Homeowners (HO - 3 or HO - 5)
The would be your most common type of homeowner’s insurance policy. It’s for what you would call a stick-built home. It covers the building or structure and its contents. The difference between and HO-3 and an HO-5 is basically the way personal property is covered. The HO-5 is better coverage because it provides broadens peril or all-risk coverage on personal property.
Renters Insurance (HO - 4)
Renters insurance is for renters! The primary coverage here is your personal property, as you don’t own the building. Most policies start with $10,000 – $30,000 of protection for your personal property. The cost for renter’s insurance varies on numerous things, but policies start at $110.00 – $160.00 per year. You can’t afford to be without this coverage if you rent.
Town home or Condo Insurance (HO - 6)
This type of policy may provide some limited structure coverage but is primarily for your personal property. The coverage you need for the structure is normally spelled out in the bi laws of your association. Be sure to read those bi laws carefully. We recommend a minimum of $50,000 on the building, commonly referred to as coverage A. It is low cost to increase this.
WHAT IS AN INSURANCE DEDUCTIBLE?
An insurance deductible the amount you pay before the insurance company pays. Common deductibles on homeowner insurance policy are $500, $1,000 and $2,500. On larger homes, a million or more, might see $5,000 and $10,000.
Many companies have not introduced a percentage deductible for wind and hail. Common percentages are 1% and 2%. This means that percentage of coverage A, the building amount. So, if you had a $300,000 policy limit on coverage A, you would have a $3,000 deductible at 1%. Insurance companies introduced this percentage deductible in response to all the wind and hail claims over the past 20 years. Rates have increased on homeowner’s insurance policies in Minnesota by 300-400% in those 20 years as well. American Family, State Farm and MET, among many were sued in 1998 as a result of siding matching. That another thing to watch out for, siding matching limitations.
IS MY JEWELRY COVERED UNDER MY HOMEOWNERS INSURANCE POLICY?
Jewelry, guns, furs and collections are limited on Minnesota homeowner policies. The limitation is for theft. High theft items are limit to $1,000 – $5,000 depending on the policy you have. The good new is you can buy back special coverage for these things; we refer to it as scheduling.
You will provide an appraisal giving a complete description and a value. The insurance company will then charge you an addition premium each year for this special or scheduled coverage. It normally, does not have a deductible. It also may cover mysterious disappearance.
A good example of mysterious disappearance is, you were out shoveling snow and the diamond fell out of your wedding ring. Under a normal HO-3 homeowners insurance policy, this is not normally covered. But if it scheduled or listed, it most likely is.
WE CAN PROTECT YOUR MINNESOTA HOME – IT’S AS SIMPLE AS 1-2-3!
We make getting homeowners insurance in Minnesota so easy. We work with home insurance every day and write homeowners statewide, we have it down to an absolute science!
1. Get your quote today!
We get excited when we save people money on great coverage. Shopping multiple insurance companies help you save both time and money. We believe in multiple quotes for maximum savings. Bundle your home insurance coverage with your car insurance and you have a 90% chance of saving even more.
Complete our “Quick Quote” form and an experienced homeowner’s insurance agent be in touch. Tell us about your home and we will find the best policy for you. Request your quote immediately.
2. Purchase your home insurance now!
When you’re ready to buy, just say “sign me up”! We will rush you the homeowner’s insurance papers to sign electronically on your smart cell phone or computer. Click, click, click, they come back to us automatically with no printing, faxing or scanning required. It’s super-duper easy and everyone loves it.
Your paymnt is handled by phone the old fashion way or we can bill your mortgage company. If your closing on a new house, we will need your lenders name and phone number. We will take care of the rest. Affordable, comprehensive and fast, that’s how we roll.
3. Relax knowing you have made the best choice!
Relax now, knowing that you have great coverage at a very competitive rate. Whether your home is new, or you have lived there for years, it is protected.
PROTECT YOUR HOUSE NOW!
Our independent insurance agency, Insuring Minnesota, prides ourselves on giving you the best rate the first time. This have earned us many long-term clients and friends. Minnesotans trust us to deliver, and we do. Shopping multiple companies to make sure you have the best rate and coverage. You need a guide; we will help you.
With years of experience under our belts, you will benefit from our services. You can call us experts, because we work with homeowner’s insurance every single day. What do you do best?
Your home is most likely your most valuable asset. Let us protect you and all your hard work. We are honest, knowledgeable, professional and reliable, not to mention fun!
It’s time. It’s time to get your Minnesota Homeowners Insurance Quote. Low cost Minnesota homeowner’s insurance is just a click away!