Homeowners Coverages and Discounts in Minnesota
Homeowners insurance can protect your humble abode against fire, theft, weather damage, lawsuits, and other covered losses.
With a home insurance policy in place, you can repair or replace your covered items, no matter their age or condition.
How We Can Help
When choosing homeowners insurance, the best policy will be one that joins low-cost, high-quality and features that meet your needs. All Things Insurance understands the “ins” and outs” of homeowners insurance. We’ll break it down in simple terms for you.
Wind and Snow Are the Most Common Risks
Minnesota homeowners can be impacted by hazards such as heavy snow and strong winds. Most homeowners policies cover damage caused by wind, including tornadoes and powerful windstorms, plus snow or ice.
Although wind and snowy weather are often considered covered perils by most home insurers, sometimes there are conditions that might limit your protection. It’s crucial to understand how your insurance policy would protect your home in the event of a widespread loss. Speak to an insurance agent for more info.
How the Insurance Rates Are Determined
The average cost of a homeowners policy varies based on many things. But these are common variables that insurers use to evaluate risk and set your rate:
- Age of the house
- Replacement cost
- Whether you own a swimming pool
- If you have a home-based business
- Construction used to build the home
In 2020, the average cost of home insurance was around $1,600 per year.
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What to Consider Before You Buy
For more people, their home is the biggest investment they’ll ever make. If you’re located in Minneapolis or another area of the North Star State, having the right home insurance policy is crucial. Before you choose a policy, though, you should consider many factors.
When you’re looking for coverage for your home, you first need to consider the lender requirements. Every mortgage lender will require a borrower to have home insurance that provides property and liability protection. It’s critical to review the minimum requirements carefully — submitted by the lender — and make sure you comply.
While home insurance will give you blanket personal property coverage, it’s usually limited to a few thousand dollars per item, at most. More valuable items like art, jewelry, or other collectibles need additional insurance coverage, which you can get through something called a personal property rider. This will cover the specific personal property items directly.
When shopping for home insurance policies, it would be a good idea to think about combining your policies together. Insurance companies and independent agents like us can combine your policies — which usally include home and auto — into one larger policy to save you money. Because the carrier or agent can spread out the risk, you can get coverage at a lower rate. Be sure to ask us about policy combinations.
Are There Additional Policy Features?
Yes. Additional policy features may include water backup and identity theft protection. Contact us for more info on your coverage options and to see what discounts are available.
Get Homeowners Insurance in Minnesota
A home insurance policy will give you comfort knowing that you’re safe and protected. At All Things Insurance in Otsego, MN, we help homeowners get an insurance policy that meets their needs. We’d love to discuss these needs with you and give you a quote. Call (763) 645-5450 or contact us online!