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Central Lakes Insurance Brokers

4820 W 77th St #125
Edina, MN 55435

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Featured Insurance Blog

How do you insure multiple homes?

When you buy a second home, whether it serves as your vacation home or a rental property, you need to insure it. In some cases, you can have one policy that covers everything, but in many cases, you need multiple policies for multiple properties because different building types need a different type of coverage.

Phone or email your insurance agent at Central Lakes Insurance Brokers to talk about your purchase. Each insurance agency handles these matters differently. Some companies require separate policies while others let you combine policies in a master policy. Here are the major types of home insurance you will need to consider:

  • Contents only/renter’s: If you purchase a flat or apartment, you can typically skip the building insurance, but you do need to buy coverage for the contents.
  • Rental property: When you lease the property you own to another person, you need insurance that protects the structure, but not typically the contents. You do need liability insurance.
  • Historical building/Listed building: A home of historical significance that appears on the state or national historical registry requires its own insurance type. This applies whether it is a Grade I, II, or III property. 
  • Non-standard home: Any type of home beyond the typical single-family dwelling requires a special type of insurance. This includes the housing types growing in popularity in Edina MN including tiny homes, hay bale homes, thatched-roof homes, timber frame houses, log cabins, etc.
  • Holiday/Vacation home: Insurance on this home type may cost a bit more because it exhibits a higher risk since it remains empty for long spurts. 
  • Host insurance: Consider a host policy if you only lease the home during one season, but live there or vacation there the other seasons. Host insurance provides coverage for 90 days during which your property gets rented to paying guests.

You have many choices when purchasing home insurance for multiple properties. We serve the Edina, MN area and its surrounding communities. Call Central Lakes Insurance Brokers for more information on covering more than one home with homeowner’s insurance.

How Often Should I Have My Homeowner’s Policy Reviewed?

Your home is one of the most expensive investments you will make throughout your lifetime. Having it properly insured should be one of your highest priorities.

The agents at Central Lakes Insurance Brokers provide residents who live in Edina, MN with homeowners’ policies they can use to increase their financial security and protect their investment. Once you have a policy in place, it’s important to have it reviewed every few years to ensure you have the right amount of coverage. 

Renovations or New Construction

Any time you renovate a portion of your home or build additional rooms, you will need to have your insurance agent review your policy and include the new upgrades. This ensures that your policy will reflect your home’s adjusted value and provide you with the additional coverage you need. 

New Purchases

Any time you make a new purchase that is substantial in terms of cost or value, you need to report it to your insurance agent. This includes installing new solar panels, paving sidewalks or driveways, buying new electronics, or having a professional home security system installed. 

General Review

Even if you have no new upgrades or purchases to report, having your homeowners’ policy reviewed is still a great idea. You can do a personal review of your policy once a year, but it’s important to have your agent review your policy as well. In most cases, every couple of years is sufficient.

At Central Lake Insurance Brokers, homeowners who live around Edina, MN can call the office and talk to an agent to schedule a review. Sitting down with an agent and going over your policy is a great way to determine if you are eligible for discounts or a possible upgrade/downgrade to your policy.

Homeowners: Purchasing Your First Home

The purchasing process for a new home can be an exciting time for people. But, the planning and paperwork through all of it can be easier with useful contacts and helpful tips for organizing. Having this worked out can make the process easier, and the planning is simplified with an experienced insurance agency. Central Lakes Insurance Brokers is available to answer any questions you might have about the insurance planning for a new real estate purchase. Serving the Edina, MN area, our insurance agency is experienced with helping people through the process of purchasing their new home. This experience is vital with all of the paperwork and planning that goes into finding and acquiring that first property. 

Homeowners are often excited to begin planning their move. Excellent communication is essential when it helps the new homeowners know the best-estimated move-in date and what to prepare for before the move. Organizing and planning efficiently can help simplify the process and make it comfortable when moving into your new home. Having the necessary paperwork completed is a significant part of the process, and any ways to simplify the planning are appreciated by many busy owners getting ready to move into their new home. A home insurance policy can protect your home from a variety of events. Knowing you have the right policy in place provides confidence for this new home.

Central Lakes Insurance Brokers is experienced when it comes to working through the process of home insurance paperwork for new homeowners. You can contact our agency and get more information about home insurance and the paperwork needed for purchasing this enormous asset. You can call our trained staff and have your questions answered. Homeownership in the Edina, MN area is an incredible opportunity. This can be exciting, and the new acquisition should be a call for celebration when making the decision to pursue a home purchase.

 

What is Replacement Cost Coverage for Home Insurance?

Research studies of home insurance in America find that up to two-thirds of the homes are either not insured or underinsured. Very few homes have no insurance coverage; however, a study by CoreLogic concluded that 60% of American homes are underinsured by an average amount of 20% of the value.

The median home value in Edina is $425,000. The statistics predict that three out of five of the homes in Edina are underinsured by as much as $85,000.

Another startling statistic reported on Yahoo is that 58% of Americans have less than $1,000 in savings.

If these are your circumstances, what happens if a natural disaster or a fire destroys your home completely? How will you be able to come up with potentially a missing $85,000?

How do you know if you are underinsured?

Work with your agent at Central Lakes Insurance Brokers, serving Edina, MN and the surrounding area, to find out if you are underinsured and then consider the benefits of having replacement cost coverage.

Replacement Cost Coverage

Replacement cost coverage is designed to be able to replace a home that is damaged and bring it back to a like-new condition that is as close as possible to how the home was before it was damaged. Replacement cost coverage is usually a better choice for coverage because insuring a home for actual value may be far less than what is needed to rebuild a home if it is destroyed.

Most people benefit from having replacement cost coverage. To make sure the amount of coverage is kept up-to-date with current prices, it is a good idea to have a home insurance review regularly, at least once per year.

To get a home insurance review and a quote for home insurance, contact your agent at Central Lakes Insurance Brokers in Edina, MN by calling our office or use the convenient online rating tool.

Making Sure You Have Enough Home Insurance Coverage

Determining how much home insurance coverage and making sure you have enough in Edina, MN is going to be on a case-by-case basis. However, there are some things you can discuss with your agent at Central Lakes Insurance Brokers to ensure adequate coverage.

  • Determine the Coverage for Your Home Structures: You want your limits to be enough to cover rebuilding your home. The current market value or the amount you paid for your home may not be the cost to rebuild, and there are some other things to keep in mind. Factors that affect rebuilding costs include square footage and local construction costs. Certain details will also impact costs, including the type of roof, number of bathrooms, style of house, and exterior wall construction. If there are unique features, such as fireplaces or arched windows, these need to be taken into consideration.
  • Determine How Much for Your Possessions: In order to have a full understanding of how much coverage you need for your personal belongings, you need to do a home inventory. This is also a good record to have should you need to file a claim. Take stock of any expensive items, such as collectibles, furs, and jewelry. There may be limits on these items, and you could need additional insurance for full coverage.
  • Determine Additional Living Expenses: Most policies will provide about 20% of the insurance on your home for additional living expenses while your home is being repaired, but you can also increase this amount.
  • Determine Liability: Your liability coverage should be enough to protect your assets. Most policies will provide $100,000 in coverage, but you should have more if you have savings and investments that are worth more than this.

Contact Central Lakes Insurance Brokers, serving Edina, MN, to get a quote on home insurance.

 

When Should You Update Your Home Insurance Coverage?

Life is quite unpredictable, and you will always have to adjust accordingly. For instance, you need to come up with ways of keeping up with your family’s finances and saving for emergency situations. However, keeping your home insurance coverage from Central Lakes Insurance Brokers up to date is also essential.

Knowing that your home in Edina, MN is always protected is a stress reliever when disaster strikes. It is important to keep up with the changes to your policy and regularly review it with an insurance agent. So, when should you update your home insurance policy?

When You Remodel Your Home

If you are building a new deck or overhauling your kitchen, make sure that you consult your insurance agent to understand the implications of such an action on your policy. Typically, all major home renovations will boost your home’s value which means they can also hike up the cost of rebuilding your home in the event of a disaster. The primary reason why you bought your home insurance was to allow you to repair or rebuild your home if it gets damaged. Therefore, make sure that you contact Central Lakes Insurance Brokers for re-assessment of your home’s value after significant renovations.

When You Make Changes to Your Lifestyle

Certain lifestyle changes may alter risk tolerance, and that will affect how much home insurance coverage that you deserve. You should speak to your home insurance agent in Edina, MN after a significant lifestyle change to determine how it affects your policy. For instance, talk to your agent if you have quit smoking or if you have retired.

When You Purchase High-Cost Items

A standard homeowners’ insurance policy not only protects your home’s structure but also covers your personal valuables inside the house. However, you need to keep in mind that the policy only protects your items up to a certain limit. Therefore, you should update your coverage when you purchase that gigantic flat screen television or when you purchase a pricey necklace.

Contact us today for your home insurance policy.