3 Things to Consider Before Purchasing Home Insurance

Whether you have just bought your home or moved to a rented one, getting home insurance is crucial. It offers protection for your home and your possessions as well. Central Lakes Insurance Brokers offers insurance policies for homes to ensure that your valuable possessions are covered against various calamities. If you are a resident of Edina, MN, you can talk to our experts and choose the most suitable cover for your home.

Here are some of the things you should consider before buying home insurance.

Damages Caused by Natural Disasters

Check which damages caused by natural disasters are covered by a policy before buying it. Some policies don’t cover some specified disasters. Some cover these disasters, but upon paying additional amounts to the premium cover.

Coverage Provided

Policies differ when it comes to the kind of coverage. To choose a suitable coverage for your home, determine what you need to be covered and select an insurance cover that provides it. For example, you can choose a policy that only covers the building or include furniture and inbuilt appliances.

Building a home and furnishing it is very expensive. Don’t risk losing everything one day and getting back to zero in case of damages. Let Central Lakes Insurance Brokers serving Edina MN cover your home and the valuable possessions you have.

Deductibles

Deductibles are the expenses you pay for from the pocket when you make a claim against damages. When choosing your insurance cover, make sure you know the deductibles. This avoids paying a huge amount of cash to fix damages.

Getting insurance for your home is one of the best decisions you can ever make since unforeseen events may happen in the future. Contact Central Lakes Insurance Brokers serving Edina, MN to learn more about home insurance and check out various home insurance plans we have.

How to keep your home safe while you are away

Your home is the center of so much of your life. Keeping it safe and protected makes perfect sense. Having the right insurance agent and the right policy make that possible. At Central Lakes Insurance Brokers in Edina, MN, we are committed to providing quality insurance products and helping our current and future customers manage potential risks. Our team of knowledgeable professionals has the tools they need as independent agents to provide what you want and need.

Getting away is perfect for relaxing, but in order to relax, you have to have confidence that your home is safe while you are away. By taking some simple steps, you can be more confident that everything will be well while you are away. 

Arm your security system

If you have a home security system, it can only help protect your home if it is armed and ready. Making sure it is operational and will do its job is important. 

Stop your mail

You can go to the postal service website and set up a temporary stop. Always start it a day or two early to make sure that it is actually working. 

Talk to your neighbors

If you are friendly with your neighbors at all, let them know you will be away and ask that they keep their eyes open for anything unusual. If you are not friendly with your neighbors, have a friend or family stop by while you are away to make sure things are okay. 

Don’t announce your plans

Don’t announce your plans on social media. You never know who might see your plans and take advantage of your absence. Share your pictures when you return, but not while you are away. 

Contact Central Lakes Insurance Brokers in Edina, MN when you are ready to discuss your home insurance needs.

Creating and storing your home inventory

Almost six percent of homeowners will file a claim in any given year. Thinking about filing a claim is not something homeowners like to dwell on but the reality is, things happen and you need to be prepared. A home inventory is one way to prepare for a home claim. Another is making sure you have a good home insurance policy and a trusted insurance agent. In Edina, MN, Central Lakes Insurance Brokers is locally owned and operated and committed to providing quality insurance products to our customers. As independent agents, we can offer more choices in carriers and policies. 

Creating a home inventory is time-consuming but the benefit makes it worthwhile. It can be done digitally or with a pad and pen. The idea of the inventory is to list all of your possessions, room by room. Don’t move on to the next room until you have identified everything in the room. Open closets and cupboards, don’t just list what you see out in the room. Be very specific in your description giving brand names and models and serial numbers if applicable. Provide any back-up you may have in the form of receipts or sales slips. Attach it to the inventory. 

Take pictures of each room from several different angles. The idea is to show as much as possible. Take your time and do every room, Don’t forget to go into your attic and basement. You may even need to go to the garage and shed. You will be glad for the detail if you ever need to file a claim. 

When you are finished store your inventory and photos in a safe place. Away from the home is best. A safety deposit box is ideal but at the very least have a free and waterproof container. You may also store your inventory digitally in the cloud. 

Contact Central Lakes Insurance Brokers in Edina, MN for all your insurance needs. 

Should I get home insurance in Edina?

The Edina, MN area can be a great place to call home. When you are a property owner in this area, you will enjoy having a stable place to live while also benefiting from price appreciation and tax deductions. When you do purchase a home here, you also need to carefully consider all of your insurance needs. There are several reasons that you should get a home insurance policy when you are here. 

Insurance Gives Important Coverage

The main reason that you should get home insurance when you are in Edina is that it can give you very valuable coverage and protection. When you get home insurance, it will include coverage to protect your dwelling as well as all of your personal assets. It can also include coverage that will give you protection if you are found liable for an injury to a guest or if you or your property cause damage to another person’s assets.

Insurance is a Requirement

For a lot of people in this area of Minnesota, having insurance is also a requirement. Due to the value that the insurance coverage provides, many mortgage lenders require that their borrowers carry the proper insurance. Also, if you live in a home association, you may also have insurance requirements that need to be met. 

As you are looking for home insurance in the Edina, MN area, you should get guidance and support from someone that you can trust. If you do call the team at Central Lakes Insurance Brokers for your insurance needs, you will be in good hands. The insurance professionals at Central Lakes Insurance Brokers can help you to better understand all of your options and give you the support needed to choose a policy that is ideal for your situation. 

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.