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Home Insurance in Minnesota
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There are many reasons to insure your Minnesota home. It is likely your most significant investment and, therefore, one of the most important things to protect when it comes to accidents, liability, and natural disasters. Before you go about purchasing a home insurance policy, it is important to learn about what a policy can do for you and your home.
Home Insurance Basics in Minnesota
Start with a home inventory to see what type of coverage you need. It is vital to pay attention to special items to determine if you need more coverage. Then decide if you need actual cash value or replacement cost coverage. Actual cash value means that your insurance company will pay for the current value of the property. This may mean you get less than what you originally paid for it. Replacement costs mean that you get additional reimbursement if your property is worth more than the actual cash value. In Minnesota, statutes allow for disputes through an appraisal process.
Coverage is determined in three parts. Coverage A is for your dwelling, coverage B is for any other structures, and Coverage C is for personal property. Typically your coverage for your home is for 80 percent of the replacement value. Coverage B is typically 10 percent of Coverage A, but it can be increased. Coverage C is typically 50 percent of Coverage A with individual limits on each type of property.
When doing a home inventory for insurance purposes in Edina, MN, document each item in as much detail as you can. This includes brand, serial and model number, and pictures. Keep receipts to show what you paid for each item. Know which items are covered by your insurance policy. Do a home inventory yearly and review your coverage to check if you need additional coverage.
Common Things Not Covered by Home Insurance
To make sure you are getting exactly what you need from your home insurance in Edina, MN, talk with an agent at Central Lakes Insurance Brokers because some things may not be covered. Things not commonly covered are sump pumps, sheds or other unattached enclosures, trampolines, pools, jewelry, artwork, and other antiques. If you have a home business, you will need additional coverage to protect your assets.
Floods and earthquakes aren't covered under standard policies. You should do a risk assessment to determine if you want to get additional insurance to cover these risks.
Contact an agent at Central Lakes Insurance Brokers in Edina, MN for a home insurance quote. We can help teach you more about the benefits of a home insurance policy and can walk you through the process to get started. Also, try our online rating tool for quotes on home insurance.