If you are like most Twin Cities area residents, your home is the biggest purchase that you will likely ever make. And you already know how important homeowners insurance is for protecting your investment. After all, most lenders require it for a mortgage.
While protecting a lender’s interest in your home is important, don’t overlook other exposures that you are responsible for when buying homeowners insurance.
Homeowners Liability Insurance
As the owner, you are personally responsible for anything that happens on your property. That means that when a package delivery representative trips over the step in your walkway, you could be responsible for the medical bills and lost wages. Similarly, if a neighbor’s child breaks her arm jumping on your trampoline, you could be held liable. When your liability expenses start to pile up, your homeowners insurance can help foot the bill. It can even help pay for your court and legal defense fees if you are sued.
Homeowners Dwelling Insurance
Your house may seem strong and sturdy, but it is not invincible. Many homes have been lost or damaged to major unexpected events, such as fires, vandalism, explosions, high winds, and other disasters. Coverage for your dwelling helps ensure your home can be repaired or rebuilt with little out of pocket cost to you.
Homeowners Personal Property Insurance
You have spent many years making the inside of your home a space you enjoy. From your furnishings and décor to your electronics and children’s toys, starting over would cost a fortune. Personal property insurance helps replace the items you love, allowing you to start over on the right foot.
Experiencing the loss of a home is never easy, especially when you need to find a new place to stay. Fortunately, your homeowners insurance can help pay for your temporary lodging and living expenses while your home is uninhabitable.
Affordable Homeowners Insurance in Minneapolis/St. Paul
Many factors go into the amount of insurance you need and the price you pay for coverage. Examples include:
- Your home’s square footage
- Your home’s structural components (e.g. brick, stucco, siding)
- The type of roof on your home
- The presence of other structures on your property, such as a shed or fence
- How your home is heated
- High-risk features (e.g. swimming pool, trampoline)
- Safety features (e.g. monitored alarm system)
The amount you pay for coverage is also dependent on how you insure your property. For example, insuring it for its full replacement cost means knowing your insurer will pay the full cost of rebuilding or repairing your home. Insuring it for its actual cash value, on the other hand, means coverage for repair and replacement costs minus depreciation.
If you are in the market for homeowners insurance, chances are you want a policy with enough coverage to fit your needs at a price you can afford. At Pentagon Insurance, our goal is to deliver on our promise to find you first-rate insurance at highly competitive rates.
We can provide quotes from several of the state’s leading insurance companies, as well as help you get discounts that could make homeowners insurance more affordable.
Contact us for more information about Minnesota homeowners insurance or to request your free quote.