Read This Immediately Because It Directly Affects You!
MN home owners are paying too much for their home insurance.
If you’ve received your renewal notice – you may already know home insurance has gone up the last few years – through the roof. Most people don’t just have time to review their insurance. So, they don’t and overpay. Public records show your home insurance may be coming up for renewal in the next 60 days. Take advantage of this easy opportunity to save money on your insurance – without sacrificing coverage or time. You’ll love how easy it is here.
Compare the quotes below to see how much you can save!
CoveragesOption AOption BOption C
Dwelling $200,000 $300,000 $400,000
Other Structures $20,000 $30,000 $40,000
Personal property $150,000 $187,000 $300,000
Loss of Use $40,000 $60,000 $80,000
Personal Liability $300,000 $300,000 $300,000
Medical Expense $5000 $5000 $5000
Deductible $1000 $1000 $1000
Annual premium$635 $857 $1079
You can get quotes from many companies – easily from one local agency. We have one carrier offering great rates in this neighborhood right now. Get control of your insurance prices. Call now while this is on your mind.
www.minneapolisinsuranceteam.com or 612.460.7796
P.S. Changing is easy. We will contact your bank and current agent for you! This is not a binder or contract for coverage. Several price discounts are included in this sample, your rates may vary.
Things you should know about your Minneapolis Home Insurance
Don’t wait until you need to file a claim after a disaster to find out what’s covered and what’s not covered.
1. Is your Minneapolis home insured to replacement? This is one of the most misunderstood concepts and causes the most issues at claim time. Because home values have fallen in recent years – it has been possible to purchase a home for say $100,000 and to build new or rebuild would at replacement cost would be $200,000. Many people, including some mortgage people and realtors don’t understand the replacement value, market value, assessed value. When it comes to your Minneapolis home insurance – replacement cost is all insurers and you should should consider.
If your home isn’t insured to replacement value – it’s insured for $100,000 and should be $200,000 – for example, and a storm damages your roof and it need to be replaced for 12,000 with professional roofer company – you will receive $6.000 minus your deductible. Your home is only insured at 50% of replacement or for half. Be sure to have your agent show you the replacement cost estimate from the insurance company.
2. Are your contents and possessions insured to replacement cost or actual cash value. If all your things are destroyed in a disaster or other loss – will they be replaced at cost or pennies on the dollar?
It’s a good idea make sure collectibles and valuables like jewelry are covered correctly. Most Minneapolis home insurance policies have limits and things like expensive wedding rings will need to be scheduled for higher values to be insured to the higher limits.
Its a good idea to video your contents and store it in the cloud or at a relatives. It makes it easier at claim time and makes you aware of what may need special attention like antiques or collections.
3. Review your policies and keep up with inflation. This is important for your home insurance – especially now as many insurers are switching to ACV “Actutal Cash Value” for roofs over 10 years old. As most people never read their policies – they may not even know it is on their policy or has been changed. Talk to your agent to verify your coverage amounts are realistic.
If you make any improvements, add a pole barn, finish a basement,a pool etc., call your agent. Don’t assume things are automatically covered. This includes snowmobiles and other common things in your garage people tend to assume are automatically covered on the policy.
4. If you own a condo or town home – make sure you know associations deductible. Many have raised them to keep the rates down and many of the big insures have gone from per occurrence to per unit deductibles and you could have a huge gap or assessment. Know what your policy covers and what the association covers. HO4 and HO6 policies are the most misunderstood and under insured home policies. It usually doesn’t cost much more to insure correctly.
Considering condo owners will want their contents policy to cover things like cabinets and fixtures, they need a bit more insurance than the typical renter. Most basic condo and renters policies come with a minimum amount of contents coverage and they vary from company to company – check yours.
5. If you are a renter get renter’s insurance. Most often the savings on your auto insurance with the discount is less more than the cost of renters insurance. You can get better insurance and actually pay less. These come with minimum contents coverage too. You will want to see if it is enough and schedule expensive jewelry, collections, etc.
6. Do you need flood insurance? If you live along Minnehaha creek, the river or some area prone to flooding. It pays to know that home policies do not cover floods.
7. Do you need tree fall insurance? It pays to know that home policies do not cover tree falls. It is better to use tree lopping in Perth.
8. If you have a high net worth – you will want to get an umbrella policy. They generally cost around $150 a year for a $1 million dollar umbrella policy.
Read more: Minneapolis Home Insurance
Follow us: @InsuranceTeam on Twitter | InsuranceSpecialistsTeam on Facebook