Minnesota Homeowners Insurance
Minnesota homeowners insurance is the protection of your home in the event of a fire or other catastrophe. Homeowners insurance is not only prudent, but is likely required if your home is under a mortgage. There are many different types of homeowner policies that can be adjusted to fit your coverage needs and your budget. A provider can help determine which one is the best fit for your MN residence.
Minnesota Homeowners Policy Types
There are several different types of Minnesota homeowners insurance available. The three most often used are H01, H02 and H03. HO1 is the basic homeowner policy that covers homes for eleven perils. These perils include hail, vandalism, lightening or fire, theft, aircraft or vehicle damage, riots, breakage of glass, smoke damage, volcanic eruption, and personal liability. What a basic Minnesota homeowners insurance does not cover is floods or earthquakes. If your MN home is susceptible to floods, you may want to add this under a separate endorsement.
H02 is a more broad Minnesota homeowners insurance policy that covers the eleven perils listed in an H01 policy plus an additional six that are identified at the time of the policy's creation. This policy is a good choice if you have some specific perils you would like to include on your policy that are not in the H01 option.
The H03 Minnesota homeowners insurance policy is the one most often used for single family homes. This policy covers everything that is not excluded in the policy. Exclusions are generally flood, hurricanes, or earthquakes. If you have concerns for these items, you can add a hazard policy to cover them.
What Does Homeowners Insurance Cover?
For each type of Minnesota homeowners policy there are several classes of coverage that are offered. The first and most common type of home insurance is Coverage A. Coverage A covers the dwelling or residence while Coverage B covers other structures that are not attached to the residence. Coverage C will provide coverage up to certain limits for the items in the home while Coverage D is for loss of use.
Homeowners need to be aware that there are limits to what each policy will pay. The limits are listed in the policies and should be reviewed carefully to ensure they are high enough to cover the residence and belongings. If you are concerned that your limits are not high enough to replace the personal belongings in the home, you may want to increase the limits by paying slightly higher premiums.
If there are excluded perils in the Minnesota homeowners insurance that you feel need to be covered, you can also add an endorsement such as hazard policies to increase the perils. Hazard insurance cover specific perils that may be of concern to the homeowner. Examples of these might be flood, hurricane, or windstorm perils. Talk to a Minnesota provider to determine if hazard policies might be of value to you.
Choosing a MN Provider
There are a number of ways to choose a provider for Minnesota homeowners policies. One of the easiest and most convenient is by doing an online search. You should always ask the following questions when choosing a provider. What types of claims service do you have? Do you have 24-hour customer service? Are you licensed in Minnesota? What types of discounts do you offer?
The claims service and customer service policies of any insurance provider are very important. If you have a claim and need immediate assistance, you want to make sure the provider will be available to you 24-hours a day, seven days a week. You will also want to make sure their claims service is timely. If a tree falls on your house during a blizzard, you do not want to be waiting for two weeks for an adjuster to appear.
Licensing is also very important. If an insurance provider is not licensed in Minnesota, they may not have to follow the Minnesota laws and regulations, and in fact may not even be familiar with them. You want to work with firms who are up to date on the insurance laws in your area and will cover your home accordingly.
There are a wide variety of discounts available from most Minnesota homeowners insurance providers. You can realize discounts by combining insurances, adding security features to the residence, or if you are a senior citizen. Be sure to ask the provider what types of discounts they offer for the area you live in.
Minnesota homeowners insurance is not only a good idea, but also necessary to protect your home and belongings in case of fire or other disaster. Work with a provider to determine what coverage you need, and if there are any endorsements you should add. If you are in the market for Minnesota homeowners insurance, shop online now and start covering your home today.