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Minnesota Homeowner's Insurance
A standard home insurance policy costs an average of $845 in Minnesota, which includes four primary types of coverage: dwelling, other structures, personal property and loss of use. Home owners need to know what these coverages mean, and be aware of the perils their homes faces.
- Dwelling Where you and your family live is called the dwelling, and that is the major portion of your homeowner's insurance policy. The dwelling includes the structure of the home and its support utilities, so a broken pipe in your walls is covered under the dwelling portion, as would be a fire that destroyed the whole house.
- Other Structures Buildings or other man-made constructions on the insured property are protected under the other structures part of your insurance policy. Other structures do not have to be places where people live, or even places where people normally go. For example, a guest cottage would be an "other" structure, but so would a dog house or a boat house. Even a utility shed is an "other" structure for insurance purposes.
- Personal Property Personal property accounts for a significant amount of you home insurance policy, but most people are surprised to find out that everything they own is not covered because of policy limits. If the value of your personal property is greater than 10% of the value of your home, it would be a wise idea to increase the personal property limits of the policy or take a separate policy just for your personal possessions.
- Loss of Use When you cannot use part of your home because of a covered event such as severe hail damage, the costs associated with staying somewhere else are covered under the loss of use part of the home insurance policy. This might include lodging, meals, laundry or any other normal activity that you would do at home but are not able to because of the covered damage.
- Home Security In Minnesota, the crime rate is 4.60/1000 people, but you can reduce the risks in three easy ways. A monitored alarm system is one of the best ways to get a home insurance discount. If the system is monitored by an offsite company, your security risks are even lower and your insurance premiums will be too. Another helpful idea for getting lower insurance rates is to install a fence around the property.
- Reduce Insurance Risks Swimming pools are risky business, but you can eliminate some of the risk by putting a fence around your pool. If the fence is not already a requirement of law or insurance Minnesota, it will net you a discount on your home insurance costs.
- Credit Score and Insurance Risk Credit is important in insurance. The higher your credit score is, the less you will pay for home insurance. This is only one example of why it is important to check your credit score often to make sure that no one is ruining your credit by stealing your identity.
- Earthquakes Ranked at 37 out of 51, Minnesota is not commonly threatened by hurricanes and you probably do not need to pursue any particular defensive coverage against them in Minnesota.
- Flood Minnesota reports around 432 claims each year, and that means you should look into some form of flood protection. Because of the risk of flooding in Minnesota, you may not be able to purchase coverage through traditional insurance venues, but you can get the coverage you need by either contacting a high-risk insurance company or checking with your state's Department of Insurance to find out how to get into contact with the FAIR plan in your area.
- Hail Hail is commonly associated with severe weather, and Minnesota is no exception. Hail is typically included in a home insurance policy but it is a good idea to read through your policy carefully, in case hail has been specifically excluded, as can happen in a location where the peril commonly causes a lot of damage.
- Hurricanes Your home has little to fear from hurricanes in Minnesota, and there probably isn't any reason to take specific anti-hurricane steps. Wind damage is part of the standard home policy and will be the worst problem you may face from a hurricane reaching so far away from the coast.
- Tornadoes Minnesota experiences around 78 in an average year, but they are classified as wind storms and coverage is generally included in the home policy. Check your policy to make sure that they have not been excluded, and you shouldn't have any problems.
- Wildfires Around 74,749 wildfires affect our country each year, and Minnesota is one of the places where fires may occur. Fire is typically included in a standard homeowner's policy but wildfires may be excluded if your area is especially prone to them. If this is the case, contact a high-risk insurer or your state's Department of Insurance.
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