Avoiding Lake Wobegon: Minnesota Home Insurance

The Land of 10,000 Lakes must call to its residents to relish the natural beauty, since Minnesota ranks first in the country in percentage of people who exercise regularly. All that activity won't mean much, however, if disaster strikes at home and you haven't purchased adequate coverage. Minnesota home insurance is imperative for protecting yourself and your family. And if you shop around, you'll discover that Minnesota insurance quotes can actually look pretty good, too.

An Overview

The different types of home insurance in Minnesota are a bit more complicated than a Garrison Keillor story, but an overview will help you understand where your Minnesota home insurance quotes begin:

  • HO-1: This basic policy protects you from common perils, such as fire and lightning, windstorms, falling objects, vandalism, snow, and the weight of ice.

  • HO-2: In addition to HO-1 coverage, this policy will insure you against water or steam overflow due to plumbing, cooling or heating system problem, glass breakage, accidental tearing of mechanical systems/appliances, freezing, accidental damage due to electrical surge, and volcanic eruption.

  • HO-3: This broad policy is the most popular, and protects against all the perils in HO-2 plus other perils except those specifically excluded in the contract (such as flood, war, earthquake, and nuclear hazard.

  • HO-3 with HO-15: More expensive, but provides coverage for your home and possessions against all perils.

  • HO-8: If you don't meet the requirements for the previous policies, you can purchase an HO-8; designed, in part, for homes whose depreciation was both extensive and out of the owner's control.

  • HO-4: Essentially provides HO-2 coverage for renters; includes additional living expenses and personal liability protection.

  • HO-6: For condominium owners who need protection against additional perils.

Review Your Coverage Amounts

If you live in Minneapolis, the price per square foot for your home averages $88. For a 2,500 square foot home, the dwelling coverage will usually need to be at least $220,000. Since your possessions will typically be covered at 50% of the dwelling amount, you can receive up to $110,000 to replace them. You may want to take the time to add their value and decide if you need more coverage. Also keep in mind that the price per square foot refers to a "standard" home. If you make significant upgrades-defined as "above-standard materials" such as granite countertops, stainless steel appliances, etc-then your dwelling value will rise significantly. In that case, you should shop around for Minnesota home insurance quotes, to see which insurers will increase your coverage at an affordable price.

Safety Saves Money

Even for Prince or a star player for the Vikings, insurers want to know that you've protected your home against common threats, such as crime and fire. The distance you live from the nearest fire department results in a rating, and partly controls the Minnesota home insurance quotes you'll find. In recent months, the average annual premium for a North Star State resident was $755. By installing smoke alarms and fire extinguishers, you can convince an insurer your home is safer, and drive that premium down to around $687. And when there's less chance of crime, there's less chance your insurer will have to pay for your possessions. Equip your home with a burglar alarm and deadbolt locks, and you can save another 10%.

Keep the Lakes at Bay

In the Land of 10,000 Lakes, the abundant water isn't just a source of beauty; it's sometimes a big concern for homeowners. Many state residents buy an additional flood policy, since flood damage is not typically covered in a home insurance policy. Although you need federal coverage for flood damage, you can put together a comprehensive policy that covers everything you want, at a price you like, if you compare home insurance quotes. Whether you search or turn to a free service like NetQuote.com to ease the burden, make sure you know all the choices. That way, you'll never think of your home as Lake Wobegon.