Minnesota Homeowners Insurance


Before getting yourself involved with a particular Minnesota homeowners insurance company, you should know what you are getting into. This means understanding your policy as well as shopping around to make sure you are being insured by a reputable company and are paying the lowest price possible.


What Can be Insured With a Homeowners Insurance Policy

While it is most common to get Minnesota homeowners insurance on your home, you can also get insurance to cover any of the following:


  • Apartment
  • Condominium
  • Farm/Ranch
  • Mobile home
  • Rented property
  • Townhouse


You don’t even have to own the property to get insurance. If you are a renter, you may want to consider renters insurance. Renters insurance will leave off where your landlord’s policy leaves off. That means coverage for your belongings, liability insurance and living expenses required if you have to move because of damage to the property.


What is Covered

Understanding your home insurance, means understanding what is covered. While each policy from each company is different, most Minnesota homeowners insurance policies will cover damage stemming from the following:


  • Aircraft
  • Cars/trucks
  • Explosions
  • Fire
  • Hail
  • Lightning
  • Riot
  • Severe wind
  • Smoke
  • Theft
  • Vandals
  • Water damage not due to negligent oversight


It is up to you to go through your Minnesota homeowners insurance policy to make sure you know it exactly what it covers. If there are items that you feel need to be covered that aren’t, then you should see if they can be added to the policy or look for home insurance through another company.


What is not Covered

Knowing what is not covered by your Minnesota home insurance policy is just as important as knowing what is covered. Most policies will not cover damage due to the following:


  • Damage due to an unoccupied home (prolonged inoccupation)
  • Damage due to rats
  • Earthquakes
  • Flooding
  • Insect infestation
  • Termites
  • Water damage due to long term oversight
  • Wind damage to landscaping


Listen to your lender as to what insurance they require and then do a little research on your own as to the likelihood of damage due to flooding and earthquakes. You do not want to be underinsured, especially when it comes to your most important investment.


Standard Coverage

A standard Minnesota homeowners insurance policy will generally provide the following coverage elements.


  • Contents: This includes all the contents of your home and the contents that are stored in other structures on the property.
  • Liability: Protection from lawsuit if someone not a member of the household is injured on your property or their property is damaged while on your property.
  • Medical Expenses: Pays medical expenses for those that are hurt while on your property.
  • Loss of Use: If you incur expenses because you are unable to use your home, such as lodging, food and travel, your Minnesota homeowners insurance will cover you.
  • Structures: This includes your home and other structures on your property such as a garage or storage shed.


You can tailor your policy to provide coverage for specific things as well as raise or lower limits that cover specific items to get the type of coverage you need.


Shopping for the Best Coverage

Your lender will probably recommend one or two home insurance companies. You should certainly get rate quotes from these companies, but also don’t forget to do a little more shopping.

Shopping for Minnesota homeowners insurance means getting at least 5 rate quotes from different companies on the type of policy that you are looking for. This can be easily done online by filling out an online form. It takes a few minutes of your time, but can save you a bundle every year. Compare your online quotes with those offered by the recommended insurers from your lender and then make the best choice for you.

Homeowners Insurance Axis
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