Unlike auto insurance, Minnesotans can legally own a house without homeowners’ insurance. But that doesn’t mean that homeowners’ insurance isn’t important or necessary for that matter. Your home, like any other important investment, needs protection. Purchasing a homeowners’ insurance policy is the best way to protect this massive investment from various destructive elements, natural or humanmade.
While homeowners’ insurance is not a compulsory coverage in the United States, some lenders may require you to purchase homeowners’ insurance. This is particularly true for people who live in high-risk areas. So, what does a homeowners’ insurance policy cover? Well, that depends on your policy. Coverage items vary from one provider to the next. Floods and Earthquakes are not typically covered in a standard policy.
Many reputable insurance providers are offering this type of coverage, and Selective Insurance Agency is one of them. As stated earlier, coverage depends on your policy. Typically, a homeowners’ insurance policy covers damages resulting from natural disasters such as storms, hail, tornadoes, etc. The loss of property due to theft or burglary is also covered. Liability coverage is also included and can cover medical expenses and lawsuits due to injuries caused to guests.
Fire and vandalism are also covered by most homeowners’ policy. Water damage, the most common type of homeowners’ insurance claim, is covered under the standard home insurance policy. Floods, on the other hand, are not covered. To protect your home from flood damage, you’ll have to purchase a standalone flood insurance policy.
Put into account your personal belongings when purchasing homeowners’ insurance. Create a home inventory to help you determine if you have sufficient coverage. You may want to consider additional coverage for high-value items such as jewelry, art, etc.
Selective Insurance Agency has been providing homeowners’ insurance to those around the state of Minnesota for many years. We can help you get a policy that meets your home insurance needs and offers full protections to cover your belongings and family. Use our online rating tool on our website to get a quote for your homeowners’ insurance policy or stop by our office to speak with an agent.