Home Insurance Minneapolis MN
All Our Insurance Providers are A or A+ Rated.
All Our Insurance Providers are A or A+ Rated.If you’re like most people in the Twin Cities, your home is the most valuable thing you’ll ever own. One Source Insurance Brokers makes sure that value is protected for the long haul. As an expert team of brokers with extensive experience in Minneapolis and Saint Paul, we offer you full protection for household damages and liabilities. That starts with making sure you understand one critical message: that every home needs insurance.
Essential Insurance
As a homeowner, you need insurance that covers:
- The Main Dwelling – This protects the physical structure you live in, reimbursing you for damages up to the total cost of rebuilding your home.
- Other Structures – This coverage protects separate structures on your property besides your home, including fences, pools, and detached garages.
- Personal Property – This covers possessions inside your house that are stolen or damaged.
- Loss of Use – If your house is damaged and you have to move out while it’s being repaired, this covers the cost of living in a similar dwelling during that time.
- Personal Liability – In the event that someone is injured, killed, or dismembered on your property, this coverage protects you against the resulting liabilities.
- Medical Payment – If someone is injured on your property in a way that requires medical care, this type of insurance covers the cost of their bills, which you may be held responsible for paying.
- Endorsements – These are forms of coverage for specific contingencies that regular home insurance doesn’t always cover. We recommend that all Minnesota homeowners purchase endorsements for sump pump problems, water backups, and other plumbing issues.
It’s clear that there are many facets to home insurance. You need an experienced home insurance broker by your side to weigh all these factors and find the insurance policy that suits you best.
One Source’s Advice for Homeowners
One Source recommends that you shop for home insurance once a year. Most homeowners just stick with the insurance they got with their initial home loan, but that leaves you vulnerable to price increases. If your provider raises the rates, your lender will increase your escrow accordingly. But if you start shopping for insurance 30 days before the renewal period, you can identify more affordable but comparably comprehensive coverage options and keep your costs low. What’s more, if you’re proactive and ask for an insurance quote more than 7 days before the effective date, you’ll get a 5 percent discount on that quote.
Besides shopping early and annually, we advise you to consider all factors that affect insurance rates. These include your credit score and the number of claims you’ve submitted, as well as your home’s location. Home insurance rates are higher in the Twin Cities area than they are in rural areas, both because of differing crime rates and because the region is more vulnerable to hail and tornadoes. However, homes in Northern Minnesota are more vulnerable to freezing pipes, so you may pay more for plumbing-related endorsements there.
Finally, it’s important to be realistic about what insurance can and can’t cover. In particular, you should know that home insurance does not cover damage from floods, earthquakes, or ground movements. Given that Minneapolis is on an earthquake line, keep that in mind when assessing your future liabilities.
How to Shop for Insurance
To shop effectively for insurance, you must:
- Avoid Skimping – Never pass up comprehensive coverage for a cheaper but weaker policy. Not only does this expose you to enormous long-term risks, but it doesn’t even save you much money in the short term. Consider that it costs about $15 more per year to insure your home for $500,000 worth of damage than to insure it for $100,000. Is saving $15 really worth taking on a $400,000 risk?
- Consider Multiple Brands – The more brands you compare, the easier it is to find a comprehensive policy that is still affordable. You can thus get the best of both worlds on cost and quality.
- Compare on Credibility – Don’t just pick the first insurer you recognize. Instead, consider whether they consistently pay their claims. You should also investigate their rating, only choosing a company A rated or higher.
One Source helps you find the best possible insurance for your home. From advising you on the best policies to giving you access to 30 A- and A+-rated providers, we leave no stone unturned when meeting your insurance needs.
Find out how to save money on your home insurance. When you work with us, we’ll make sure you have the appropriate coverage and help save you money. As an independent insurance agent we have many options for you. Get a complimentary consultation today. Call: 612-444-6277 Or Get A Quote.
