If you're moving to Minnesota, one of the first things you need to do is get homeowners insurance. This protects both your home and belongings against damage or theft. Many lenders require homeowners to purchase a policy as part their mortgage.
Comparing quotes is important. Make sure you get at least three quotes and carefully compare the price, customer service and coverage. This will help you to determine the best insurance policy for your specific needs.
The average cost of home insurance in MN
Your age, the coverage amount you need, and your home's location are all factors that will determine the cost of your Minnesota homeowners policy. For instance, if your home is located in a flood-prone region, you will need more coverage.
Also, you'll want to consider your location, crime rate and other potential risks that may affect your home. You may want to consider investing in higher liability coverage if you reside in a Minneapolis neighborhood that has a high rate of crime.
How to purchase a home owner's insurance policy in MN
Minnesota home owners insurance covers the structure of the house, your personal possessions, and loss in use. Comparing quotes will help you find the best coverage for your needs.
A good idea is to review your policy every year as your needs and lifestyle can change. This will allow you to determine whether or not you're paying too much for insurance and if your coverage is still appropriate for your house.
Best Home Insurance Companies MN
Minnesota has many companies offering homeowners insurance. These include national, local and regional ones. Find out which companies are the best-rated in Minnesota by checking consumer reviews on sites like the Better Business Bureau. You can also look at the AM Best ratings of insurers.
Allstate
Allstate is known for its excellent online service. You can easily manage payments and your policy with the mobile app. It offers add-ons which can lower costs and provide peace of heart.
Liberty Mutual
Liberty Mutual Minnesota offers homeowners insurance at a very affordable rate. The annual premium is $1046 as opposed to the average state price of $1773. Liberty Mutual offers a variety of policies from simple ones for renters or condo owners to complex policies for older houses and historic homes.
Farmers
Farmers is another popular Minnesota home insurance company that offers a variety of discounts to help you save money. Its site offers information on its policies to help you compare them, as well as discounts for your particular needs.
HO-6 (walls-in)
For condo owners and those who own small or mobile homes, a HO-6 homeowners policy can be a good choice. This coverage, also known as "walls-in", is a good option for owners of historic or architecturally valuable homes.