Homeowners Insurance

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What is Homeowners Insurance

Homeowners insurance transfers risk from you to the insurance company. A home policy covers two broad types of risk: liability and property. Personal liability covers injury or property damage you or a resident family member cause to someone else. The property portion covers damage, theft, and other causes of loss to the things you own, such as your home, personal property, other structures, and more. In return for assuming these risks, you must pay a pre-determined amount of money to the insurance company, called the premium. The premium is paid whether or not you experience a claim.

The insurance company is able to make this work because they collect premiums from many people but usually only a percentage of those people make a claim in a given year. The premium charged can vary from person to person based on a number of factors that the company believes makes you more or less of a risk. You can learn more about how home insurance works from the Insurance Information Institute.

How to Shop for Homeowners Insurance

Homeowners insurance - A brick, two story home with well tended landscaping

Figure Out Your Coverage

The first step is knowing what insurance coverage you need. Some things to consider are:

  • What is the value of my home and personal property?
  • How much can I afford to pay out of pocket for costs?
  • How old is my home? Have the roof, electrical, or plumbing been updated?
  • Do I have pets? Do any pets have a history of aggressiveness?
  • What is my estimated net worth?
  • Do I have a wood burning stove, pool, or trampoline?

Get Multiple Insurance Quotes

The best way to find great insurance rates is to get quotes from a multitude of insurance companies. Each company targets people based on different characteristics. This means the same insurance company may offer drastically different rates for you compared to your friend, neighbor, or coworker.

Compare Insurance Companies

Once you’ve narrowed down your options to a handful of insurance companies, research each company’s claims satisfaction ratings, customer service ratings, financial stability, and any unique coverage offerings.

Add Your Discounts

Don’t forget to add any discounts for which you qualify. Many discounts are common to most insurance companies, but each usually offer specific discounts too.

We Can Help

Let us walk you through the process and get insurance quotes from over 15 top companies on your behalf. We provide home insurance in Lakeville MN and the rest of the state.

Homeowners Insurance Coverage Available

Personal Liability
Covers injury or property damage you or a resident family member cause to another.

Dwelling
Covers damage to your home caused by a variety of perils.

Other Structures
Covers damage to other structures on your property, not attached to your home.

Personal Property
Covers your property, such as furniture, electronics, and clothing.

Loss of Use
Covers the cost of alternative living arrangements if your home is uninhabitable due to a covered incident.

Medical Payments
Covers minor medical costs for injured guests, without regard to fault.

Jewelry & Scheduled Property
Covers jewelry and other high risk classes of property that have lower limits on a standard policy.

Properties We Can Cover

Single family homes

Condos

Renters

Landlords

Seasonal & vacation homes

Multi-unit housing

Mobile homes

VRBO & AirBNB

Frequently Asked Questions

Does homeowners insurance cover water damage?

Whether water damage is covered depends on the source of the damage. Water from a damaged pipe inside your home will likely be covered. Damage from flooding will not be covered. Water caused by poor maintenance of systems is usually not covered either.

Why is my home insurance coverage different from my home value?

Your insurance coverage is an estimate of the cost to rebuild your home if it were destroyed. That cost can differ from it’s sale price for a variety of reasons, including the fluctuating cost of lumber and other materials, the land value, or new building codes that would need to be followed. In addition, rebuilding in an existing neighborhood can introduce problems not often found in new developments, such as difficulty accessing the site or work restrictions.

Preserve & Protect

Get free insurance quotes for your family or business.