High flooding can ruin belongs as well as homes

Getting Home Insurance in Minneapolis

Home insurance in Minneapolis protects homeowners from having to pay out of pocket for damage that their homes may sustain as a result of disasters like fire and severe weather. In addition to covering the cost of repairs, some policies also pay for the cost of displacement during the time it takes for a home to be repaired or replaced. Finally, coverage also protects the owner’s belongings up to the policy limit in the event of loss resulting from covered perils, such as theft or fire.

Home insurance in Minnesota costs $919 on average, which is higher than the nation’s average of $880, according to the Insurance Information Institute. This is due in part to the instances of severe winter weather that Minnesota experiences. In particular, hail damage is very common through the state, and can cost insurance companies a lot of money. The more money an insurance company has to pay for damage, the higher the average premium will be.

Factors of Home Insurance Rates in Minneapolis

Companies determine homeowners insurance Minneapolis rates by looking at the age of the house, the condition of the house, the proximity of fire protection services, and the home’s location. According to the National Association of Insurance Commissioners, your credit and claims history also play a part in determining your rate. In addition to the characteristics of your home and your history, your premium will also be determined by the amount of crime in your area. Below is a list that examines the average crime rates for Minneapolis:

  Robbery Burglary Larceny-theft
2010 1,596 4,787 11,609
2009 1,663 4,741 11,320
2008 2,005 5,591 12,776

Flood insurance is a separate home insurance Minneapolis policy. Purchasing flood insurance will raise your monthly cost, but it may be worth the price increase. According to the Minnesota Department of Commerce, floods are the second-largest natural disaster and can cost Minnesota residents a lot of money in damages. Purchasing flood insurance in Minneapolis is a better alternative to utilizing disaster loans, and can save you money in the long run.

Home Insurance in Minnesota

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