At Deluxe Insurance Group in Blaine, MN, we know that buying a home is a considerable investment. We offer the right home insurance policies to help you protect that investment.
What Does Home Insurance Cover
Home insurance typically covers the structure of your home and your personal belongings. It may cover other buildings on your property as well. Many policies will also cover your living expenses if you have to vacate your home while repairs are being made.
If you have valuables like antiques or jewelry, you may need to add extra coverage to your policy, so they are adequately insured. Home insurance doesn’t just protect your investment in your property. It covers liabilities that occur on it as well. If someone slips and falls on your steps, for example, your policy will cover the party’s medical expenses.
Coverage Limits and Value
Replacement value is what it would cost you to replace your home or belongings. Actual cash value is what your property is worth. It’s recommended that your policy cover at least 80% of the replacement value of your home. Coverage limits will vary by policy. Your policy will have coverage limits for the house itself, your personal belongings, and liability. You’ll need to make sure each of these provides adequate coverage.
Deductibles and Premiums
The deductible is what you have to pay before your policy coverage kicks in. Premiums are what you pay for the policy. Higher deductibles usually provide lower premiums. Higher coverage limits often raise premiums. However, the home itself plays a role in your premiums as well. Dogs and swimming pools can increase your premium. A security system can lower them.
At Deluxe Insurance Group in Blaine, MN, we know that selecting a home insurance policy is a crucial decision. Our agents will speak with you about your specific coverage needs and help you find the policy that’s right for you.