Buying a home in Roseville, Minnesota is an exhilerating, complicated process. One of the many details you need to sort through is homeowners insurance. Where do you find it? How much coverage do you need? What does it cover and not cover? Particularly for a first-time home buyer, these questions can seem daunting. Here is some good information to get you started down the road to getting a good policy:
1. Start with what you already have.
It’s quite likely that if you’re happy with the company you use for your auto insurance, you’ve already found your homeowners insurance company. Many companies will offer good discounts for bundling your various insurance policies with them. This doesn’t mean that you shouldn’t shop around, but definitely check with your current company first and use their number as a baseline, as it will usually be your most reasonable number. As the article states, anyone with a connection to the military should look into USAA – their prices are often far lower than others.
2. Decide what you need.
You should be insured for the amount it will take to rebuild your home, and most policies will cover your belongings for about 75% of the value of your home. This percentage usually works out well for most people, but if you have rare art or very expensive jewelry, you probably need some additional coverage for those items. Choosing a slightly-higher-than-the-minimum deductible will allow you keep your premiums low and still allow for a deductible you can manage in the event of a disaster.
3. Choose extras if you need them.
Flood insurance may or may not be an issue for you in Roseville, depending on where you’re located. If you’re buying in a low-lying area or very close to a lake with a record of flooding, definitely look into a flood policy. For a relatively small amount of money you can protect yourself from huge damages to your home that a regular homeowners insurance policy won’t cover.
Adequate insurance coverage for your home is a must, and doesn’t have to be an overwhelming process. Taking the steps to get the right amount of coverage now as you buy your Roseville, MN home will save you immeasurable work and stress later.