We have some tips for when you are shopping for homeowners insurance in Edina, Minnesota. As of April 15th, the median home sale price in Edina, Minnesota was $399,900. When you are buying homeowners insurance, you are insuring the home itself, excluding the price of the land the house is on. It is important to remember that in Edina, Minnesota, land is at a premium, and is not included in the replacement cost of the home.
Homeowners insurance covers more than just the house itself. Detached structures, such as a garage, fence, or a shed are covered under Coverage B, which is usually just a percent of the total dwelling coverage for the home. If you do have a detached garage, a nice wooden fence or custom shed, let us at A.T.C. Agency know, or your current agent. They will want to make sure there is enough coverage in the event of a claim. If you have a pool, that is also something that you need to tell your current insurance agent, they will recommend higher limits of liability, as well as increase the amount of coverage for the pool.
In your homeowner insurance policy, there is coverage set aside for your personal belongings. Sometimes referred to, as Coverage C. Coverage for your personal property is usually 50% of the total dwelling coverage, also known as the replacement cost of the home. This provides coverage for personal belongings, such as a television, stereos, bicycles, couches and more. If you have jewelry, fine art, fur coats or other valuable items, there might not be enough coverage for each individual item in the event of a total loss. Let us know, and we can add the valuable items to the policy for a nominal increase in premium.
Every homeowner in Edina, Minnesota should have adequate limits of liability. If someone is injured or property is damaged, and you are held legally responsible, personal liability helps cover the cost you may be responsible to pay for. This is a very important coverage, because if you do not have personal liability coverage, you will be responsible for the damages solely by yourself.
Keep A.T.C. Agency in mind when you are shopping for homeowners insurance in Edina.