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Minneapolis Insurance Law Blog

What types of property insurance exist in Minnesota?

Property insurance in Minnesota is a very important part of homeowning or commercial property purchasing. There are four main types of coverage recognized under state law, and knowing the particulars can help the purchase process.

What is Coverage A?

  • Coverage A is normally based on the cost of replacing the house, with a maximum dollar amount. Minnesota law does not allow coverage for more than a known value. The minimum coverage is generally 80 percent of what it would cost to rebuild the house in the case of its destruction.

Insurance fraud targets new property owners

Property owners often understand the value of their real estate through the process of earning it with hard work and smart investments. As a result, most residential and commercial property owners will be ready and willing to pursue a comprehensive insurance policy on real estate and other assets.

People can be over-eager to get a policy. Several options become clear during or right after a property purchase, like a good policy advertised over the phone or the internet. Some clients who buy too early may find out the hard way they were the victims of a scam.

Minnesota couple fights insurance claim denial

Insurance is one of the requirements for a safe, secure home. Property and the buildings on it are often the main investment that an owner or family has at their disposal, and proper coverage in case of damage or theft help make sure this investment does not lose value due to accidents or crime.

Policies must be carefully reviewed, either by the owner or a legal representative, to check that relevant claims will be honored by the insurer. Failure to pay out for a legitimate claim can land the insurer -- and the insured -- in an escalating situation of disputes.

Residential property insurance in Minnesota

A home is a great investment in both quality and size for most people, who often have the majority of their personal value or equity in an owned home. Insurance is vital for homeowners to feel secure in their investment.

Minnesota sports dramatic seasonal changes that can wreak havoc on roofing, exterior walls, landscaping and the infrastructure of a home. The "Land of 10,000 Lakes," with considerable seasonal snowfall and rain, also may demand flood insurance to keep a home investment whole.

Minnesota quarry causes local property damage

Property damage is an unfortunate but often inevitable part of owning a home or operating a business. This is why insurance against weather and other damage is one of the main building blocks of a secure responsibility with a property.

A bizarre incident in Minnesota is showcasing a less-common need for reliable property insurance. A quarry in Mankato is having its explosives license suspended for two months in response to an incident in April, in which a strong blast showered a nearby neighborhood with rocks the size of basketballs.

Kanye West seeks payment from concert insurer

When consumers sign an insurance contract, they may not understand the concept of “good faith and fair dealing” but they know that the insurer is supposed to provide benefits in their time of need. This covenant applies in every insurance contract regardless of whether the consumer is a college student buying their first car, or a rap mogul worth millions of dollars.

The rap mogul from this example is Kanye West, who purchased a policy through Lloyd’s of London to cover expenses in the event he was not able to complete his Life of Pablo tour last year. According to several media reports, West has filed suit against the insurer because it has yet to pay benefits stemming from the policy. 

Insurance providers sued by Minnesota over claims disputes

Homes, cars, possessions - insurance is necessary for a safe, secure lifestyle even without considering medical needs. There are dozens of major insurers that offer hundreds of plans in an effort to offer coverage for every situation. At times, these insurers need extra oversight to make sure this coverage is fair.

Minnesota's commerce commissioner recently fined two insurance companies for refusing to pay motor vehicle accident claims for damage caused by drivers they insured. A key state law affected the decision over nearly 50 claims that required readjustment.

Elements of property insurance claims in Minnesota

When it happens, it feels like nothing will ever be the same. Homeowners and other building owners dread the idea that an event beyond their control could damage or destroy their property. Investments, businesses and personal possessions are all at stake in a disaster.

Insurance policies help introduce some relief and predictability into the unpredictable world of real estate ownership. These policies are thankfully dormant most of the time, taking up little thought except to pay the bill.