Roeder Smith Jadin, PLLC
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Do you have the right insurance coverage?

For most people in Minnesota, their home is the largest single asset. It is also their home where they live. Having it damaged or destroyed is unlike most other experiences they will ever have and so many people have difficulty choosing an insurance policy that will provide the coverage they will need.

This means that you may have too much coverage for some aspects of your home and not enough for other issues. At its core, a homeowner policy should protect against the catastrophic loss of your home. This means having a too small deductible could make your coverage unnecessarily expensive and could induce behavior that leads to greater increases in your policy costs or to the cancelation of your policy for multiple claims.

For instance, if you have a $500 deductible, and a storm causes damage to a few windows, you may decide to file a claim. The company pays the claim but then, because of your claim, raises your policy cost. Worse, if you have a couple of small claims over a short period of a few years, they could cancel outright your policy. This would force you to find new insurance, perhaps at an even greater cost.

You also should take the time to carefully understand the amount of coverage you would have for living expenses if your home were destroyed. You need to know how much and how long the company will pay while you are attempting to rebuild your home and your life. Knowing this also allows you to choose between competing offer from insurance companies and determine that what looks like a "cheaper" policy may be so because it offers only minimal coverage for such expenses.

With this understanding, you are less likely to have an unexpected insurance dispute involving your coverage, allowing you be better to prepare should you ever need to rely on this provisions.

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