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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.

There are several home insurance options available to Minnesota homeowners. Homes purchased with a mortgage may require specific insurance requirements for lenders, who also have a stake in ensuring the home's value is maintained.

The two main groups of insurance coverage for residences in Minnesota are actual cash value coverage and replacement cost coverage. Actual cash value pays the beneficiary the fair market value of a home, minus the deductible and the value of the land, in the case of a catastrophe that makes the home unusable.

Replacement cost covers the actual cost of replacing the home and its contents in the case of their destruction. This coverage may be preferable for homeowners truly concerned about the likelihood of a total loss, although this coverage is often more expensive than actual cash value coverage.

Deciding the right form of coverage is an important part of buying or improving a home. Consult with a lawyer if you are entering into a new policy or need help fulfilling a claim after it has been denied.

Source: MN Choice Insurance, "Minnesota Homeowners Insurance Guide," accessed Aug. 31, 2017

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