7224 Forestview Lane North Maple Grove, MN 55369 ♦ (952) 473-6584 ♦ info@ranagency.com
7224 Forestview Lane North Maple Grove, MN 55369 ♦ (952) 473-6584 ♦ info@ranagency.com
When evaluating your current insurance policy or researching one for a new home, consider the following aspects:
Coverage for Damages and Total Loss: Ensure your policy provides adequate coverage for damages caused by various disasters, such as fires, storms, and other natural catastrophes. In some cases, homeowners may need to purchase additional endorsements for specific hazards like floods or earthquakes.
Replacement Cost vs. Actual Cash Value: Understand the difference between these two types of coverage. Replacement cost coverage provides the funds to rebuild or repair your home to its pre-disaster condition without depreciation, whereas actual cash value coverage considers the depreciation of your home and might result in a lower payout. Opting for replacement cost coverage ensures you receive enough funds to rebuild your home without worrying about potential out-of-pocket expenses.
Personal Property Coverage: In addition to insuring your home, it’s crucial to have coverage for your personal possessions. Assess the value of your belongings, and choose a policy that covers their repair or replacement costs in the event of a loss.
Liability Coverage: Liability coverage protects you and your family against legal claims for damages caused to others or their property. This comprehensive protection gives you peace of mind in case accidental mishaps occur on your property.
Deductibles: Be aware of the deductible amount that you’ll have to pay out-of-pocket before your insurance policy kicks in. Choose a plan that offers deductibles that are affordable for you in the event of a disaster.
Home insurance covers the hazards that most homeowners face. When a loss occurs, you will file a claim with your insurance carrier, and you are paid for the expenses, minus any outstanding deductible amounts.
Insurance also covers personal liability exposures, to protect you from many situations that could lead to lawsuits from others.
For instance, if someone slips and falls in your home or is injured somewhere on your property, you can be held responsible. Liability coverage is there to protect you.
You could also potentially need insurance to protect you from having to pay for:
When you see an independent insurance agent like us you have the chance to explore all your options for insurance, and protect the things that are most important to you.
There are many things about insuring a home that most consumers aren’t aware of. We are here to make sure you avoid potential problem areas, including:
7224 Forestview Lane North
Maple Grove,MN55369
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