What Does High-value Home Insurance in Minnesota Cover?

All homeowners should understand the importance of adequate home insurance, as appropriate policies can make all the difference in the aftermath of accidents and other unexpected situations. However, not all home insurance policies are the same. While many homeowners may fulfill their needs with standard coverage, some may require especially robust policies. Fortunately, high-value home insurance can help address these needs.

What Is High-value Home Insurance?

In many ways, high-value coverage may function similarly to standard policies. You’ll pay a regular premium to your insurance carrier to maintain coverage, and in exchange, you retain the ability to file a claim for financial assistance following covered incidents. However, while the general purpose of high-value home insurance may be familiar, its capabilities may differ significantly; these policies typically have higher coverage limits and more versatile protections than their standard counterparts.

What Should My Policy Cover?

High-value home insurance can cast a multifaceted financial safety net for your property and financial interests. Specifically, they may help reimburse you for losses arising from fires, hail, the weight of snow, burglaries, vandalism and liabilities. While exact coverage details may vary, payouts may help with the following:

• Dwelling coverage may assist if a high-value home’s roof, walls, foundations or attached fixtures are damaged. This feature can be essential for homes with unique architectural details or those built using unique construction methods.
• Other structures coverage can offer similar protection as dwelling coverage but extends to additional, detached buildings on your property, such as garages, gazebos and guest houses.
• Contents coverage can help compensate you if the contents of your home are damaged or stolen. This is another critical aspect of high-value coverage, as standard policies typically have lower limits, which may be unable to help you recoup valuable items, such as fine art and collectibles.
• Liability coverage may financially protect you if you’re at fault for another party’s losses, such as if you host a party or event at your home and a guest is injured. This can be essential for high-value homes with attractive nuisances, such as swimming pools.
• Loss-of-use coverage can help you and your family maintain your standard of living. Payouts may assist with costs, such as alternative lodging, restaurant meals and storage unit fees if your home is temporarily uninhabitable.

We’re Here to Help

Contact Dean Olson Insurance Agency in Shoreview, MN, today to learn more about high-value home coverage and how it can help you.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.