It could be a snowy day in January when someone knocks on your door and wants to sell you the world’s greatest vacuum cleaner. Since you already have a perfectly good vacuum cleaner, you politely turn them away. Disappointed, the ambitious sales person turns around, takes two steps, and then slips and falls on an icy patch of concrete on your property. If they get injured, you could be responsible for their medical bills.
That is just one reason why you need home insurance. Your Minnesota home insurance policy not only covers liability claims resulting from injuries sustained by visitors to your property, but also covers damage to your house or loss of personal property.
Not every insurance company sells home insurance and companies that do sell home insurance charge different rates for a policy. When you have a mortgage, your lender will require you to carry home insurance. Even if you own your house free-and-clear and are not obligated to carry a home insurance policy, it is usually a smart idea to still maintain coverage. If you don’t have coverage and you suffer a loss to your dwelling or property, you alone will be forced to bear the expense of repairing or replacing what was lost. Worse yet, if someone is seriously hurt on your property and you are found liable, you could face a lawsuit for hundreds of thousands, or even a million dollars. If a judgment goes against you, you could be wiped-out financially. You could even lose your house!
It is important to select the right insurance company when you are buying home insurance. You want a company that is fair when you suffer a loss. Some insurance companies will deny valid claims or only pay you a portion of your loss. Some insurance companies charge rates that are significantly higher than other insurers. By using an independent agent who can get you quotes from a number of home insurance companies, you can get the best coverage for the most affordable rate.