Home Insurance

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Insurance & Extreme Weather in Minnesota

Prokop Team · October 22, 2023 ·

Insurance & Extreme Weather in Minnesota: Tips for Hail, Wind, Water Damage, and Basement Flooding. As the seasons change, the Minnesota region of the United States is no stranger to extreme weather events. From hail storms to windy days, water damage, and basement flooding, the region is susceptible to a range of weather-related issues that can cause significant damage to homes and properties. In this blog post, we’ll provide helpful tips on how to prepare for and manage extreme weather claims in Minnesota.

Understanding Weather Risk To Your Property

Minnesota experiences various types of extreme weather events, including:

Hail: Hailstorms are common in the region, particularly during the spring and summer months. Hail can cause significant damage to roofs, windows, and vehicles, leading to costly repairs.
Wind: Strong winds are prevalent in Minnesota, especially during thunderstorms and tornadoes. High winds can cause roof damage, break windows, and disrupt power lines.
Water damage: Flooding and water damage are common in Minnesota, especially during heavy rainfall and snowmelt. Basements and crawlspaces are particularly susceptible to water damage, which can lead to mold growth and structural issues.
Basement flooding: Basements are prone to flooding in Minnesota due to the region’s flat terrain and lack of natural drainage. Basement flooding can cause significant damage to personal belongings and structural elements of the home.
Ice Dams: The most significant risk of ice dams is water damage. When the water behind the dam leaks into your home, it can cause damage to walls, ceilings, and insulation. This can lead to mold and mildew growth, which can be costly to repair.

Managing Extreme Weather Claims

In the event of an extreme weather event, it’s essential to act quickly to minimize damage and file an insurance claim. Here are some tips for managing extreme weather claims:

Contact your insurance provider: Notify your insurance provider as soon as possible after an extreme weather event. Provide detailed information about the damage, including photos and estimates for repairs.
Document damage: Take photos or videos of the damage to your home and property. Keep receipts for any temporary repairs or expenses related to the damage.
Secure your property: Make temporary repairs to secure your home and prevent further damage. This can include tarping a roof, boarding up windows, or removing debris.
Hire a professional: Consider hiring a professional to assess and repair damage to your home. This can help ensure that repairs are done correctly and efficiently.
Stay patient: The insurance claims process can be time-consuming, so it’s important to stay patient and follow up with your insurance provider regularly.

Extreme weather events are a reality in Minnesota, and it’s crucial to be prepared to minimize damage to your home and property. By understanding the risks, preparing for extreme weather events, and managing claims, you can reduce the impact of severe weather on your home and stay safe. Stay informed and take proactive steps to protect your home and your family during extreme weather events.

Home Insurance Rates in Minnesota 2024 + Tips to Reduce Costs

Prokop Team · September 28, 2023 ·

Home Insurance Rates in Minnesota in 2024 are going to fluctuate based on a range of natural disasters, including hail, severe thunderstorms, high winds, tornadoes, and flooding (seepage and infiltration). As a result, homeowners in Minnesota often pay higher home insurance rates to protect their properties from these potential risks. In this blog post, we will take a closer look at the current state of home insurance rates in Minnesota and provide tips on how homeowners can reduce their insurance costs.

Current State of Home Insurance Rates in Minnesota:

According to a recent study by the National Association of Insurance Commissioners, homeowners in Minnesota pay increasing home insurance rates. The study found that homeowners in Illinois, Iowa, Indiana, Michigan, Ohio, and Wisconsin paid an average of $1,271 per year for home insurance, which is 17% higher than the national average. At the same time, Minnesota home insurance averaged $1,255 in 2020.

The high cost of home insurance in Minnesota can be attributed to several factors, including:

Frequent Natural Disasters: Minnesota is prone to a range of natural disasters, including tornadoes, severe thunderstorms, and flooding. These events can cause significant damage to homes and result in costly insurance claims.
Older Homes: Many homes in Minnesota are older, which can make them more susceptible to damage from natural disasters. Older homes may require more extensive repairs, leading to higher insurance costs.
High Property Values: Minnesota is home to some of the most expensive real estate in the country. High property values can lead to higher home insurance rates, as insurance companies need to pay out more in claims.

Tips to Reduce Home Insurance Costs in Minnesota:

While the high cost of home insurance in Minnesota can be frustrating, there are several steps homeowners can take to reduce their insurance costs:

Shop Around: Homeowners can save money by shopping around for home insurance quotes from different insurance providers. Comparing quotes from multiple insurers can help homeowners find the best rates and coverage options. Get a quote online now!
Increase Deductibles: By increasing deductibles, homeowners can reduce their insurance premiums. However, it’s important to make sure you have enough savings to cover the deductible amount in case you need to file a claim.
Improve Home Safety Features: Installing safety features such as security systems, smoke detectors, and fire extinguishers can reduce insurance rates. These features can help prevent claims and lower insurance costs.
Maintain Your Home: Regular maintenance can help prevent damage to your home and reduce insurance costs. Make sure to fix any roof leaks, replace broken gutters, and keep your home free of clutter.
Consider a Hybrid Insurance Policy: Hybrid insurance policies combine home and auto insurance, offering discounts for bundling policies. This can be a cost-effective option for homeowners who also own a vehicle.
Consider a Retrofit or New Build: If you’re building a new home or retrofitting an older home, you may be able to take advantage of discounts for energy-efficient features. Energy-efficient homes can be less expensive to insure, as they tend to have a lower risk of damage from natural disasters.
Review Your Coverage: Regularly review your home insurance coverage to make sure you’re not over-insuring your property. This can help you save money on premiums without sacrificing the coverage you need. Contact me to review your coverage with a no obligation conversation.

Home insurance rates in Minnesota are going up to due to the region’s exposure to natural disasters. Fortunately, there are several steps homeowners can take to reduce their insurance costs. By shopping around, increasing deductibles, improving home safety features, maintaining their home, and reviewing their coverage, homeowners can save money on their insurance premiums while still receiving the protection they need.

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Under Insured Home Owners

Prokop Team · July 12, 2022 ·

As a homeowner, you likely understand the importance of having home insurance to protect your investment. However, many homeowners are underinsured in critical areas even with insurance coverage. Here are the top 11 areas where homeowners are underinsured in their home insurance policies:

Personal Property: Many homeowners underestimate the value of their personal belongings, such as furniture, electronics, and clothing.
Water Damage: Standard home insurance policies may not cover certain types of water damage, such as flooding or water damage caused by a leaky roof.
Jewelry and Valuables: Expensive jewelry and other valuable items may require additional coverage beyond what is provided in a standard home insurance policy.
Home Business: If you run a business from home, you may need additional coverage to protect your business equipment and liability.
Sewer Backup: Sewer backups can cause significant damage to your home, but they may not be covered under standard home insurance policies.
Identity Theft: Identity theft insurance can help you recover from the financial impact of identity theft.
Home Renovations: Major home renovations can increase the value of your home, and you may need to adjust your coverage accordingly.
Dog Bites: If you own a dog, you may need additional liability coverage to protect against dog bite claims.
High-Value Items: If you own high-value items such as art, antiques, or collectibles, you may need additional coverage beyond what is provided in a standard policy.
Home-based Medical Care: If you or a family member requires home-based medical care, you may need additional liability coverage to protect against claims.
Extended Vacancies: If your home is vacant for an extended period, you may need additional coverage to protect against vandalism or other damage.

In conclusion, it’s essential to review your home insurance policy regularly to ensure adequate coverage for all your needs. If you are unsure about your coverage or have any questions, contact us for guidance. By taking the time to understand your policy and making any necessary adjustments, you can have peace of mind knowing that your home and belongings are adequately protected.

Insurance & Home Improvement

Prokop Team · March 25, 2022 ·

The most overlooked item of any home improvement is insurance If you are like most homeowners, you love selecting the fixtures, fabrics, and paint colors of your home improvement project. But there is one very important item that you may overlook—making certain you are properly insured.

Why Proper Insurance Matters

You may need to review your insurance before beginning any home improvement project since it can expose you to additional financial risks.

If you choose to act as your own general contractor (in other words, you organize and order supplies while hiring sub-contractors to do the work), you may be opening up yourself to additional liability (such as an injury to a worker or third party) that may not be fully covered by your current homeowners insurance policy.¹

Whether it’s an extra room or an updated bathroom, many home improvement projects will increase the value of your home. However, too many homeowners fail to review the policy’s replacement value limits, which may no longer be high enough to cover any losses that occur after your home improvement.

Obtaining additional coverage shouldn’t wait until you’ve completed the remodeling. After all, at any point in the process, you will have supplies and completed work that may not be covered under your existing policy.

To ensure that you are properly covered, contact a Prokop Insurance agent about your projects and discuss with them any need for modifying your current insurance coverage.

1. The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.