TOP TIPS TO GET THE RIGHT INSURANCE FOR YOUR HOME

BY MOLLY OVENDEN

Why do I need home insurance? “You’re creating a blanket of coverage” to protect your assets, said Sarah Rautell of Reliable Insurance Agency in Cloquet.

Purchasing home insurance can be overwhelming. The right agent can find the best coverage and pricing options available. They will partner with you to customize provision for your individual lifestyle requirements. A replacement cost estimate, used to determine your home insurance premiums, considers costs for labor, construction and lumber for individual structures and personal property. Rates are higher in today’s market due to the increased building materials costs.

Top Tips

1. Call a local agent. Ask friends about theirs. Whether they’re independent, representing several companies, or they sell one company’s products, local agents know local markets. Building a relationship with your agent brings peace of mind when handling future claims, questions, or changes in your coverage needs.

2. Know your home. What year was it built? Square footage? When were the electrical, plumbing and heating systems and roof last updated? Type of siding? Are the walls drywall or plaster? How many bathrooms? Is the kitchen DIY store grade or mill work? What percentage of your floors are which material? Do you have a deck or detached garage? Knowledgeable conversations with your agent will help you get the right coverage.

3. Know your coverage. Don’t be afraid to ask questions, especially if you’re a new buyer. With so many options, if you aren’t sure what coverage you have or what’s relevant to your situation, ask your agent to explain it. They can search for premiumsaving options, like policy bundling, to ensure all your property, structures and personal property (e.g. ATV, sound system, jewelry) is covered.

4. When a claim arises... call your agent. They can advise you about what coverage is available on your policy and the procedure to process repairs. Loss of use from flood or fire is coverage that could be used for a hotel or rent while your home is rebuilt. Loss of use likely covers a percentage of replacement costs, too. Your agent will know what’s your responsibility and what your policy covers.

5. Notify your agent when your situation changes . Purchasing a dog, trampoline or installing a pool likely requires an increase in liability coverage. Updating utilities or roof? Adding a pole barn or extension? Any changes can impact your insurance coverage and premiums. Selecting coverage today “doesn’t mean we can’t make any changes” later, said Rautell.

Molly Ovenden is a Duluth freelance writer.