Property Insurance

Property Insurance Services for Minneapolis-St. Paul-Bloomington Metro Area and all Minnesota

Property in Minnesota

In Minnesota, personal property insurance is one of the most important aspects of your insurance – it is your protection.

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Personal property is generally covered by a homeowners or renters policy unless it is of particularly high value, in which case it can usually be covered by purchasing an addition to the policy called a “rider”.

Property is insured in two main ways – open perils and named perils

  • Open perils cover all the causes of loss not specifically excluded in the policy. Common include damage resulting from fire, smoke, wind, hail, a weight of ice and snow, lightning, theft and more.
  • Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. Property insurance policies normally do not cover water damage caused by floods, drain backups, sewer backups, groundwater seepage, standing water and many other water sources. They also may not cover mold, earthquakes, nuclear events or acts of war, such as terrorism and insurrections.

There are three types of property insurance coverage

  • Replacement cost coverage pays the cost of repairing or replacing your property with like kind & quality regardless of depreciation or appreciation. Premiums for this type of coverage are based on replacement cost values, and not based on actual cash value.
  • Actual cash value coverage provides for replacement cost minus depreciation.
  • Extended replacement cost will pay over the coverage limit if the costs for construction have increased.

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