Lakeville Homeowners Insurance

Your Complete Guide to Lakeville, MN, Homeowners Insurance

Independent insurance agents can help you find the best and most affordable coverage.

Lakeville Minnesota homeowners insurance

Home to more than 63,000 people, Lakeville is one of the fastest-growing cities in the Minneapolis-St. Paul metropolitan area. This city has a lot to offer its residents including employment opportunities, many recreational programs and facilities, and a low crime rate. If you have purchased a house in Lakeville, you can protect your investment with a suitable homeowners insurance policy.

Independent insurance agents can help you find the best and most affordable insurance policy to cover your home. Contact an insurance agent near you to get more information and to start reviewing a selection of customized quotes.

How Much Does Homeowners Insurance Cost in Lakeville, MN?

To get an idea of how much a policy will cost you, let’s look at some averages:

  • National average yearly premium: $1,211
  • Minnesota average yearly premium: $1,348
  • Lakeville, MN, average yearly premium: $1,433

The average homeowners insurance rate in Minnesota is higher than the national average. In Lakeville, average rates are even higher. Shopping around for the best rate has the potential to save you hundreds of dollars a year.

Of course, your quoted costs can vary from the figures listed above because home insurance rates are based on several factors such as:

  • The age, size, and value of your house
  • The number of stories your house has and whether it has a basement
  • The crime rate and common weather hazards in your ZIP code
  • The amount of coverage you wish to purchase
  • Your claims history and credit score
  • The size of your deductible

If you bundle your home insurance with other policies such as car insurance or business insurance, you can often get all of your policies at discounted rates. An independent agent in Lakeville can help you find the home insurance policy that best meets your coverage and your budgetary needs.

Lakeville Homeowners Insurance Covers Your Property

Homeowners insurance is designed to pay for repair or replacement costs if the structure of your home (dwelling insurance) or the personal property you keep inside it (contents insurance) is damaged by a covered event.

You will want to be sure that your coverage limits are high enough to allow you to fully replace damaged property if your home is impacted by a catastrophic event like a fire or a tornado.

Catastrophic events in Minnesota

  • Number of federally declared disasters in Minnesota: 47
  • Most common causes of disasters in the state:  Floods, severe storms, and wildfires
  • Average number of tornadoes per year in Minnesota:  45
  • Average amount of property damage per year in MN:  $897 million
  • 1 in 15 insured homes has a claim each year

Residents of Lakeville are most likely to experience property damage due to accidental fires and severe weather events including severe storms, lightning strikes, hail, strong winds, heavy snows, and freezing temperatures.

Fortunately, a standard home insurance policy will cover against each of these risks. A local insurance agent can help you make sure that your policy provides all the coverage you need.

What about Flood Damage in Lakeville, MN?

Be aware that home insurance does not cover against flood damage. This is true even if the flooding is the direct result of a covered storm.

Residents with property in this city’s designated flood zones are most at risk, but they are not the only ones. When winter snows melt and heavy rains fall, drainage systems can quickly become overwhelmed, especially if they are clogged by debris. When this occurs, flash flooding can happen just about anywhere in this city.

That is why it is usually a good idea to supplement your home coverage with a flood insurance policy through the National Flood Insurance Program (NFIP). These policies can provide you with up to $250,000 in dwelling coverage and $100,000 in contents coverage if your home is impacted by a flood.

Talk to your insurance agent to learn more and to get help securing an affordable policy.


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Homeowners in Lakeville Need Liability Insurance

Homeowners insurance does more than just cover your property. It also provides you with a significant amount of personal liability coverage.

Homeowners liability insurance is designed to absorb expenses like court costs, legal fees, and damages if you are sued for a covered event. Examples of times that you may need to use this liability insurance include:

  • A visitor to your home suffers a serious injury that can be attributed to negligence on your part, such as if you failed to shovel your walkway in the winter.
  • You accidentally hit someone with an arrow while using the archery range at Ritter Farm Park.
  • Your child leaves the gate open and your dog gets loose and bites a neighbor.
  • You find yourself being accused of libel or slander.

A local independent agent can explain your liability coverage in greater detail. If you have a lot to lose and want even more liability coverage than your home insurance company can provide, your agent can also help you secure an affordable umbrella insurance policy.

Homeowners Insurance Covers against Property Crimes in Lakeville

Homeowners insurance can cover your losses and damage if burglars break into your house. The good news is that the burglary rate in Minnesota is lower than the national average, and in Lakeville, the risk is even lower. There are fewer than 100 burglaries reported in this city in a typical year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Minnesota: 2.88
  • Number of burglaries per 1,000 homes in Lakeville: 71

Of the many preventive steps you can take to lower your risk of being targeted by burglars, installing a home security system is among the most effective. That is why many insurance companies offer discounts to policyholders who use them.

If you find that your house has been burglarized, first make sure that you and your family are safe, and then call the authorities. You will need to have a copy of the police report when you file your claim.

A local independent insurance agent can help you review your policy’s contents coverage to ensure that your most valuable belongings are fully covered.

What about Insurance for Second Homes and Vacation Homes?

If you are among the Lakeville residents who own more than one house, your extra property will most likely have additional risk factors that insurance companies will take into consideration when they calculate your rates.

Depending on certain details about your second home, you may be required to purchase specialized home insurance coverage.

For instance, if you own a multi-family home nearby that you rent out to young couples, your contents coverage needs will be lower, but your liability and property damage risks will be higher than they are for your primary residence. Homes that are occupied by tenants typically need to be covered by landlord insurance.

On the other hand, if you are fortunate enough to own a vacation house somewhere else, and the property is left vacant and unattended for several months out of the year, your insurance provider will likely require you to carry vacant home insurance during the times that property is not in use.

A local insurance agent can help you review the coverage needs of any secondary properties you may have and can help you find the best home insurance policies to cover each of them.

Why Work with an Independent Insurance Agent in Lakeville, MN?

Independent insurance agents in Lakeville are available to help you with all of your insurance coverage needs. These agents can provide answers to your insurance-related questions and can help you find the best and most affordable policies to cover all of your property.

Find an insurance agent with an office near you to learn more. You will soon discover how easy it can be to compare customized, competitively priced homeowners insurance quotes from a variety of top-rated insurance companies.

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