Minnesota Cabin/ Secondary Home Insurance
Insurance Brokers of MN - Your Cabin/ Secondary Insurance Expert
Minnesota Cabin/Seasonal Home Insurance
Cabins or seasonal homes vary from a cottage or rustic cabin to high-end lake property or investment property in a resort or vacation home on one of Minnesota's 10,000 lakes. Or your secondary home maybe in a favorite warm climate winter destination state like Arizona or Florida. Your seasonal home isn't standard and your insurance policy shouldn't be either.
Cabin Insurance is not the same or as easy to get as standard home insurance on your primary residence. There are many factors that go into insuring lake homes and cabins - location, out of the state properties including the following: building type, age of structure, proximity to a fire station, replacement value, additional liability, etc. You also need an agent licensed to business in states other than Minnesota and here at Insurance Brokers of MN, Inc we are licensed in many states, here are just a few of the popular destinations we conduct business. Wisconsin, Iowa, North Dakota, South Dakota, Illinois Florida, Arizona, Colorado, Texas, New York and more!!
You need specialized seasonal home insurance coverage. You need to have a knowledgeable Insurance Agent and Insurance Company that understands the lake home and cabin business like we do at Insurance Brokers of MN, Inc.
Coverage for a greater risk
Purchasing insurance for your seasonal/secondary lake home and cabin or out-of-state property can be a daunting task. One of the greatest differences between your primary home and a lake home/cabin is that this property may not be occupied on a full-time basis. This can mean there is an increased risk of theft, vandalism, fire, trespassing, and other liability /property damage claims. Due to these additional risks many insurance companies offer varying options for coverage and the premium are higher than a standard homeowners policy.
One of the biggest concerns is 'security' for secondary homes. Typically this type of property is usually in areas that are more remote and supervision is minimal. Without full-time neighbors and no caretaker on the property, it is easier for a loss to occur or go unnoticed for an extended period of time.
Fire is also a major concern for owners of seasonal homes and insurance companies. Many time cabins and lake homes are in secluded areas, which mean the property may not be serviced by a full time fire department and may not have an immediate water source (fire hydrant). Therefore when fire and/or a disaster strikes, the resulting damage is usually a very large loss or even a total loss. Insurance companies use fire class protection codes as one basis for determining if insurance is available and at what cost. A standard fire protection class for a home in a metropolitan area with city water is typically class 3 or 4. For a property that is located in a remote area the fire protection could be as high as a 10 (highest/most expensive rate class).
Liability is another extremely important concern. Liability protects you if an accident occurs and someone is injured on your property. Liability insurance also protects you in the event neighboring property are damaged as a result of action from your actions. As for liability coverage, one thing to consider is making sure your liability limit is equal to or greater than your main home insurance. In addition make sure you have an adequate amount of coverage for medial payments to others.
Types of Coverage to Consider
It is important that you are aware of all the options that are available to you for insurance and how the companies vary in coverage. You will not only want to insure the dwelling and the contents, but you want to insure outbuildings such as sheds, pole barns, guest cabins, garages, boathouse and docks.
What to Look For in an Agent & Company
Secondary home insurance is normally a higher-risk product so you should look for an agent that represents multiple insurance companies, like we do at Insurance Brokers of MN, Inc. That way you can be assured you will be getting the best company for the coverages you need at the lowest rates possible. At Insurance Brokers of MN, Inc. we have knowledgeable experienced agents who knows the lake home and cabin insurance business will be able to recommend the best type of policy to meet your needs.
Protect your investment by contacting us TODAY!
Complete the Quote Form now or call and let the professionals at Insurance Brokers of MN forge a shield of protection over you.