Home Insurance

MN and WI Home Insurance Company

Get the peace of mind you deserve with home insurance from Value Plus Insurance. We help homeowners and renters throughout Minnesota and Wisconsin find the right insurance policies to protect their families, homes, and belongings. Our experienced home insurance brokers give you the security you need so you can focus on what’s important, like making memories and living your best life. Contact Value Plus Insurance to get a home insurance quote today!

Why Choose Value Plus Insurance to Protect Your Home?

Experience the Value Plus Insurance difference:

  • Competitive home insurance rates
  • Affordable insurance costs
  • Friendly customer service
  • Fast, pressure-free quotes
  • Experienced brokers
 

Why You Need Renters or Homeowners Insurance

Whether you are renting your first apartment, purchasing your very first home, or renting or buying an Oceanside condo to live out your retirement years, renters insurance and home insurance are the first and most important thing you should purchase.

Home insurance protects your property and gives you peace of mind. How much would it stink if the first night you stayed in your new home, a tree fell on it or someone broke in and stole your expensive TV? With the right insurance coverage, you’re not responsible for removing the tree and repairing the damage or replacing your TV because it’s covered under your policy.

Homeowners Insurance

The unimaginable can happen when you least expect it. The first rule for home insurance is to always purchase a policy that is large enough to allow you to rebuild your home. You will also need a policy to replace all the items lost in the disaster.

A good homeowners insurance policy goes beyond wall-to-wall coverage to recover unexpected losses from disasters, fires, burglary, and more, including:

  • Property replacement in case of theft even when you’re away from home
  • Reconstruction costs after a disaster or fire
  • Living expenses while your home is unlivable
  • Repair costs for damage to garages, sheds, and other structures
  • Medical expenses for anyone injured while on your property
  • Liability coverage if you’re sued for something occurring on your property
 

Understanding Homeowners Insurance Policies

Homeowners insurance policies offer coverage based on either actual cash value, replacement cost, or guaranteed/extended replacement cost. But what does that mean to the homeowner? Click to learn more.

Actual cash value policies pay for the loss of the home at the price it was built for minus the value of any depreciation. With an actual cash value policy, a homeowner could be left paying many of the costs to rebuild their home out of pocket.

Let's say that a couple bought a residential lot for $50,000 and built a $200,000 home on it. On an actual cash value policy, homeowners will usually be paid for the loss of the home at the price they built it for, less depreciation. If they built the home for $200,000, and it depreciated by 25 percent, that $50,000 in depreciation has to come from somewhere if they're forced to rebuild. With increased costs of material and labor, that $50,000 loss is increased dramatically. They'll continue to grow when damaged and destroyed personal property is addressed.

For these reasons, our agents here at Value Plus Insurance recommend that homeowners don't just insure their homes for actual cash value.

Replacement cost insures your home for the amount it would take to rebuild it accounting for appreciation.

In the previous scenario above, to have your home replaced for the $200,000 that it cost you to build it, you'll need to insure the home for the full $200,000. If it is appreciated, you'll need to insure it at its appreciated value. You'll still have increased material and labor costs to deal with.

The best home insurance options for coverage are guaranteed replacement coverage and extended replacement coverage. Guaranteed replacement coverage will guarantee that your home is replaced exactly as it was prior to damage or destruction, while extended replacement adds a cushion above the replacement costs to cover any premium expenses.

Personal Property Coverage

Whether you insure your home for actual cash value, guaranteed replacement cost, or extended replacement cost, there's still the issue of damaged or destroyed personal property in the house. Standard homeowners insurance policies insure those items at actual cash value. That means depreciation is figured into the value of personal property, so whatever you receive to repair or replace it will be dramatically less than what you paid for it. With proper replacement cost coverage for personal property, you're paid without factoring in depreciation.

The amount of personal property coverage varies per policy. However, riders can be attached to cover specific high-value items. An insurance broker can help you choose the best policy to meet your needs.

Renters Insurance

Homeowners aren’t the only ones who need to be sure their property is safe. Renters need property protection just as much as homeowners do.

While a landlord’s homeowners insurance should cover any damage to the house you’re renting in an emergency, there’s no guarantee your personal property will be covered. Renter’s insurance offers affordable, easy-to-use protection for renters whether they rent a house, condominium, apartment, loft, or other rental property.Unfortunately, many renters do not realize how much property they have to protect until it’s too late. Think about how much money you have invested in your belongings. If the unthinkable should happen, what would it cost to replace your furniture, home appliances, computer, TV, sound system, and mobile phone?

Additionally, most renters have more invested in their clothing, shoes, and jewelry than they realize. And then there are those often irreplaceable items like musical instruments, art, collectibles, vintage decor, video collections, and other personal items.

These are just a few of the ways renter’s insurance may protect tenants:

  • Property damage caused by vandals
  • Stolen property replacement, including stolen bicycles
  • Property replacement when your belongings are damaged by a plumbing disaster
  • Temporary living expenses if you’re unable to stay in your home due to a covered event
  • Liability coverage and medical expenses for an individual who becomes injured in your home
  • Damaged property replacement due to smoke, fire, and water from an indoor sprinkler system

What Standard Renters and Home Insurance Does Not Cover

Standard home and renters insurance policies do not cover damage caused by earthquakes or floods. You need to purchase separate insurance policies for coverage in the event of one of those disasters striking.

Take Inventory Now

Before you purchase your renters insurance or home insurance, take the time to do inventory. Your insurance company may offer an inventory app that would make the job much quicker, but if they don’t, the Insurance Information Institute has free online software to help you list all your items.

Be cautious when purchasing your policy; A little thing called depreciation does come into play. For example: If your TV is five years old, you are not going to get reimbursed for the price you paid five years ago, so you may want to consider adding to the cash value of your policy.

Get a Quote for Home Insurance Wisconsin or Minnesota

Whether you’re a homeowner or a renter, protecting your personal property and home is easy with Value Plus Insurance. Our experienced brokers can help you calculate your insurance needs and find a policy that gives you the right amount of coverage for your property and budget.

We can even help you find discounts that help keep those prices friendlier than ever! To learn more about home insurance rates, contact our agents online to get a homeowners insurance quote or give us a call at 866-398-6428.

:: Call us today at :: 952-435-0550

Why Choose VPI?

  • Low Insurance Prices.
  • Best Market Rates.
  • Fast Quote and Exceptional Customer Service.
  • Competitive Auto Insurance.
  • Experience You Can Trust.
Questions? Talk to an agent today!