Home Insurance Lakeville, MN
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Home Insurance Is Coverage You Can't Afford To Ignore
The close proximity to the Twin Cities makes Lakeville, Minnesota, a popular place for settling down. It boasts a population of just over 73,000, leading to a thriving community and competitive housing market. The average home price in Lakeville is $468,000, making it no small investment to choose this area for your residence.
The Cost of Living in Lakeville
The cost of living for Dakota County, when factoring expenses like housing, utilities, food, healthcare, transportation and more, is 9.2% higher than the rest of the state and 6.1% higher than the national average. The average home costs 42.5% more than the rest of the state, increasing the need for a higher salary in order to live comfortably in the city.
Unexpected Expenses
When the cost of living is high, every penny counts. It's important to have financial protection in place for the unexpected. The county sees about 15 natural disasters each year. These include floods, tornadoes, severe storms and drought. With the average cost of hiring a contractor in the area for major repair projects coming in around $17,069, many can't afford these unexpected expenses. A home insurance quote from VIU by HUB can help ensure you can afford to live in Lakeville.
The Cost of Home Insurance in Lakeville, MN
Homeowners can expect to pay around $1,802 per year for basic home insurance in Lakeville. There are several things that factor into the price of a premium, with the location having a lot to do with it. Densely populated urban areas like Lakeville have a higher insurance rate than rural locations, and the higher values of the homes in these areas also impact the rates. Lakeville residents pay more than both the national and state averages for home insurance.
The Risks of Home Ownership in Lakeville, MN
Owning a home comes with both pros and cons. You can use home insurance in Lakeville, MN, to help address the potential risks that threaten your home's safety and stability.
Structural Damage
You want your home to last for years, but things beyond your control can weaken its structural integrity. A storm with strong, gusty winds could cause a tree limb to fall on your roof, damaging your supports or allowing water into your attic.
Property Damage or Theft
You could experience damage or loss to your personal belongings. Insurance could help, whether it's protecting your cabinets or furniture in the event of a fire or an act of theft. Though Lakeville has a crime rate that is almost 4% lower than the national average, you need financial support if you become a victim of burglary.
Personal Liability
It's possible that an invited guest to your property will slip and fall or suffer another personal injury. Resolving these incidents is much easier when you have home insurance in Lakeville, MN. A policy addresses your legal liability regarding personal injury or property damage.
Address All Your Risks With Home Insurance in Lakeville, MN
Standard home insurance may only address some of the specific risks of this area. Lakeville residents could also experience:
- Increased risk of wildfires from long periods of drought
- Freezing temperatures which cause burst pipes
- Heavy snow or ice accumulation that leads to roof or structural damage
- Intense rains and flash flooding
- Tornado damage
To account for all of your homeownership risks, get a comprehensive quote on affordable insurance with VIU by HUB. Here you can compare policies and ensure the threats to your home are covered.
This information is intended for general informational purposes only and is not intended to constitute legal advice.