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Your home is your most valuable and most expensive possession. In a state like Minnesota where tornadoes and other natural calamities occasionally hit, a homeowner's insurance is necessary. However, more important than having a homeowner's insurance is being aware whether your policy coverage fits exactly what you need.

Homeowner’s policies come in standard packages which are the same for almost all states. Most policies consist of two areas: property coverage, which covers all the properties within your dwelling (within it and detached structures), and personal property (everything you own inside) which include your furnishing and belongings.

In Minnesota, there are five common homeowner packages offered by insurance companies. These policy forms protect your home and belonging from at least 11 forms of danger.

HO-1 (Basic Form). This insures your home and property from 11 perils: fire/lightening, hail/windstorm, riot/civil commotion, explosion, smoke, vehicles, aircraft, falling objects, vandalism/malicious mischief, snow/sleet, weight of ice HO-2 (Broad Form). This form insures you from the perils in HO-1 along with additional perils: accidental discharge/water or steam overflow due to plumbing, cooling or heating system problem, glass breakage, accidental tearing of mechanical systems/appliances, freezing, accidental damage due to electrical surge, volcanic eruption. HO-3 (Special Form). This is the most popular homeowner's insurance form which provides comprehensive coverage to insure your home. It includes all the perils in HO-1 and HO-2 plus other perils except those specifically excluded in the contract. This excludes flood, war, earthquake and nuclear hazard. HO-3 with HO-15 (Comprehensive Form). This insures your home and personal properties for everything that has been excluded by far. This form provides the broadest of all homeowner's insurance coverage but it is usually most expensive. HO-8 (Modified Coverage Form). This form has been designed for those homeowners who do not meet the requirements needed for the other homeowner forms. The coverage for this form is slightly more restrictive, but is well suited for homes which have suffered uncontrollable extensive depreciation. HO-4 (Tenants Form). This is a renter policy which insures your household items and personal belongings from perils as in the Broad Form (HO-2). It also covers additional living expenses and personal liability protection. HO-6 (Condominium Unit Owners Form). This form is for unit owners who want to insure their property from perils not covered by their association's policy. The HO-6 also pays for property damage on personal belongings, floor, wall, and ceiling, and all other accessories which have not been originally installed.

For more information on homeowner’s insurance, you can discuss your needs with a local insurance agent duly licensed in the State of Minnesota.