Home

Why Do You Need Home Owner’s Insurance?

People take out homeowners insurance for the same reason they take out car and health insurance. If a home is damaged or someone else injured on the property, insurance helps owners cope with the financial consequences. Homeowners insurance is actually a combination of two different types of protection, hazard insurance, and liability insurance.

Hazard

Hazard insurance protects you against unintentional damage or destruction to your house or its contents, including fire, storm, theft, vandalism and similar threats. It can cover the cash value of the damages or the replacement value; replacement value pays enough to replace what you lost, but cash value only pays what a property is worth. The cash value for a five-year-old $1,000 television won’t be $1,000, for instance, because it depreciates with age, making it worth less in the insurer’s eyes.

Liability

Liability insurance covers personal liability for accidents on your property. If your neighbor trips on a hose in your yard and gets hurt, for example, liability insurance will pay for his medical expenses, up to the policy limit.

Mortgage Requirement

One reason homeowners need insurance is that mortgage companies require it. If you take out a mortgage, your house is the lender’s collateral, so your lender will require you to buy a minimum level of hazard insurance. That does not prevent you from buying a greater amount than the minimum, if you think it is necessary.

Exclusions

Homeowners insurance doesn’t protect you against everything: Insurers routinely exclude things such as flood damage and earthquake damage from coverage, though separate flood and earthquake policies may be available where you live. If an older building is damaged more than 50 percent, it will have to be rebuilt to the current building-code standards; the law exclusion means the insurer won’t pay the cost of upgrading wiring or roofs to meet the code.

If you have any questions about your insurance policies, make sure to contact us so we can answer any questions or concerns you might have.

Choosing The Right Insurance For Your Needs

Any type of insurance you purchase is there to make sure that that, no matter what the physical loss, your family will not suffer financially.  How we help you is we take the expertise of working with hundreds of clients and apply that toward your specific needs. Making sure you have the right policies in place will allow you and your family to rest easy knowing you have the right coverage.

Life Insurance

Explaining a life insurance policy can be a very difficult, so it is best to contact us for the correct information.  We make sure that you not only get the right life insurance policy for your needs but we also make sure that you actually understand the policy that you are purchasing.

Auto Insurance

In Minnesota, anyone operating an automobile is required to have insurance.  This is to protect you and any other drivers on the road. The minimal coverage may not be exactly what you need to cover your personal automobile.  With that in mind we offer a comprehensive evaluation of your needs and make recommendations off of you specific coverage goals.

Homeowners Insurance

You will hear it said repeatedly that your home is your biggest investment.  For this reason, getting the right amount of coverage to protect your home and the property inside is vital to a good financial plan.  We take the time to understand all the property that you need to insurance and find the policy that meets those needs for the lowest possible price.  With a proper homeowners policy in place you can be sure that your possessions are protected if the worse were to happen.  If you have any questions about your current policy, or any other policy, make sure to contact us. We can answer any questions you might have, and advise you on what type of insurance policies are right for you.

Types of Insurance That You Need

There are several types of insurance policies that you may want to invest in. If you have any questions about your current policy, or an existing policy, make sure to contact us so we can advise you on your options.

Homeowners insurance

If you own a house, your bank will require you to have homeowners insurance. If someone loses their homeowners insurance for some reason, like a cancellation, nonpayment, or nonrenewal, then the bank is notified. They will immediately place their own insurance in it and bill the homeowner. Then they will give the homeowner a chance to get their own. The bank will not allow it to go uninsured for any length of time. Unless you have paid off your mortgage, there is really no way out of homeowners insurance.

Auto insurance

This is another must-have. In fact, it is against the law to drive without some sort of coverage. If you are caught driving without insurance, you probably will not go to jail, but your driver’s license will likely be suspended and you will be fined.

Health insurance

If you do not have health insurance, you will have to pay whichever is higher. In 2014 it was either one percent of your yearly household income or $95 per uninsured adult. In 2015, the fee was two percent of your income or $325 per person, and in 2016, it was 2.5 percent of your income or $695 per person. In 2017 and beyond, the fee will be adjusted for inflation. So make sure to look into what health insurance coverage is right for you and your family.

Umbrella insurance

Think of umbrella insurance as insurance for your insurance. It is an extra amount of liability coverage in $1 million increments that protects over and above your personal and auto liabilities if they become exhausted. Typically a family can add this policy for between $250 to $300 a year. If you need umbrella insurance, it depends on what you have to lose and how concerned you are about getting hit with a lawsuit. To review umbrella insurance or any other types of coverage, schedule an appointment with us so we can go through the options for you.

The Importance of Having Insurance

You may know it is important to have insurance, but do you know why you should have an insurance policy? Insurance is a way to help manage risks for you, your family, and your home. When you purchase insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, which is the premium.

The insurance policy will help you to own a home, drive a vehicle, maintain your current standard of living, cover health car costs, and help provide for your family in the case that something would happen.

Even if you are in good health, an unexpected illness or injury could require you to pay out-of-pocket if you do not have health insurance. If you are uninsured and unexpectedly require surgery or other emergency care, your expense will be for the full amount of the services, which could be thousands of dollars. While you may save money every week by opting out of a health insurance plan, the costs of being uninsured could be much greater in the long run.

Homeowners and renters face the risk of their property being damaged by a natural disaster or a home robbery. If you are not insured, it may be costly to replace all of your belongings. You may not think your belongings are worth the insurance premiums, but replacing electronics alone could cost thousands of dollars, depending on what you own. If you are insured, the coverage can help you replace these items.

The real benefit of insurance is to reduce the financial risk and give you the support you need when the unexpected happens. If you are not sure what insurance policy you need, make sure to contact us and we can advise you on the options you have.

Understanding Homeowners Insurance

Having insurance is important and necessary to protect your home, but do you know what is included in the insurance? If you have any questions or concerns about your insurance, or coverage you might need, make sure to contact us and we can advise you.

When you purchase insurance, make sure you are getting the right coverage you need. There are different levels of coverage, so you will want to make sure you have enough to cover what you have. You will also want to avoid paying for more than what you need. One level in the policy protects newer, well maintained homes. It can cover against accidents and disasters, except for those specifically excluded by the policy.

You should also understand the details and terms of your policy. The deductible will refer to the amount you will pay out of pocket before the insurance kicks in. The higher the deductible is, the lower the annual premium will be. You will also want to know what liability coverage is. This is the coverage that will pay for medical or legal bills if someone is hurt on your property. Personal property refers to your property such as furniture, electronics, or clothing. Replacement cost is the kind of insurance that will pay for the full cost of replacing your personal property, but only up to a maximum dollar amount. Most of the standard policies offer replacement cost, but you will want to make sure the amount is correct for your items. If you have questions about what your insurance means or covers, always make sure to contact us. We can help answer your questions, as well as advise you on the right coverage that you will need.

Why Do You Need Insurance?

Having insurance is important in order to protect yourself and what you own. You can find an insurance policy that cover almost anything imaginable, but there are only a handful of policies that you actually need. Some types of insurance can protect your possessions, income, and even provide for a loved one when you are gone.

Health insurance is a necessary policy to have. Good health allows you to work and earn money, as well as enjoy life. If you come down with an illness or have an accident without health insurance, you may find that you are unable to receive proper treatment. Many employers will provide health insurance benefits to full time and sometimes part time employees. If you do not currently have health insurance, make sure to contact us so we can set you up with the right plan.

Another insurance policy you can invest in is life insurance. This is recommended to have if you are married or have children. When you are gone, you create an income gap, which could put your spouse or children in financial trouble. This can also create more stress on the family during a difficult time. Many employers offer basic life insurance as a benefit, so make sure to check with them first. Otherwise, you can contact us and we can provide the right coverage for you.

You should also make sure you have homeowners insurance. For many people, their home is their greatest asset, so it is vital to adequately protect it. If you rent your home instead of own it, you should get renters insurance. Your possessions inside your home can add up to a significant amount of money. If there was a fire, natural disaster, or burglary, you should have a policy that will cover most of the replacement costs.

You can also invest in auto insurance. This will help protect your vehicle incase it gets damaged and you would like to repair or replace it. Most automotive policies can also cover bodily injury or death of another person in an incident that you are legally responsible for. You can also find medical payment coverage that pays for medical treatment for you and your passengers during an accident, regardless whose fault it might be. If you have any questions about your current insurance policy or any other ones, make sure to contact us so we can answer your questions.

Enjoy Your Summer With Proper Insurance Coverage

Summer is Here

During the summer, many look forward to activities that they can only enjoy during warmer months. Summer is also a time for family vacations and relaxing. Typical summer plans may include outdoor activities, entertainment, and traveling. While these are all great ways to make the most of the warm months, it is important to evaluate additional insurance needs. Accidents are bound to happen, but if they do, these simple insurance tips can help you to enjoy summer with peace of mind.

Remember that although trampolines and pools provide plenty of fun for kids during the summer, they also pose major hazards. Many people are severely injured in accidents involving pools and trampolines each summer. Insurance companies have strict rules for these hazards. Homeowners with built-in pools or even inflatable pools should contact their agents for information about pool coverage and rules for securing the pools. If you are not sure if your policy covers a pool or trampoline, make sure to contact us and we can advise you on the options you have.

You might even want to consider having insurance for your boat. Large boats are usually not covered at all, and separate boat insurance is needed to provide protection in the event that someone is injured on the boat. Jet skis and other personal watercraft items also require separate policies. Sometimes a supplemental insurance policy is needed.
While traveling on a trip or weekend getaway, it is important to be protected. Know what a home insurance policy covers before leaving for the trip. Not all policies cover personal belongings a traveler takes along for the trip if they are stolen. While some items may be covered, there is still a deductible to think about. It is recommended that you contact us so we can advise you on the best insurance policies for you and your family.

Enjoy The Summer With Proper Insurance

Having the right insurance policies for you and your family are important. There are different insurance needs for different people while in different stages of life. If you are not sure what type of policy you need, make sure to contact us. We can recommend the policies that are best for you, your family, and your possessions.

Homeowner’s/Renter’s

If a fire, tornado, or other disaster damages your home or your possessions, this insurance will cover your house and material belongings. It is a good idea to log your possessions in case you need to make a claim. If you do have homeowner’s insurance, make sure that you have guaranteed replacement cost.

Auto

Liability is insurance that covers anything that you caused in an accident, from damage to the car to the health of the humans on the other end. Another popular type of coverage is collision, which pays for your car if it is damaged or destroyed in a wreck. To save money, you can drop your collision or raise your deductible.

Health

If you do not have health insurance and need to go to the hospital, you will be paying those medical bills for years, maybe even decades. Depending on your health concern, you could be talking about hundreds of thousands of dollars here. Contact us and we can help determine which one best fits you and your family.

Disability

Many companies offer rates on long-term disability insurance to their employees. Some suggest choosing a policy where sixty five percent of your current income is covered and try to buy insurance that pays if you cannot perform the job that is required of you. You will still need to be fed and cared for, but you will not be able to generate an income.

Life

You will need to invest in a life insurance policy. Always go with term life because it is affordable for just about anyone and doesn’t include a bunch of rip-off fees. Plus, you can let the policy expire after you build up your retirement savings rather than being stuck with it forever. Unfortunately, about 39% of adults do not have life insurance. If you are not sure what type of insurance is right for you, make sure to contact us and we can advise you on the policies.

Know About Renter’s Insurance

At one point in time, most apartment renters and condo owners never considered buying homeowners-type insurance to protect their valuables. Now, however, renters insurance or condo insurance on the contents of your apartment or townhouse is a requirement that many landlords and condo associations enforce.

Know what the Insurance Risk Is

Even if you think that you are careful with your stuff and how you live, you will still need renters insurance. There are two types of risks to consider if you are renting, and that is loss and liability. While the risks are generally small, so generally are the premiums, which is the cost of insurance coverage that you pay. The loss coverage can cover anything you lose in a natural disaster. In addition to fire and flood damage, high winds, like a tornado or hurricane, can wreak havoc. If your apartment is burglarized, all your valuables could disappear. Or, you might have a wide variety of electronic equipment that needs to come in contact with only a little bit of water to become worthless. If you have neighbors with plumbing living above you, the potential for a flood always exists, especially if there’s a fire because the firefighters will spray hundreds of gallons of water that will soak the apartments several floors below where the fire was. The liability covers other accidents. If someone, especially someone you do not know well, like a painter or electrician, were to trip and fall or get injured in some other way in your apartment or condo, you could get sued and lose a great deal of money. Another costly liability can come if you have a dog, as people have successfully sued for hundreds of thousands of dollars after being bitten.

Make sure the Valuables are Inventoried

Whether or not you have insurance yet, make an inventory of all your belongings. While you’re making this list, take pictures of anything that’s valuable, including electronics like computers and flat screen TVs, jewelry, expensive china, glassware and silver, family heirlooms that have value as antiques, and collectibles because those pictures will be useful as evidence if you go ahead and get insurance. Some insurance companies have an online digital wallet where you can store these pictures, just in case the computer where you download them gets damaged or stolen. On your inventory list, include a column for what the replacement cost of each item would be. When you add it all up, you will have an idea of what you could lose were there to be a fire or flood in your apartment or building.

Apartment Insurance to be Aware of

Apartment insurance is generally low cost, unless you really have a lot of valuables or live in a high crime area. You can also get a good rate if you already have insurance, say for your car, and you bundle the policies with the same company. If you do not have a relationship with an insurance company, there are websites that will allow you to compare the costs from different companies such as renters insurance. When considering the cost of insurance payments, always think about how much it would cost you if you were to suffer property loss or get sued without being covered by insurance.

Know What an Umbrella Policy Is

A personal umbrella policy, also know as PUP, is a type of insurance that provides liability coverage over and above your automobiles or homeowner’s policy. So, if your liability coverage is not enough to cover the damages of an accident you cause or an incident on your property, a personal umbrella insurance policy kicks in right where your other liability underlying limits have been reached. An umbrella policy can protect you when your automobile or homeowners insurance isn’t enough.

How the Umbrella Policy Protects You

To better understand how a personal umbrella policy works, here is an example. If you are at fault in a car accident that injures another driver, your regular automobile insurance will cover the other driver up to the limit you selected, say $250,000. But what happens if that limit is not enough to cover the other driver’s needs? If the other driver’s injuries are severe, he may require benefits beyond the $250,000 your policy covers. In this case, he could sue you, which means your personal assets would be at stake. This could be a small amount, but imagine if that injured driver were a surgeon or another high paying professional. What if the accident you caused resulted in an injury that kept him from doing his job for six months? Suddenly, he is suing you for one million to cover the six months he is away from work. Your automobile policy covers the initial $250,000, but where would you come up with the remaining $750,000? A personal umbrella policy can cover the additional costs when your insurance is not enough. The personal umbrella policy could provide the additional coverage you need so that you do not get stuck trying to pay the remaining balance yourself. This extra policy could protect your bank account, home, and other personal property.

Contact us With Any Questions

If you ever have any questions about your insurance coverage or different plans that are out there, make sure to contact us. We can advise you on what the different insurance plans and policies are. We can also recommend what insurance you should invest in. This way you can be covered for any accident or natural disaster that might strike. You have several options to choose from for auto insurance, home owner’s insurance, and health insurance. By having the right coverage, you can plan for any situation.