It does not matter if your parents in Wayzata, Minnesota live 10 minutes or 10 hours away from you. As a concerned son or daughter, you want to do all you can to help them out and make sure they have a comfortable life. One of the ways you can help is to make sure they have the right kind of insurance to protect them against future risk.

If your parents are still driving and own their own home, they probably already have an auto insurance policy and a home insurance policy. They may or may not have a life insurance policy. If your father bought a whole life policy years ago, when you were just a baby, it will most likely cover your mother and you or your siblings may also be named as beneficiaries on the life insurance policy.

When your parents are at a stage in their lives when all the children are grown and out on their own, there is almost no good reason for them to invest in a new life insurance policy. On the one hand, because of possible health issues and their age, it may be difficult or impossible to find an insurance company that will offer them a life insurance policy. Even if they were able to find a guaranteed life policy that does not require you to answer any health-related questions, or take a physical exam, the cost would be very high and the coverage very low.

If the goal for your parents is to have enough income in case one spouse should pass away, insurance, at this advanced stage in life, is usually not a good financial investment. As your independent agent, we would be happy to advise you on the most suitable time to purchase life insurance. Your parents may be better off investing in a long-term care policy, or focusing on financial investments to increase their monthly income.

There are certain circumstances that demand a person to own certain types of insurance products. Anyone seeking to buy a home must have home insurance, drivers must have auto insurance and business owners must seek to have a business policy. One type of product that some people like to have that extends all personal lines liability coverage is an umbrella policy. Here are a few thoughts about an umbrella policy that you will need to know.

How Your Umbrella Policy Works

• The number of assets that your umbrella policy can cover is only limited to what your needs are. You will need to list all drivers in your household on the policy in order for them to be protected.
• List your home insurance policy on the umbrella policy to extend your liability coverage. More and more people today are sued because of issues related to their homes. You can be protected more by an umbrella policy in Wayzata, Minnesota.
• If you own a boat or a motorcycle and have insurance for them, you will want to list them under the umbrella policy.
• You will also want to list any other policies under the umbrella policy where you have liability coverage. An umbrella policy is closely tied to lawsuits so you will want to protect yourself with the most coverage you can get.

If you live in Wayzata, Minnesota and have questions about what the limit is regarding your umbrella policy, then you need to call your independent agent today. As your agent we can help answer all of your questions about what you need to cover. It’s important that you give us a call so that we can give you specific details for your circumstances to help you make the best decision relating to your insurance needs.

If you decide to become a landlord and rent out your Albertville, Minnesota home to paying tenants, your regular home insurance policy will most likely not cover you against the risks of owning a home. A typical home insurance policy is usually written to cover an owner-occupied, single family home. Once you change the status or use of your house to a guest house with regular paying guests, you will need to get commercial or landlord insurance.

Commercial real estate insurance is really designed for property owners who rent out warehouses, offices and other commercial properties. Landlord insurance is the right kind of insurance to have in Albertville, whether you have a single family house, a duplex, or a small building with multiple apartments.

The reason why you need to call your independent agent and let them know that you are turning your home into a guest house is that you need to change your coverage to be protected against the increased risk that comes with renting to paying tenants or guests.

Typically, the costs of a landlord insurance policy are about 20 percent higher for the same amount of coverage as if you were the owner and occupant of the premises and used a standard home insurance police to protect yourself from perils and liability.

Insurance industry statistics show that there is a higher incidence of claims associated with operating a pay guest house than simply buying and living in a home that you own. Tenants do not have the same pride of ownership and do not take good care of the house or room that they are renting. There is also the increased liability that you incur when other people live on your property.

As your independent agent, we would suggest that you make sure you have a commercial or landlord insurance policy in place before you ever start taking in paying tenants. It is also a good idea to carefully screen applicants and make sure you obtain a security deposit to further protect yourself from damages to your home and personal property.