Monthly Archives: February 2014

What Should I Do If There Is a Lapse in Home Insurance in Albertville, Minnesota?

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It is very important for individuals to maintain home insurance on their property at all times. Should something happen to put the home at risk, such as a fire, flood, or burglary, it is critical that the right type of insurance be in place to protect the value of that home. Additionally, most mortgage lenders require borrowers to maintain a specific level of coverage at all times to protect the investment. So, what happens when your home insurance does lapse?

In Albertville, Minnesota, it is critically important to discuss your situation with your insurance agent as soon as possible. Getting a new policy in place right away is critical. Some insurance providers may penalize you with higher rates because of the lapse, but many will not. Ultimately, you do not want to delay in getting the coverage you need. The best way to do this is to consider both options of renewing your policy with your current provider or seeking out a new one.

You do not want to face risks with your lender for having a gap in coverage. It is best, then, that if you plan to switch providers that you begin looking at least a month in advance of the expiration of your current policy. This can help to reduce your risks of losing coverage even for one day.

If you are in the market for a new policy, it is often best to use an independent agent to help you to find the right policy for your needs. Even when you may not have the best track record of coverage, chances are good there is a provider that can meet your needs. Trust in an independent agent who can help you to find the right policy for your particular needs.

Which one is better if I am not using my boat for next three months in Wayzata, Minnesota, suspending or cancelling my policy?

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If you own a boat in Wayzata, Minnesota, there is a good chance that you will not be using it during the cold winter months. So, if your boat is going to be out of the water and in storage until April, do you really need boat insurance? Should you cancel or suspend your policy until you are ready to go boating?

If you intend to sell your boat when the boating season in Wayzata starts back up in late spring or early summer, you may want to cancel your policy. If, on the other hand, you will be waxing your water skis at the first sign of warmer weather, you may be better off to suspend your insurance for the three or four months when boating is out of the question.

If you cancel your boat insurance, or for that matter, any other type of insurance, you may have a hard time finding a new policy with a premium and coverage as good as your canceled policy. In addition, if you cancel your policy, you will lose coverage for liability and physical damage while the boat is out of the water. Even if you keep your boat in your backyard, someone could climb aboard, fall and get injured.

When you purchase a boat insurance policy, many insurance companies will allow you to suspend coverage during the part of the year when your boat is in dry dock. They may offer you a discount of perhaps 5 percent for each month that you choose to go without coverage.

If you are looking to save some money on your boat insurance, suspending coverage for a few months may be a viable option. As your independent agent in Wayzata, we can help you make the right decision on whether to suspend, cancel, or continue to keep your policy in force. Please give us a call and talk to an independent agent for further information and assistance.

What if my Life Insurance Needs Change in Albertville, Minnesota?

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When you review your life insurance policy in Albertville, Minnesota, you may discover that the current policy no longer fits your needs. Depending on your situation, you may discover that you need more coverage or that a term policy is no longer appropriate for your current concerns. Depending on the policy that you obtained, you may be able to make changes.

Conversion Options

Depending on the policy that you obtained, it may be possible to convert your current policy into a different type of plan if you discover that the current plan is not appropriate for your needs.

Read through your policy and look for any details related to a conversion option. A clause or an exception may provide details about your ability to convert your current term plan into a whole-life plan or other similar policy solutions.

Changing Beneficiaries

Although a change to your plan may focus on the funds or the type of plan that you need, it may also be necessary to change the beneficiary on your policy. Changing the beneficiary can take place whenever major changes occur in your life. For example, if you get married, then you may ask the insurer to change the beneficiary to your new spouse.

Making a change of the beneficiary will depend on your situation and the details of your policy. Some insurers may allow you to make changes at any time while others will require a specific reason for the alterations.

It is sometimes necessary to make changes to your life insurance policy. Depending on your situation and the current plan that you purchased, the details about how you can change your plan may vary. Contact us to talk to an independent agent for more details about the options that are available.

I Reside in Wayzata, Minnesota, Do I Receive Notification to Renew my Commercial Insurance Policy?

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When you own a business in Wayzata, Minnesota, you may obtain commercial insurance to protect your company from a variety of different problems. Depending on the policy that you obtain, the details of when you must renew your policy may vary. In some cases, your insurer may notify you that it is time to renew your policy.

Notifications

Commercial insurance companies may send a notification when your current policy is about to expire so that you can renew your policy and avoid a lapse in coverage. Since each company is different, the details about when they send a notification may vary.

Although some companies may notify you by phone or mail, every insurer is different and some companies may not send a notification that your business coverage is about to expire. It is your responsibility to determine if your coverage still applies.

Automatic Renewals

Although some insurers may notify you when your coverage is about to expire, it may be possible to set up an automatic renewal with insurers so that you do not have any gaps in your coverage. The ability to set up an automatic renewal system may vary based on the company and the specific business policies that apply to the situation.

When you automatically renew your policy, your insurer may send a new copy of your policy so that you can determine if it is still appropriate for your needs.

Protecting your business requires the right type of insurance. When your coverage is about to expire, it may be necessary to contact your insurer to find out whether you will obtain a notification or if you can renew your policy over the phone. To learn more about renewing your policy, contact us to talk to an independent agent today.