Author Archives: AgentInsure

Is there a limit on the number of assets I list under my umbrella policy in Wayzata, Minnesota?

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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 I run a paying guest house,in Albertville, Minnesota, is it better to have home or commercial insurance?

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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.

Can I Withdraw the Claim I placed on my Auto Insurance in Albertville, Minnesota?

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When you make a claim in Albertville, Minnesota on an auto insurance policy, you may decide at a later date that it was unnecessary. The problem is that you will need to withdraw your claim if you determine that the minor accident wasn’t worth making the claim or you are concerned about your monthly rate increasing.

Early Withdrawal

If you withdraw a claim on your policy before a check is issued by the company, then you will not usually have any problems making the change. Call the company and ask to withdraw your claim. It may take a few days to process the request, but it will usually stop the check from being issued in the first place.

Problems After Receiving a Check

After receiving the check from your insurer, the problem becomes more complicated. In some cases, you may discover that your insurer will not agree. Other insurers may allow you to withdraw your claim, but only after you return the funds that were issued.

Variation in Companies

Since the cover you obtain on an auto policy differs between companies and specific plans, each insurance provider will differ. The process and ability to withdraw a claim will vary due to the different standards each company sets up. In some cases, it may be a simple matter of calling the company while other situations are more complicated and will not give the same level of flexibility.

It is usually possible to ask an insurer to put a stop to any claim you make on the policy, but the number of complications and possible issues that arise will vary. In general, making a request early will simplify the process. To learn more about dealing with an insurance provider, contact us to talk to an independent agent.

Is my Pillion Covered Under my Motorcycle Insurance in Albertville, Minnesota?

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When you ride a motorcycle and carry passengers on a pillion, you may assume that your motorcycle insurance in Albertville, Minnesota is protecting every individual involved. Even if you have full coverage for your motorcycle, you and your pillion passenger may not be covered for medical expenses.

Motorcycle Policies

Unlike an auto policy, which provides cover for medical expenses when you have full protection, a motorcycle insurer may not provide medical protection for the rider or passenger. Even if the rider is covered, a pillion may not be covered.

The risk of injuries and accidents is higher when you ride a motorcycle than when you drive a car, which impacts the coverage that you are offered.

Read the Policy

Although many companies will not provide protection for medical expenses, each insurer has a different process of providing protection and the exact amount of protection will vary. Read through your coverage plan to determine if your pillion is currently covered or if you need to add additional protection to your current plan.

If you discover that you need to protect yourself and your passenger from medical complications, then talk to an independent agent about your options. An agent can help you find an appropriate plan based on the amount of riding you enjoy, your budget and any complications that might impact your plan. By comparing your options with the help of an agent, you will not need to worry about your medical costs or that of your passenger if you are involved in an accident.

Riding a motorcycle requires protection from injuries that may occur. The problem is that many insurers do not provide full coverage for the rider or passenger. To learn more about your options or get help understanding your current plan, contact us to talk to an independent agent.

Can I Negotiate my Auto Insurance Claim with my Insurer in Albertville, Minnesota, if I am not Satisfied with What I am Offered?

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When you make a claim on your auto insurance policy in Albertville, Minnesota, you may not always get the amount that you expect. Depending on the situation, your claim and your current policy, you may be able to negotiate with your insurer.

Read the Policy Carefully

Before you try to negotiate with your insurer, read through all of the documents regarding the amount of cover the insurer is expected to provide. Find out if you have full coverage for that specific situation or if an exception is causing the dissatisfaction. If your current plan does not provide protection against a specific situation you are facing due to a clause or exception, then you might not be able to negotiate further.

Obtain Proof

In some cases, the reason you are dissatisfied with the amount provided by the insurance company is actually related to the proof that you’ve given. Provide an estimate of damages from your mechanic for any damage to the vehicle or give a copy of the police report to prove that you did not cause the accident. By providing more proof of responsibility, costs and other factors, you will have the necessary documentation to prove that the insurer is not following up on their side of the contract.

Talk to the Insurer

When you have proof, start the negotiation process. Do not rush through the process and point out every detail about the situation that you can. Use your policy to point out the mistakes.

Negotiating with an insurance company is possible, but it requires the proper steps and the appropriate proof to show that you’ve been given too little according to your policy. To learn more about negotiating with your insurer, contact us to talk to an independent agent.

What role does an independent agent play in a claim in Wayzata, Minnesota?

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What should you do if you back into a pole in a Wayzata, Minnesota shopping center and put a big dent in your bumper? You know your husband is going to see it, so you just can not pretend it never happened. The real question is whether or not you should file a claim with your auto insurance company.

The collision portion of your auto insurance policy will cover the damage that is above your deductible. If the damage was, say, $750, and your deductible is $500, the best you could hope for is a check for $250. You might be hesitant to file a claim in such an instance because it could raise your rates the next time you have to renew your Minnesota auto insurance policy.

As your independent agent, we run into this type of dilemma all of the time. While the decision as to whether you should or should not file a claim is up to you, we can give you some solid information about what the effect of filing a claim will be on your auto insurance rates.

An independent agent works for you and not for any individual insurance company. We can provide you with unbiased advice that you can not get by talking directly to an insurance company. If it is in your best interest to not file a claim, we will tell you why.

If you develop a long-term relationship with an independent agent you like and trust, you will have someone who can look out for all of your insurance needs. Here in Wayzata, we like to get to know our clients so we can serve them better. Over time, your various insurance needs can change. We can counsel you on how best to cover those changing needs and provide you with the right policy or policies so you are properly insured throughout your life.

Can I Avail Occupational Discounts on my Auto Insurance Policy in Wayzata, Minnesota?

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Obtaining a discount on your auto insurance policy from your occupation may sound unlikely, but some insurers may allow a business owner or employee of a business with an occupational discount to apply the discount in cover to a personal account in Wayzata, Minnesota.

When Discounts Apply

Discounts do not apply to every situation, particularly when it is an occupational discount that is used for business reasons. In some cases, insurers may allow that discount to carry over to a personal policy, but it usually requires the same carrier for both business and personal use and may require individuals to use a personal vehicle for business reasons.

Variation Between Companies

Although discounts may apply in certain situations, it is rare and most companies will have strict divisions between personal and business vehicles, even when it relates to discounted coverage.

While the companies will have different rules and policies related to the situation, it may be possible to find companies that allow occupational discounts to carry over into personal coverage plans.

Finding the Right Plan

Even if an insurer does not apply a discount related to a specific occupation to a personal vehicle, you may be eligible for discounts that you’ve overlooked when searching for coverage. Different companies offer a wide range of solutions to help bring down the prices, so it is important to ask about any current promotions or possible reductions that may apply to a specific account.

Getting the right plan and policy is not always easy, but it is possible when you are willing to compare options. Since private insurers are different from business insurers, in most cases your occupational discount will not apply to the personal account. To learn more about getting better rates, contact us to talk to an independent agent.

Why do home insurance companies in Wayzata, Minnesota, mandate that I have a separate policy to cover my business?

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If you own your home and have a business, then you may have heard that you will need to have two separate policies in order to have everything covered properly. Home insurance is designed to cover risk exposures that are related to a person’s personal home. A business will need its own policy in order to be protected correctly. Here are a few reasons why you will need two different policies.

Why You Need Two Policies for Your Home and Business

  • A business has a lot more risk exposures that need to be covered by a business policy. Most personal line agents may not write any policies for insurance companies where the applicants home is the place of business.
  • A business policy carries a higher liability limit than a normal home policy. In most cases the lower limit starts at one million in coverage and can be increased to cover the increased customer exposure.
  • A normal home policy only covers personal belongings so if you have a business in your home, then none of the companies merchandise would ever be covered should there be a total loss.
  • Your home policy will have limited coverage for high dollar items. A business policy is more comprehensive in what it covers.

If you live in the Wayzata, Minnesota area and have questions about your home policy or a business policy, then you need to contact your independent agent today. As your agent we can help answer all of your questions that you may have about your insurance options. It’s important that you give us a call so that we can give you specific details for your circumstances and help you get the policy that you need for your business and home.

Am I protected against identity theft under my home insurance policy in Wayzata, Minnesota?

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Identity theft can happen to anyone, even people living along Lake Minnetonka in the small city of Wayzata, Minnesota. Well Wayzata is a nice quiet place to live and everyone is friendly, but, there are evil-doers out there, lurking on the Internet and trying to find ways to steal your identity.

If you use a computer to bank online, make purchases at Amazon, or stay in touch with your friends on Facebook, you are at risk of becoming a victim of identity theft. No insurance can protect you 100 percent of the time from having your private information compromised.

The best thing you can do is take as many steps as you can to make it harder for an identity thief to steal your identity. Chang passwords frequently. Don’t open emails from unknown senders. Check your bank and credit card statements to make sure there are no withdrawals or purchases that you don’t recognize. Even with all that, you still are at risk.

Your standard home insurance policy will not cover identity theft, but many home insurers will offer you some protection against the hideous invasion of your privacy by giving you the option to add an endorsement for identity theft to your policy.

An endorsement under your home insurance policy will not reimburse you for the monetary losses you may suffer if someone hacks into your bank account, but what it will do, is pay for the expenses that you incur to restore your identity and credit.

For instance, when you find out that your identity has been stolen, you might want to do things like cancel all of your accounts and open new accounts. It can take a lot of time and be expensive if you have to get a new passport, birth certificate, or driver’s license. You may have to send certified letters to all of your creditors, need notary services and even miss time at work. When you add an endorsement for identity theft, it will cover some, if not all of those expenses.

As your independent agent, please give us a call and we can see if adding this type of coverage to your home insurance policy makes sense for you.

Does installing storm-resisting shutters avail discounts on my home insurance premium in Albertville, Minnesota?

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The premium on your Albertville, Minnesota home insurance policy is calculated by assessing the different level of risk associated with insuring your home. Anything you can do that significantly reduces the chance of loss, and thus the need of your insurer to possibly have to pay a claim, can help lower your premium.

For instance, installing an alarm system can make you less susceptible to loss by burglary. Smoke detectors protect against fire and installing storm-resistant shutters can minimize the chance of broken windows and other damage from flying projectiles in a strong windstorm.

While Albertville, Minnesota is not in the path of tropical hurricanes, it is very possible that a big thunderstorm can generate winds with speeds great enough to blow over trees and send branches hurtling through the air. Tornadoes, while fairly rare, are a possibility in the Gopher State.

Storm-resistant shutters that can cover your exposed glass windows, do an excellent job of protecting those windows in severe weather conditions. Such shutters also provide a level of security, making it a little harder for a criminal to gain access to your home.

Insurance companies in Minnesota will reward you for taking proactive measures to help protect your house, and the people inside, from damage or injury as the result of a severe storm. While your premium is not going to change by much just by installing storm-resistant shutters, every little bit helps.

Even if your storm-resistant shutters do not do a perfect job of protecting your home, they will at least mitigate the amount of damage that can be caused by loose- flying debris.

As your independent agent here in Albertville, we would encourage you to have a visual audit done of your house to see if there are ways to make it safer. Give us a call and an independent agent will be happy to review your policy and see if they can find ways you can get some discounts of your home insurance premium.