3 Critical Things to Know When Buying Umbrella Insurance for the First Time

3 Critical Things to Know When Buying Umbrella Insurance for the First Time

We buy insurance policies to protect our properties and our loved ones. Today, there exist policies that help protect us and everything about us, like umbrella insurance. Insurance experts in Plymouth, MN, continuously urge people to consider buying additional covers to protect themselves from financial strains when lawsuits get too nasty. If this policy is still new to you, Anchor Insurance Agency LLP will help you understand it better.

Umbrella insurance cannot be used independently

Do you know why umbrella insurance is referred to as ‘excess liability’ or ‘extra liability’ coverage? Well, you will not be able to use your policy if you do not have basic policies like auto, home, boat, or motorcycle insurance. Umbrella insurance is designed to be used only when the standard policy has been depleted. For instance, if you caused a road accident that caused fatal injuries and property damage, your auto insurance will be used to cover the damages up to the agreed limit, and umbrella insurance takes over and pays what is left.

Umbrella insurance does not cover intentional or malicious acts

While umbrella insurance is a personal policy, it doesn’t cover international acts. For instance, if you intentionally insulted someone or damaged their property intentionally, the coverage does not cover the lawsuits or damage related to those acts. The policy cover things like invasion of policy, wrongful eviction, libel, slander or defamation, false arrest, detention or imprisonment, and other vices.

The policy protects what matters to you most

Umbrella insurance is all about you—the policy owner. The policy covers all aspects of your job, hobbies, driving, pets, family members, and home, all at a relatively low cost. Some people think the policy is expensive because it covers many things, but that’s not true. Umbrella insurance is, in fact, one of the most affordable policies in Plymouth, MN.

Keep things wrapped up around your finger with adequate umbrella insurance from Anchor Insurance Agency LLP. Our insurance experts are always ready to help you protect your property and loved ones. Call us and get your customized policy today.

A Brief Guide to Boat Insurance

If you are new in Plymouth, MN, you have noticed that the city is located in a region with many lakes. As such, it is obvious that you will need a boat for leisure and fishing activities in these lakes. However, when buying a boat, remember that you will need boat insurance to protect the asset and yourself while boat riding. Anchor Insurance Agency LLP, leading insurance in this region, offers some simple guides on boat insurance.

Do You Need Boat Insurance?

Some people always wonder whether they need boat insurance, yet they have homeowner insurance covering all the property assets. However, as trends show, your home insurance will only cover a smaller percentage of your boat’s value, which means you need to make sure you have a specific insurance policy for your boat. 

What Does Boat Insurance Cover?

Typically, your boat insurance will cover most of the liabilities that your boat will cause to others. Some of the other areas that you can expect your boat insurance to cover include bodily injury liability, guest passenger liability, property damage liability, and associated medical expenses in cases where your passengers are injured. 

Boat Insurance Costs

There is no cast-on-stone cost for boat insurance. Everything depends on the level of coverage you will be looking to get. Other factors that will influence your boat insurance expenses include the value of your boat, horsepower, and size, among others. 

Where Can You Buy Boat Insurance?

As a Plymouth, MN resident, you don’t have to wonder where you will buy your boat insurance. Anchor Insurance Agency LLP will provide you with a boat insurance policy that will meet your insurance requirements. You can contact the organization’s insurance agents to determine whether you qualify for discounts based on your boat type.

Why would I need condo insurance in Minnesota?

In the Plymouth, MN area, people that own their homes will continue to find that there are a lot of benefits and advantages that come with owning a home. One type of property that can be ideal for a lot of people is a condo. With a condo, you will get to enjoy a lot of amenities and advantages that can include improved security and onsite amenities. Along with any condo purchase, you also need to think about your insurance needs. There are various reasons that you need to get this coverage here.

Insurance Will be Required by Lender

You will want to have condo insurance because you are bound to have a requirement for it set by your mortgage lender. Most condo buyers will take advantage of the historically low interest rates by financing their condo purchase with a mortgage. In these situations, you will have to comply with your mortgage lender’s insurance rules that will require you to maintain coverage for the term of the loan.

Insurance Needed by Association

You will also need to get condo insurance to stay in compliance with your home association. Condo owners almost always will be a party to a home association. If this is the case for you, there are going to rule that determine your condo insurance needs. Most likely, you will have to provide evidence of coverage as long as you live there.

As you are looking for more insurance coverage in the Plymouth, MN area for your condo, it would be a good idea to speak with Anchor Insurance Agency LLP. The team of insurance professionals at Anchor Insurance Agency LLP understands the importance of this insurance coverage and protection. They can help you build a policy that will meet your needs and give you proper protection. 

When would someone in Minnesota want to get umbrella insurance?

People that are all over the Plymouth, MN area need to make sure that they spend time thinking about their personal insurance needs. Some form of insurance that people here may need to get is umbrella insurance coverage. When you get this type of insurance, it will provide you with ample personal liability insurance coverage. There are several reasons why someone in this area of Minnesota would want to get this unique form of insurance.

When Wanting More Coverage

A common situation when someone in this state will want to get umbrella insurance will come when they want to have more coverage. Most people are going to have some personal liability coverage through their home or auto policies. However, this coverage is limited based on the policy cap. If there is ever a bad accident that results in more damages than your policy covers, you would need to pay for the balance. With umbrella insurance, you can get more coverage on top of the base amount to offset this risk.

When Wanting a Broader Set of Risks Covered

An umbrella insurance plan is also a good idea when you want to have a wider set of risks covered. If you have risks that are not covered by your current policies, getting umbrella insurance is a great option. This can give you more coverage and peace of mind. 

Choosing the right umbrella insurance policy is a big decision. When you are looking for a new policy in the Plymouth, MN area, you should call Anchor Insurance Agency LLP. When looking for a new policy with the support of Anchor Insurance Agency LLP, you will learn more about the different options at your disposal. Based on this assessment, you can determine if umbrella coverage is right for you and also choose a new insurance policy. 

What Types of Water Damage Are Covered by Condo Insurance?

Owning a condo can help you eliminate many of the issues associated with owning an actual house. There are instances, however, that still arise in which having the right type of condo insurance is essential. Water damage is covered in most cases, as long as it is accidental and not caused by a natural event or the negligence of another condo owner. In Plymouth, MN, the staff of Anchor Insurance Agency LLP has answers you may need.

Your Plumbing, Pipes, and Appliances

Water damage caused by a burst pipe or damaged plumbing in your condo will be covered in most cases. This is true for any damage caused by a leaking HVAC or central air unit. Appliances may also leak occasionally due to a broken seal or damage to another component. While this type of water damage is normally covered, it will not be if the damage was caused by normal wear and tear.

A Leaking Roof 

If you live on the top floor and the roof of the condo building starts to leak, your condo insurance policy may cover the damages. This will depend on what the condo building’s policy states and whether or not it maintains responsibility for this type of damage.

What Is Not Covered?

Just like with a traditional homeowners’ policy, there are certain types of water damage that are not covered. Flooding and water damage that starts in other units may not be covered by your individual condo insurance policy. If there are questions, talk to your agent as soon as possible.

The agents of Anchor Insurance Agency LLP are well aware of the questions their clients have concerning water damage in their condos. If you live in the Plymouth, MN area and are worried about water damage, call and talk to an agent at your earliest convenience.

Why does someone need life insurance?

People that live in the Plymouth, MN area are going to have a lot of different insurance needs. One form of insurance that all people need to take seriously is their need to get life insurance. A life insurance policy can provide a unique form of coverage and protection that is unmatched by other forms of coverage. There are several reasons why someone needs to have life insurance.

To Provide Financial Protection

One of the reasons that someone will need to have life insurance is that it can provide financial protection to their dependants. If you have people that rely on you and your income, you will want to ensure that they continue to be covered at all times. When you get life insurance, you can build the policy to ensure that their future expenses are covered if you were to pass away prematurely. The policy limit can be personalized and curtailed to meet your specific needs.

Help with End of Life Expenses

Even if you do not have dependants, you still will want to ensure that your loved ones are not burdened if you were to pass away. When someone passes away, they could end up leaving significant expenses including medical bills, funeral expenses, and other costs that are a lot for someone to take on. If you have life insurance, you can ensure that your loved ones will not be burdened by these costs.

As you are looking for life insurance in the Plymouth, MN area, you should reach out to the team at Anchor Insurance Agency LLP. The insurance team at Anchor Insurance Agency LLP can help you better understand all of your options when it comes to choosing life insurance. They can then help you get into a quality policy that provides the necessary coverage. 

5 Ways to Improve Safety in Your Business Environment

When you own a business, employee and customer safety should be a priority. A safe business environment reduces the risk of liability and worker’s comp claims, which can help save you money on your commercial insurance costs. If you’re looking for ways to raise the level of health and safety in your business site, these tips from Anchor Insurance Agency LLP can help you get started.

Inspect Your Environment Regularly  

Inspect your business environment often to pinpoint hazards that pose a risk to employee or customer safety. These hazards may range from exposed wires to trip hazards, slippery floors, poor ventilation, the danger of falling objects, etc. Once these risks are identified, make sure they’re taken care of promptly to prevent accidents.

Train Employees

Train your workforce to perform their duties diligently and safely. This may include classroom, computer-based, or on the job training, depending on your employees’ job and responsibilities. This is especially important if your employees have to operate dangerous equipment or industrial machines.

Communicate

Communicate often with your workforce about changes to your health or safety policies. Make sure everyone is on board with your company’s standard of safety so they can help you maintain a safe work environment. Encourage your workers to make suggestions on how to improve workplace safety within their individual departments.

Investigate Accidents

Investigate all accidents at your Plymouth, MN business site, even if there were no injuries. This gives you a chance to uncover risks you weren’t aware of to avoid similar incidents that could have severe consequences in the future. 

Get Commercial Liability and Worker’s Comp Insurance

Insure your business against customer and employee accidents by purchasing general liability and worker’s comp coverage. For more information about commercial insurance for your Plymouth, MN enterprise, contact Anchor Insurance Agency LLP.

Three common misconceptions people have about home insurance

It’s important to be well informed if you want to choose the best home insurance option for your situation. Unfortunately, some homeowners have misconceptions about home insurance that could hurt them down the road.

At Anchor Insurance Agency LLP, we provide home insurance in Plymouth, MN. The following are three common misconceptions people should be aware of when it comes to home insurance.

Every belonging within the home of the policyholder is covered.

There are coverage limits on a home insurance policy that you need to be aware of. Home insurance will only provide coverage up to these limits. You can’t assume that home insurance will cover all expenses when it comes to lost or damaged possessions.

Home insurance coverage is especially likely to be inadequate to cover possessions within a home for a homeowner who keeps particularly valuable items like collector’s items in their home. If you have high value items in your home, you may want to invest in added coverage. 

Coverage for flood damage is included in a standard home insurance policy.

This is one of the most common misconceptions that can really cost you. You should know that home insurance policy doesn’t automatically include flood coverage. You have to invest in a flood insurance policy to enjoy insurance coverage for flood damage. 

Filing a claim means that your premium will go up.

You shouldn’t hesitate to file a claim when you are eligible to do so. Your premium may not be affected at all by a claim. Your premium shouldn’t go up unless you’ve filed multiple claims in a relatively short period of time. 

You have home insurance so that you can use it. This means that you should file a claim when you are eligible to do so.

If you know that these are misconceptions rather than facts, you’ll be better able to find the right home insurance for your Plymouth, MN home. Contact us at Anchor Insurance Agency LLP to learn more. 

Is auto insurance always necessary in Minnesota?

Anyone that is in the Plymouth, MN area would likely benefit greatly from owning a car. When you do own a car in this area of the state, it will make it much easier for you to get around town and complete your daily tasks. When you are looking to purchase a car, you also need to get a quality auto insurance policy. There are several reasons why having auto insurance in Minnesota is always necessary.

Required by State Law

One reason why auto insurance is a requirement in Minnesota is that it is required by state law. Whenever you drive a car, there is always a small chance that you could cause an accident. When this happens, it will be up to you to pay for damages. In the state of Minnesota, drivers are required to carry auto insurance as it will ensure they are able to pay for these damages. Those without insurance will face penalization.

Required by Auto Lenders

Another reason to get auto insurance in Minnesota is that it will be required by any auto loan provider. Most people that purchase a car in the Plymouth, MN area will take out a loan to finance the purchase. To ensure that you are able to repay the loan following an accident, most auto lenders will require that you have a full auto insurance policy at all times.

Ultimately, getting auto insurance is a good idea for anyone and is almost always a necessity for drivers in Minnesota. When you are looking for a new policy, you should call the team at Anchor Insurance Agency LLP. The insurance team at Anchor Insurance Agency LLP can help you to find an auto insurance policy that will provide you with the right type and level of coverage. 

When Should You Update Your Condo Insurance?

When you get condo insurance in Plymouth, MN, it can be easy to forget about it, especially if you don’t need it. However, there are certain times you need to update your policy so you can make sure your coverage is accurate. An agent at Anchor Insurance Agency LLP can make sure your coverage is up to date. 

Condo Renovations: No matter where your renovations take place, you can usually count on spending a lot of money. This means you have even more reason to protect your investment from a disaster. It’s best to make changes to your insurance before you start renovations since things can go wrong during construction, as well as after it.  

Additions to Personal Property: If you add some items to your condos, such as new furniture or electronics, then you want to make sure your contents coverage covers all your belongings. You may need additional insurance for more expensive items. If you are putting your items in storage while you do renovations then you need to make sure that they will still be covered. 

Extra Liability Coverage: If you are having renovations done then you want to make sure that you have extra liability coverage since renovations can require help that leads to injuries. You also want to get extra liability coverage if you make other personal changes, such as getting a dog or having children. Both children and pets can increase your risk of getting sued and you need enough coverage to protect your assets. 

Even if you haven’t made any renovations or added a new property, it’s still a good idea to review your coverage every year in Plymouth, MN when you get a renewal. Don’t just renew without considering your options.

Contact an agent Anchor Insurance Agency LLP to get a quote on condo insurance.