How can I be protected with a home insurance plan?

If you reside in the Plymouth, MN area, you will find that owning a home can be a great option for housing. As you are looking to purchase a home in this part of Minnesota, you also need to think about how you can protect your property and investment. For property owners, having home insurance coverage always needs to be considered a priority. When you have a full home insurance policy, you can be covered in multiple ways. 

Coverage for Dwelling

A reason that many people will want to get home coverage is so they can have support and protection for their dwelling. When you buy a home, there will always be a chance a fire, storm, or vandalism could damage it. If you are not insured, you will have to cover these damages out of your savings. With coverage, you will have peace of mind knowing you have financial support in these situations moving forward. 

Personal Assets

An added benefit of home coverage is that you will receive protection for personal assets. If you choose to buy a home, you will also have plenty of personal items stored within it. This can include electronics, furniture, clothing, and other items. If you incur a loss due to theft or damage, your policy can provide support to replace those items. 

If you buy a property in the Plymouth, MN area, you will want to be assured that you get proper insurance for it. A great way you can ensure that you receive appropriate support is by calling our team with Anchor Insurance Agency LLP. When you call our Anchor Insurance Agency LLP team, you will get the guidance necessary to build your next insurance plan. 

Home Insurance Tips For First-time Home Buyers

Are you in the market for a new home?

Plymouth, MN is a great place to live, and Anchor Insurance Agency LLP can help you protect your investment. We offer comprehensive home insurance policies that will give you peace of mind, knowing that your property is covered in case of an accident or disaster. Here are some tips for first-time home buyers.

Get the Right Coverage

Plymouth, MN is a high-risk area for tornadoes, so it is important to ensure your home insurance policy covers wind damage.

The amount of coverage you need will depend on several factors, including the value of your home, the location of your home, and the risks associated with your specific property. However, as a general rule, it’s vital to ensure you have enough coverage to replace your home in a catastrophic event. While no one likes to think about the worst happening, it’s always better to be safe than sorry.

Consider Your Deductible

Your deductible is the amount you will have to pay out-of-pocket in case of a claim. The higher your deductible, the lower your premium will be. However, you need to make sure you can afford to pay your deductible in case of a claim. Otherwise, you may find yourself in a difficult financial situation.

Review Your Policy Annually

Your home insurance needs will change over time. As your home increases in value, you will need to increase your coverage. Additionally, as your personal circumstances change, you may need to adjust your coverage. For example, if you get married or have children, you may need to add them to your policy.

If you have any questions about your coverage or want to review your policy, please get in touch with Anchor Insurance Agency LLP. We would be happy to help you find the coverage that best meets your needs.

Do you need to have home insurance in Minnesota?

People that reside in the Plymouth, MN region will have a lot of choices when it comes to picking a new home. For a lot of people here, owning a home can be a great long-term decision. If you have decided to purchase a property when in this area, you will want to have the right insurance for it. There continue to be a few reasons that people here need to maintain home insurance. 

Coverage is Required for Mortgage Borrowers

A reason you may need home insurance when in this area is because it is a requirement if you have taken out a mortgage. Financing a home purchase with a loan is very common as it helps to increase affordability. If you have financed your home with a mortgage, there are lending standards that need to be met. This frequently includes requiring you to maintain a proper home insurance plan at all times. 

Coverage Required by Associations

If your home is located in a home association, you may be required to carry home insurance. Many home associations in the area recognize the value of home insurance. Due to this, they commonly require all owners in the community to obtain full home insurance plans. This ensures that borrowers have liability and property coverage, which can be valuable in many situations. 

Owning real estate is a good idea for Plymouth, MN residents. As you are looking to protect your home here, speaking with Anchor Insurance Agency LLP about your home insurance needs is a good decision. There are a lot of choices to make when looking for coverage here and Anchor Insurance Agency LLP can make it much easier for you. They are able to do this by providing a personalized approach to helping you pick a new plan. 

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. 

Do I still need boat insurance even if I have home insurance?

Known as the land of many lakes, Minnesota is home to many boaters. While having boat insurance is not a legal requirement, registering the boat in the state of Minnesota is a requirement. It doesn’t matter whether you live in Minneapolis, Rochester, Bloomington, or Plymouth, MN. There is no shortcut to this, as sailing without proper registration could land you into trouble and harsh penalties from the authorities.

What if I have a home insurance policy?

Some home insurance policies offer limited coverage for personal watercraft or boats in case of theft or damage. However, this coverage only applies to small boats (those without engines). In most cases, this coverage only reimburses you for damage that occurs while the boat is in your property. The type of loss covered is also limited, and you are not insured when in water.

What about injuries to another party?

If you damage other people’s property or injure another person, home insurance can help pay a limited amount, which may not be enough to cover for medical bills and legal expenses in case you are sued. Remember, your boat has to be small, non-motorized, such as kayaks and canoes, to be covered. That’s why you need to find a more robust watercraft coverage. Anchor Insurance Agency LLP can help you shop for the right boat insurance.

How much boat insurance do I need?

Boat insurance is similar to home insurance and auto insurance. You will be covered when another person is injured in your boat, and just like auto insurance, you can buy both collision and comprehensive coverages along with the property damage and bodily injury. In addition, some boat policies offer coverage for fuel-spill clean-up, salvage costs, and damage from water sports.

If you are still not sure of how to insure your boat, Anchor Insurance Agency LLP can help take you through the process. Feel free to visit us at Plymouth, MN today!



Are Backyard Structures Included In Home Insurance?

When you’re exploring home insurance for your home in Plymouth, MN, it’s important to look at what is and isn’t covered. There are several things covered in a traditional policy. However, you can choose to customize your policy – and that’s where Anchor Insurance Agency LLP can help. We can make sure that anything in and around your home is part of your policy.

A Basic Home Insurance Policy

When you buy home insurance, it is going to cover several things, including:

  • Basic dwelling
  • Personal belongings
  • Liability

However, backyard structures, including detached garages, sheds, and even hot tubs will not be covered in a standard policy. That doesn’t mean you can’t add them. These items can be added at any time once you have a policy so that, if something does happen, they can be part of the insurance claim that you make.

Covering Everything You Own

It’s important that a policy is customized to meet the needs of your home as well as your budget. If you have any kind of backyard structure, it should be a part of your policy. Otherwise, you run the risk of a claim being denied because you didn’t have sufficient protection. The structure could get damaged or it could be the thing that causes the damage. Either way, it should be on your policy.

Various riders and coverage increases can be encompassed within your policy. This is why it’s helpful to work with an independent insurance agent. We can build a policy that provides you with greater peace of mind. Plus, we can shop the various insurance companies that write policies in Minnesota to ensure that you get the coverage that you need.

Contact us at Anchor Insurance Agency LLP today to learn more about making sure that your home insurance encompasses everything on your property in Plymouth, MN. 

Why Consider Home Insurance in Plymouth MN?

Whereas a home is one of the largest investments in many people’s lives, insuring it is not mandatory. Nevertheless, despite its enormous value and importance, a home is also vulnerable to various risks such as vandalism and brutal storm among others. Here are some reasons you should consider home insurance in Plymouth, MN.

You don’t have to worry about loss

Despite the value of your home, it is susceptible to a multitude of hazards such as thunderstorms, hurricanes, and fire among others. In case of any damage on the entire or part of the house, your insurance coverage can help you to repair and replace damaged parts without incurring an extra cost. At Anchor Insurance Agency LLP, we can make you think less about your home even in times of natural calamities.

It may be a prerequisite

A home insurance is a must-have when you have a mortgage. No mortgage company will fund or refinance your home without examining whether your property is fully insured. In this case, your lender’s investment is guarded against any loss or damage.

The Consumer Financial Protection Bureau gives the responsibility of insuring your uninsured home to your lender. You then pay the lender for that cost. The major disadvantage here is that the lender may go for an expensive policy even when you can find an inexpensive agency in Plymouth, MN with more coverage.

It covers more than your house

Often, your home will be damaged together with some of your personal belongings stored inside. If any of your items such as appliances, electronics, and more are stolen or damaged by a covered risk, we can fully compensate you. At Anchor Insurance Agency LLP, we ensure you have all your items back in case of any loss due to a covered hazard.

For more information about home insurance, feel free to contact us.

What Does Actual Cash Value Mean in Relation to Home Insurance Claims?

When a home insurance company is providing you with money to replace goods that you have lost, they base the value of these items on the actual cash value. There are a number of reasons why you may have items that are damaged or missing. There may have been a fire in your home or your home may have been burglarized. Regardless of why, learning what actual cash value means can help you determine how an insurance company values your belongings and determines how much to pay you after you file a claim.

Actual cash value means how much it will cost to replace the items, or how much similar items sell for. For example, if you paid $500 for a couch two or three years ago, that couch is no longer worth $500. You could easily buy a two to three-year-old sofa for $200 to $300. As such, the actual cash value of your sofa would be the $200 to $300. Ultimately, this helps to ensure you get the same item that you had.

If you have valuable belongings in your home, such as expensive jewelry, art work or antiques, you may want to have each of these items appraised and covered separately from your home insurance policy. This helps to ensure that you receive the full value of these items.

If you are in the market for a new home insurance policy in the greater Plymouth, MN area, visit Anchor Insurance Agency LLP. We can help you determine how much coverage you need and put together a policy that fully protects you. Call us today for a free quote or visit our office to allow us to start drawing a policy up for you.