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.