Insurance Blog

Insurance Blog

Category: Insurance

Is Damage to Accessories Covered by Motorcycle Insurance?

Posted on by agentinsure

Motorcycle riders often add accessories to make their bikes safer, more comfortable, or more customized to their preferences. When something goes wrong, the question becomes whether those accessories are protected under a standard motorcycle insurance policy through Anchor Insurance Agency LLP, serving Plymouth, MN. The answer depends on how the bike is insured and how much coverage the rider selected at the start of the policy.

Core Parts Coverage

Most basic motorcycle insurance policies focus on the core parts of the bike. That usually includes the frame, engine, wheels, and factory-installed components. Accessories, however, fall into a different category. Items such as custom seats, upgraded exhaust systems, backrests, saddlebags, aftermarket lights, and added electronics are often considered enhancements rather than essential parts. Because of that distinction, they may not be included automatically.

Optional Accessories

Many Minnesota riders choose to add optional accessory coverage so custom parts are protected if they’re damaged in a covered accident. This coverage is typically offered as an add-on and can be adjusted based on the value of the upgrades. It usually applies to both factory-installed options and aftermarket equipment, as long as the rider lists or documents what has been added. Without this extra coverage, the insurance company may only pay a small default amount, which often doesn’t come close to the full value of the accessories.

Claiming Damage

It’s also important to understand how claims work. If the bike is damaged in a collision or other covered event, the insurer will evaluate the accessories separately from the main structure of the motorcycle. Riders who have kept receipts or photos of their upgrades generally have an easier time getting accurate compensation.

Minnesota riders who have invested in custom parts should review their policies and confirm that the amount of accessory coverage aligns with what they’ve added. A quick conversation with a local agent at Anchor Insurance Agency LLP, serving Plymouth, MN, can help make sure everything is protected before the riding season begins.

Why Is Liability Insurance Often Overlooked in Boat/Watercraft Insurance?

Posted on by agentinsure

In Minnesota, many residents own a boat or another form of watercraft. If you’re a boat owner, it’s essential to cover not just your own boat, but your liability if you damage someone else’s boat or cause bodily injury. If you’re located in Plymouth, MN, Anchor Insurance Agency LLP is here for you. We’ll work with you to ensure you are adequately covered, whether you use your boat seasonally, recreationally, or year-round.

Mistakes Homeowners Make

Unfortunately, some Minnesota homeowners mistakenly believe their boat or watercraft is covered by their homeowners policy. This is not often the case, as many of these policies only provide limited coverage. Liability insurance will protect you if your boat accidentally causes injury or suffering to another person or damage to another person’s property. Without the right insurance policy, any boating incident can lead to repair costs, legal fees, and extensive medical bills. 

Misunderstanding Risk

For many boat owners, underestimating the power of a watercraft accident is another reason why liability insurance is often overlooked. While you may relax in your boat most of the time, unpredictable weather, crowds, and unexpected guests can increase the likelihood of an accident or damage to your vessel. Comprehensive protection matters for those who also lend their boat or watercraft to friends and family members. 

Understanding why liability insurance is often overlooked when protecting boat investments in Plymouth, MN, is crucial for anyone who owns a boat or watercraft. Even if you’re a new boat owner, the right insurance policy can make all the difference. To learn more about your options when it’s time to renew or obtain boat insurance, contact Anchor Insurance Agency LLP for your quote and consultation. 

Why Umbrella Insurance Is Especially Useful for Dog Owners

Posted on by agentinsure

Your furry friend brings joy to your family, but as a responsible dog owner, you need to consider the potential liability risks that come with pet ownership. Even well-behaved dogs can react unpredictably in certain situations, and when incidents occur, the financial consequences can be devastating. Anchor Insurance Agency LLP in Plymouth, MN helps dog owners understand how umbrella insurance provides crucial protection beyond standard homeowners coverage.

Dog Bite Statistics Are Sobering

The average dog bite claim costs around $50,000, with some cases reaching hundreds of thousands of dollars. These incidents can happen anywhere, whether at your home, during walks, or when friends are watching your pet. Your homeowners’ insurance typically covers dog-related incidents, but most policies have liability limits between $100,000 and $500,000. When medical bills, plastic surgery, lost wages, and legal fees add up, these limits can be quickly exhausted.

Liability Risks Beyond Bite Incidents

Dogs can cause liability issues in other ways, too. Your energetic pup might knock down an elderly neighbor, chase a cyclist into traffic, or cause someone to trip while avoiding them. If your dog damages someone else’s property or causes an accident, you could be held responsible. These scenarios often result in claims that exceed typical homeowners’ policy limits.

Comprehensive Protection for Dog Owners

Umbrella insurance typically provides an additional $1 million to $5 million in liability coverage, offering protection when your primary insurance isn’t enough. The cost is relatively modest compared to the potential financial exposure you face as a dog owner.

Don’t let your love for your pet put your financial future at risk. Contact Anchor Insurance Agency LLP in Plymouth, MN today to learn how umbrella insurance can protect you from unexpected costs while letting you enjoy life with your four-legged companion.

Who Pays For Condo Insurance: The Owner Or HOA?

Posted on by agentinsure

Owning a condo in Plymouth, MN, is an exciting milestone. Condos offer the opportunity to own your own space without the larger responsibilities of maintaining a house. They provide just enough room for yourself or your family, and many include shared amenities for residents. However, it’s important to understand how insurance works before purchasing one.

Personal Policy

When it comes to insurance, both the condo owner and the HOA or regulatory body are responsible for coverage. Condo owners are required to purchase a personal condo insurance policy. This policy covers personal belongings inside the residence and can also provide liability coverage for lawsuits stemming from accidents on their property.

Master Policy

Most condos have an HOA or a regulatory body, such as a condo association, that is responsible for obtaining a master insurance policy. This policy covers the building itself, shared amenities, and other areas that are not the responsibility of individual condo owners.

For example, if a swimming pool is damaged during a storm, the master policy would cover the repairs. Similarly, it would cover expenses for a new roof. Both the HOA and condo owners should ensure they obtain insurance through a reputable company, such as Anchor Insurance Agency LLP.

Additional Expenses

Condo owners may face additional expenses related to the master policy, so it’s important to review the fine print carefully. HOAs may require owners to contribute a set amount each month to help pay for the policy. If the master policy doesn’t provide enough coverage for certain repairs, such as a new roof, the HOA may ask all condo owners to pay a percentage of the remaining costs.

Take the time to learn about condo insurance before signing any agreements. Experienced agents at Anchor Insurance Agency LLP can answer your questions and guide you through the process. Contact us today. We proudly serve the Plymouth, MN, area.

When Is the Right Age to Get Life Insurance?

Posted on by agentinsure

Life insurance is often associated with older individuals, which makes sense since end-of-life planning is typically a concern for those thinking about their family’s future after they pass. However, is there a specific age when it’s appropriate to purchase life insurance? Do you need to wait until you’re older to get life insurance for yourself and your family? Let’s address some common misconceptions about life insurance to help you make the right choice for your lifestyle. When you’re ready to start shopping, begin with us at Anchor Insurance Agency LLP in Plymouth, MN!

When Should You Purchase Life Insurance?

Contrary to popular belief, life insurance needs are not determined by age but by familial and financial responsibilities. For instance, if you’re a single individual with no dependents, you may not need life insurance since there’s no one relying on you financially. On the other hand, if you’re in your early 20s, have a spouse and children, and work in a high-risk industry, life insurance becomes a smart investment. In this scenario, your family may depend on your income, and a life insurance policy can provide financial security in case of an accident.

Simply put, the need for life insurance is based on whether anyone depends on you financially. If you have dependents, a life insurance policy can be a valuable tool to protect their future.

Keep Your Family Safe With Anchor Insurance Agency LLP

If you want to ensure your family is financially protected in the event of an accident, come to Anchor Insurance Agency LLP in Plymouth, MN. We’ll help you find a life insurance policy tailored to your needs. Compare quotes with us today!

Can You File A Claim For Petty Theft?

Posted on by agentinsure

Business owners rely on selling inventory to generate revenue, but issues like petty theft can create financial challenges. While pressing charges is an option, it often doesn’t result in recovering the stolen money or items. Can your commercial insurance help in these situations? Should you file a claim?

Understanding Commercial Insurance Coverage

Commercial insurance policies vary in their coverage for petty theft. Many policies cover burglaries but often exclude employee theft or petty theft. However, some policies include a commercial crime insurance provision, which may cover petty theft.

It’s essential to speak with an insurance agent at Anchor Insurance Agency LLP to determine whether your policy covers petty theft. Business owners in Plymouth, MN, who find that petty theft is covered should consider several factors before deciding whether to file a claim.

Evaluate Your Deductible

Petty theft typically involves the loss of items with low monetary value. When filing an insurance claim, you’ll need to pay a deductible. Compare the deductible amount to the value of the stolen items to ensure it’s worth filing the claim. If the deductible exceeds the value of the stolen goods, filing a claim may not be beneficial.

Consider the Number of Claims

Most insurance companies require a separate claim for each instance of theft. Business owners typically cannot file a single claim for multiple instances of petty theft. Instead, you may need to file individual claims, each of which requires payment of a deductible. Over time, filing multiple claims for petty theft can become more expensive than the value of the stolen items.

Impact on Premiums

Filing numerous claims can lead to increased insurance premiums. Before filing a claim for petty theft, consider whether the long-term cost of higher premiums outweighs the value of the stolen items. In some cases, it may be more cost-effective to absorb the loss rather than file a claim.

Agents at Anchor Insurance Agency LLP can help you assess whether filing a claim for petty theft is worth it. We’ll provide insights into how claims may impact your premiums and whether filing a claim will save you money in the long run. Contact us today to learn more. We proudly serve the Plymouth, MN, area.

What Types of Floods Are Covered and Not Covered By Home Insurance?

Posted on by agentinsure

If you’ve ever wondered whether your home insurance covers flood damage, you’re not alone. It’s one of the most common questions homeowners ask, especially during storm season. At Anchor Insurance Agency LLP in Plymouth, MN, we believe it’s essential to understand what your policy does and doesn’t include when it comes to flood protection.

The Limits of Standard Policies

Here’s the reality: standard homeowners insurance generally does not cover flood damage caused by natural disasters. If a river overflows, a hurricane hits, or heavy rain floods your basement, your typical policy won’t provide coverage. Protection against these events usually requires a separate flood insurance policy, often backed by the National Flood Insurance Program (NFIP) or a private insurer.

What Is Covered?

While natural flooding isn’t included in most home insurance plans, certain types of water damage are. For example, if a pipe bursts in your home or your washing machine overflows, that water damage is typically covered. The key difference lies in the source: if the water originates inside your home, you’re usually covered. However, if the water comes from outside, such as rising groundwater or a storm surge, you’ll need flood insurance.

Don’t Wait Until It’s Too Late

Flood risks vary depending on your location, but even low-risk areas can experience unexpected flooding. That’s why it’s important to review your current coverage before disaster strikes.

At Anchor Insurance Agency LLP in Plymouth, MN, we’ll help you understand your policy and explore flood insurance options that make sense for your home. Contact us today to ensure you’re protected—rain or shine.

Does My Condo’s Insurance Include Coverage for Renters?

Posted on by agentinsure

If you’ve found the perfect condo to rent in Plymouth, MN and have queries about insurance, consult with one of our Anchor Insurance Agency LLP agents about renter’s insurance and what a policy encompasses.

Condo Owners and Insurance Coverage

The condo association where the rental property is located has insurance that covers the building and its common areas. This coverage is known as the master policy.

An individual who owns and lives in a condo will have condo insurance, which covers the owner’s personal belongings. If the condo unit owner decides to convert their unit into a rental, they will need to consult with our agents about obtaining landlord insurance.

A landlord insurance policy safeguards the condo unit owner from liability if something happens to the person renting the condo unit and the owner is found to be at fault.

Once the condo unit is rented out, the renter(s) will need to secure rental insurance.

Insurance Coverage for Condo Renters

A renter’s policy is crucial, particularly if you want to protect yourself. As a renter, you will want personal liability coverage in case you are liable for an unintentional injury or accident. The coverage helps cover the injured person’s medical bills. The policy will also pay if you are found responsible for damage to another person’s residence.

A standard policy for renters’ insurance also covers your personal belongings and loss-of-use.

Contact Us

Whether you are relocating across town to a new residence or moving to Plymouth, MN, and planning to rent a condo, let Anchor Insurance Agency LLP guide you in obtaining suitable insurance coverage for protecting your personal property and liability-related issues.

Four Things to do Before You Take Your Bike Out This Spring

Posted on by agentinsure

As the weather begins to warm up, you might be eager to take your motorcycle out for a ride. However, before spring arrives, there are a few things you need to do before you embark on that first journey.

1. Change Your Oil

After your bike has been idle all winter, it’s advisable to flush out the old oil and replace it with fresh oil before your first ride. This ensures that your engine is free from any debris. Remember to change the filter when you change the oil. Replacing the filter every time you change the fluid is essential, so don’t skimp on this.

2. Check Your Lights

Before hitting the road, ensure all your lights and blinkers (if applicable) function correctly. Visibility is crucial when you’re on the highway, especially if you’re riding early in the morning or at dusk. If you need new bulbs, replace them before your ride.

3. Check Your Tire Pressure

A significant concern for bikes that have been in storage all winter is the condition of the tires. Ensure you have adequate tire pressure before you head out. The pressure has likely dropped in the tires due to the weather changes over the cooler months.

4. Inspect Your Gear

Ensure that your helmet and reflective wear still fit and are in good condition. Check these items in case you need to order a new helmet or replace worn-out gear.

If you’re in or around Plymouth, MN, contact us at Anchor Insurance Agency LLP for a quote on motorcycle insurance today.

The Importance of Boat Winterization and Insurance Coverage in Plymouth, MN

Posted on by agentinsure

When the temperatures start to drop in Plymouth, MN, boat owners know it’s crucial to winterize their boats and outdoor watercraft properly. Proper winterization can significantly improve a boat’s original condition and keep insurance coverage costs as low as possible. Understanding the role boat winterization plays in insurance coverage in Plymouth, MN, can help you better prepare for the cold months each year.

The Importance of Boat Winterization

Winterizing your boat is beneficial for several reasons:

  • Protection: Proper winterization protects and preserves your boat, which can reduce repair and replacement costs.
  • Insurance Claim Denial Prevention: Taking the necessary steps to winterize your boat will reduce the risk of a claim denial. Most boat insurance policies include a winterization requirement clause. If you choose to avoid or ignore the winterization of your boat, you’re more likely to experience issues such as hull damage or, in some instances, even cracked engines. These problems are typically considered preventable by many insurance agencies, which can result in a denial of your claim.

Winterization Steps

  • Draining/Flushing: Draining and flushing water from pipes, the engine, and the bilge helps prevent freezing in the winter.
  • Antifreeze: Adding antifreeze (marine-grade) is a way to protect both plumbing and engine systems.
  • Cover: Clean your boat and use a protective cover.
  • Battery: Storing (after you remove) your boat’s battery will protect its original charge.

As a boat owner in Plymouth, MN, taking winterization seriously is imperative, whether you own a single fishing boat or you’ve invested in a mini-luxury yacht for you and your family. Understanding the importance of winterization and how it impacts insurance coverage is crucial as a recreational, seasonal, or professional boater. For more information on boat winterization and how to optimize your current boating insurance policy, contact Anchor Insurance Agency LLP today.

Archives

Categories