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. 

Benefits of Renters Insurance

Renters insurance is a valuable tool.  Many believe that because their apartment owner has insurance on the building, renters insurance is unnecessary.  That’s not true.  The apartment owner insures the building but not it’s contents.  So if a disaster occurs that damages the building, none of your furniture, electronics, or personal items will be covered by the building’s policy. Preventing a financial disaster after the disaster is where renters insurance helps. At Anchor Insurance Agency LLP, our agents work with renters throughout the Plymouth, MN area. They can help you understand your policy options and get the right coverage.   

Renters insurance is very affordable.  For a low cost, everything you have in your apartment will be protected.   Beyond damages from a fire or severe weather, renters insurance has additional benefits.  It covers your items from theft or vandalism.  If your laptop is stolen while at the neighborhood coffee shop, it’s covered.  Also, it covers items harmed by incidents such as electrical damage or broken pipes.  It will not cover any items damaged due to neglect or flooding.  When considering coverage, a comprehensive inventory of your personal possessions needs to be done.  It takes a little effort but the investment is worth it. 

You may not have considered renters insurance before but it provides many benefits.  Our team at Anchor Insurance Agency LLP works with renters throughout the Plymouth, MN area.  We work hard to get you the best coverage for an affordable rate.  To get started, peruse the information on our website.  Then contact us for more information.  Our agents can answer any questions you may have and recommend several coverage options.  It’s always a good idea to protect the things that mean a lot to you.  Call today to speak with us!

Before You Ride: Motorcycle Insurance on the Open Road

Motorcycles can provide a beautiful experience of freedom and exhilaration. Feeling the rumble of the engine, the rhythm of the tires, and the wind rushing towards you provides the ultimate serene getaway. 

Many new motorcycle owners can’t wait to get their first taste of the winding freeways and scenic state roads. But before you begin your adventure, be sure to pick up motorcycle insurance from a trusted, community provider such as Anchor Insurance Agency LLP.

Plymouth, MN residents know that winters can bring brutal cold, and so they want to take advantage of sunny spring days and crisp fall afternoons. But before taking your new motorcycle out on the road, it’s important to connect with an insurance agent who can provide motorcycle insurance to keep you protected.

Your pristine new bike might be your favorite new toy, but unfortunately, accidents can happen. That’s why it is important to reach out to Anchor Insurance Agency LLP before you ever take a ride with your new motorcycle. 

It is so easy to learn about the insurance you need to stay protected. Simply navigate to Anchor Insurance Agency’s web page and request a quote. You will soon be contacted by an agent who is invested in your safety and wants to make sure your insurance needs are met. 

New motorcycle owners may not realize that it is important to maintain insurance on your bike during the months of storage in a garage or shed. That’s because damage can occur even when the vehicle is not being ridden. Contact your Plymouth, MN insurance agent to make sure you understand the different types of motorcycle insurance and the positive impact this insurance will have upon the life of your bike.

Reach out today to connect with an agent and receive a quote before you take your bike out on the road. You’ll be glad you did!

Reasons to Consider an Umbrella Insurance Policy

Here at the Anchor Insurance Agency LLP serving the Plymouth, MN area, we take a lot of pride in knowing we go out of our way to help our clients. One of the best ways to do this is by helping them understand different types of insurance policies that are available, like umbrella insurance. There’s a pretty good chance that you’ve made it far along in life to understand that nobody’s perfect. Mistakes and accidents happen on a daily basis, and no one is exempt from them. Did you know if are found at fault for an injury to another person that you can be held financially liable? This is an example of a circumstance in which umbrella insurance would be of the utmost value. Here’s a look at two reasons to consider an umbrella insurance policy.

You Might Need Umbrella Insurance

You don’t have to have umbrella insurance, but if any of the following applies to you, then carefully considering getting a policy will be to your advantage:

  • You own property
  • You have a large amount of money in savings or assets
  • Your assets could cause harm to another, such as a swimming pool
  • You engage in activities in which you could get sued: landlord, volunteer work, coaching sports teams, posting reviews about products or a business

You Travel A Lot

Another reason to consider getting an umbrella insurance policy is that its coverage applies all over the world. This is especially of benefit if you travel a lot. Want to learn more reasons to get an umbrella insurance policy? Contact Anchor Insurance Agency LLP serving the Plymouth, MN area today.

Three things to remember when you take out a condo insurance policy

Condominium owners can purchase condo insurance to protect the investment they make in their property. At Anchor Insurance Agency LLP, we offer condo insurance to consumers residing in the Plymouth, MN area. 

The following are three things you should remember if you are in the process of taking out a condo insurance policy:

Condo insurance provides added protection in addition to any condo association insurance you have.

Condo communities generally have common insurance provided to the entire condominium structure that all of the owners in the building contribute towards. This is what is known as "condo association" insurance or the "master policy" of your community. 

However, this type of insurance won’t cover residents for damage to the interior of their unit or the possessions they keep in their unit. Individual condo insurance is designed to protect these assets. 

There are three common condo association insurance types out there to be familiar with: "all in and all-inclusive", "special entity", and "bare walls in and wall studs in" policies.

Your condo insurance should cover you for anything that your condo association insurance doesn’t you for. You need to know what type of condo association coverage you have so that you can choose individual condo insurance to complement this coverage.

Before you purchase condo insurance, discuss your insurance needs with a representative from your condo association and understand exactly what is already covered through your payments to the association. 

You need more of your own coverage for "bare walls in and wall studs in" policies.

Of all the types of condo association policies, "bare walls in and wall studs in" policies typically offer the least amount of coverage. You’ll therefore probably need to invest more in your individual polices if your condo association offers a "bare walls in and walls studs in" association policy. 

If you’d like to learn more about condo insurance and find out what policies are available in the Plymouth, MN area, we’d like to know. Contact us at Anchor Insurance Agency LLP and we’ll provide you with all the information you need to choose the right condo insurance policy. 

How Does Umbrella Insurance Work?

Umbrella insurance in Plymouth, MN is additional personal liability insurance. It’s helpful if you find you are liable for a claim bigger than what your auto or homeowners insurance will cover. Umbrella insurance can also cover liability claims that the typical policies do not cover, including false imprisonment, slander, and libel. If you have rental property, your umbrella insurance can also provide protection beyond your home insurance policy.

The best way to explain how umbrella insurance works is with an example of a lawsuit in Plymouth, MN. For example, if you throw a party, one of the guests could fall on your steps outside. The guest ends up with many injuries, including a concussion and some high medical bills, so she decides to sue you. In court, the judge awards her $1 million. Your home insurance policy only has a personal liability limit of $300,000, which means you are now on the hook for $700,000. Without an umbrella policy, you have to pay for this $700,000 out of pocket and it may have to come out of your retirement account. This could be devastating and mean that you have to work an additional 10 years to replenish your account. However, if you have an umbrella policy then it covers that portion of the judgment that your home insurance doesn’t cover and your savings remain intact.

In order to have an umbrella policy, you need to have certain limits on your home and auto insurance in place. Working with an agent at Anchor Insurance Agency LLP can help you determine your risk of being sued. Certain lifestyle choices, such as having a long commute or having a pool or trampoline, can increase your chances of being sued. An agent can also help you determine how much coverage is best for you.

Contact Anchor Insurance Agency LLP to get a quote on umbrella insurance.

Can I Put A Home Security System In My Condo?

Many people believe that they can’t put a home security system in a condo or rental property. That’s not true. Although you may not be able to hardwire a system into your condo’s electrical wiring, you can put in a DIY system that offers reliable protection against intruders and even some environmental hazards. Condo owners who live in Plymouth, MN can discuss the need for a home security system with the agents at Anchor Insurance Agency LLP to get the answers they are looking for.

DIY Yourself Home Security Systems

Do-it-yourself home security systems are easy to install. Most can be put in and hooked up in less than 30 minutes. The majority of devices are 100% wireless and run on a WiFi or cellular connection giving you the opportunity to monitor your system with an app that can be downloaded to your smartphone. If you eventually move, you can take the system with you and install it in your new home.

Self-Monitoring

Do-it-yourself systems allow you to monitor your system on your own and even have devices that offer two-way voice communication. This allows you to have a conversation with your family at home or whoever is visiting outside. With self-monitoring, it’s up to you to notify the authorities if an emergency arises.

The agents at Anchor Insurance Agency LLP are ready to assist condo owners in the Plymouth, MN area get the answers they need when it comes to home security systems. With so many systems on the market, you need to find the one that works best for you. Contact an agent today to discuss your options.

5 Ways Loved Ones Can Use Life Insurance Benefits

For many people, getting a life insurance policy is the best decision they’ll ever make. If you were to unexpectedly pass on, you can have peace of mind knowing your loved ones will be taken care of. A life insurance policy from Anchor Insurance Agency LLP in Plymouth, MN can provide your family with the financial support they need to carry on. What can life benefits be used for upon your demise?

Pay Off Debts

If you’ve left outstanding debts upon passing, life benefits can help pay these off so your family isn’t left with the burden. Life benefits can be used to help pay off a mortgage, credit cards, car or furniture loans, business loans or private student loans. 

Financial Support for Everyday Living

Life benefits can supplement your lost income to provide daily financial support for your family. Your spouse can use these benefits to pay rent, buy food and clothing, pay for school needs, cover childcare and health expenses and more. 

Pay Your Funeral Expenses

Funerals can be extremely expensive. If you didn’t make arrangements in advance for your funeral, life benefits can help cover this cost. 

Help Aging Parents

Life benefits can subsidize your aging parents’ pension in their golden years to help them through retirement. If you’re helping your parents now, life benefits can continue to provide that financial support.

Support College Fund

Benefits from your life insurance policy can help put your kids or your younger siblings through college. Benefits can be put in a trust specifically for this purpose. Life benefits can help offset the high cost of college, giving your children the opportunity to get the education they need to establish a prosperous career. 

For more information on getting the life insurance policy you need, contact Anchor Insurance Agency LLP in Plymouth, MN. 

What coverage does commercial insurance offer a small business

Small business owners in Plymouth, MN face the same challenges as small business owners across the country. Having the correct commercial insurance can not only keep your business in compliance with state regulations it can help you to stay successful in the face of some of the bad things that can happen. Anchor Insurance Agency LLP has the answers about coverage that you are looking for and they are always happy to discuss them with you. 

Worker’s Compensation

Minnesota law requires all businesses to carry worker’s compensation insurance or to be self-insured.  This protects both the employee and the employer

Employment practices liability insurance

Any employer who has employees no matter how small is at risk of having a claim filed against them for wrongful termination or harassment. Your commercial insurance policy offers the option of this coverage. It can cover your legal expenses no matter whether you are found innocent or guilty. 

General liability

General Liability coverage protects you from the results of a customer who is injured on your premises or by your products.

Building coverage

If you own the building where you are doing business, you need to have coverage that will help you to repair the building if it is damaged by things like lightning, wind, fire, theft or vandalism. You will want to be back to business as usual as soon as possible. 

Business interruption

When something happens that stops your ability to do business you need to have a way to continue to meet payroll and keep the bills paid. This insurance makes all the difference. 

Commercial insurance can protect your small business from a variety of unpleasant events. If you live in or near Plymouth, MN, give Anchor Insurance Agency LLP a call or stop by their office for a no-obligation quote. They can help you to choose the right coverage for your particular small business. 

 

Why it is more important than ever to make sure you have a condo insurance

One of the best long-term investment options you can make is to buy a home instead of renting a property. For many people, an ideal type of home to buy is a condo. Owning a condo comes with a lot of amenities and advantages and can also come with fewer maintenance needs. When you are looking to buy a condo, it is very important that you have it properly covered by insurance. Today, it is more important than ever to have condo insurance and there are several reasons why.

Covers Your Asset

One of the advantages of having a condo insurance policy is that it will cover your important asset. When you buy a condo in the Plymouth MN area, you will be buying a major investment and asset. Because of this, you will want to make sure that it is properly covered by insurance. Your condo insurance policy will be able to give you the coverage that you need.

Liability

Another advantage of condo insurance is that it can provide you with liability protection. A full condo insurance policy will have a liability component that will prove to be very beneficial if someone is injured in your home and you are found liable. This will give you the financial protection that you need in these stressful and challenging situations. 

Having condo insurance in the Plymouth, MN area is clearly very important. When you are shopping for your next policy, you should come to Anchor Insurance Agency LLP. The team at Anchor Insurance Agency LLP can help anyone looking to buy a condo find an insurance policy that is right for their situation. This will ensure that you and your valuable asset are properly covered and protected.