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.

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.