Do I Need To Get My Condo Insurance Through My Mortgage Lender?

Most lenders won’t provide coverage for a unit that you own. Thus, you’ll probably want to purchase condo insurance through a third party. 

Some lenders may offer a condo owner’s policy, but make sure to compare the cost and coverage of that policy to the cost of purchasing condo insurance through a third party. For questions in Plymouth, MN, don’t hesitate to visit Anchor Insurance Agency LLP. 

What Much to Know 

If you’re financing your purchase, you may want to consider a warranty program. These programs typically have a minimum purchase amount and may not cover anything above that amount. 

Most lenders require that the mortgage be insured through the Lender’s policy. If you decide to go with a non-Lender’s policy, you will need to get a quote and ensure that it meets your needs. 

The majority will require that a certain percentage of your closing costs be paid with a credit card, cashier’s check, or other non-mortgage payment methods. If your regular mortgage payment does not meet this requirement, you may need to find an alternative lender. 

Most mortgage lenders require that their clients purchase condo insurance on top of their mortgage package. This is because condo units are legally protected in the same way as residential homes. 

You will likely have to foot the bill if your condo is damaged or destroyed. Keep in mind that condo insurance may cost between $10 and $20 per month, depending on your mortgage rate and the value of your unit. 

Some lenders require buyers to purchase condo insurance, while others prefer that the buyer purchase their coverage. Condos are a higher risk than most homes because they’re multi-unit buildings. 

If you’re living in a condo, it probably makes sense to get your insurance. 

Key Takeaways 

Suppose you have a mortgage through a broker or a licensed lender. In that case, your mortgage broker or licensed lender will be responsible for ensuring your mortgagee (the lender) has the correct amount of insurance on your property. 

Most mortgage companies will require that the mortgagee have some form of condo or building insurance covering the building. 

Most lenders require that the mortgagee have condo insurance on the building in the amount of at least 10% of the value of the building. For help in Plymouth, MN, Anchor Insurance Agency LLP is your pal.

What Are the Risks of Not Having Renters Insurance?

Everyone knows that it’s important to have car insurance, health insurance, and life insurance. But what about renters insurance? Many people don’t even know that renters insurance exists, but it can be one of the most important forms of protection for you and your belongings.

Here are just a few of the risks of not having renters insurance.

1. Your Landlord’s Insurance Does Not Cover You

As a renter, you might think that your landlord’s insurance policy will cover your belongings in the event of a fire, theft, or other disasters. However, this is not the case. Landlord insurance only covers the structure of the rental property itself, not the belongings of the tenants. This means that if a fire destroys your apartment, you will not be compensated for the loss of your belongings unless you have renters insurance.

2. You Could Be Sued for Accidents on Your Property

If someone is injured while they are on your property, you could be held liable. If you don’t have renters insurance, you would have to pay for any medical bills or damages out of your own pocket. Even if the accident was not your fault, you could still be sued and end up having to pay thousands of dollars. Renters insurance can help protect you from these kinds of lawsuits.

3. Your Could be Evicted

Some landlords require their tenants to have renters insurance. If you don’t have it and your landlord finds out, you could be evicted from the rental property. This is especially true if there is any damage to the property that is not covered by your landlord’s insurance.

4. You Could Lose Everything

If you don’t have renters insurance, you could lose everything regardless of much or how little you have. This includes all of your belongings, furniture, clothing, and electronics. If you have renters insurance, you will be compensated as per your policy for any losses that you incur. Anchor Insurance Agency LLP can help you navigate through the process. 

Get Renters Insurance in Plymouth, MN 

As you can see, there are a lot of risks associated with not having renters insurance. If you’re a renter, be sure to get a policy to protect yourself and your belongings. Anchor Insurance Agency LLP in Plymouth, MN can help you find the right policy for your needs. Give us a call today to get started.


4 Add-ons to Consider for Motorcycle Insurance

If you are an adrenaline junkie, riding a bike in Plymouth, MN could be one of the best ways to satisfy your thirst. However, accidents can happen when enjoying your bike. And for this reason, you must invest in motorcycle insurance to come to your rescue when bad things happen. While you always expect your motorcycle insurance to help you out, sometimes, it’s never the case since your bike insurance has exclusions and limitations. However, there are specific "add-ons" or "riders" you can consider to boost your motorcycle insurance. Let’s look at some courtesy of Anchor Insurance Agency LLP.

Zero depreciation

If your bike is stolen or totaled in an accident, you would like a replacement equivalent to your current bike. However, typical motorcycle insurance will compensate your bike after deducting the depreciation factor. This means you have to cover the difference from your pocket if you want another bike. But the good news is that you can cushion yourself against depreciation by investing in zero depreciation coverage.

Umbrella insurance

Do you own a bike, and you are a high-net-worth individual? You might need umbrella insurance to protect you when sued. Umbrella insurance takes over from where your conventional liability coverage leaves off, protecting your assets and earnings.

Roadside assistance

Your bike is excellent, but it isn’t faultless. Your bike can have a breakdown many miles away from your residence. The reasons for the breakdown are many, including a dead battery, running out of gas, tire puncture, electrical mishaps, etc. Whatever the reason, we can always come to your rescue when you have roadside assistance.

Engine protect

This policy pays for the replacement or repair of your engine after it’s damaged through waterlogging, oil leak, or any other factor listed in your policy.

Learn more about motorcycle insurance in Plymouth, MN

Still not sure which "add-on" is suitable for your case? Don’t worry. Anchor Insurance Agency LLP will help you every step of the way as you shop for motorcycle insurance.

5 Facts about Plymouth, MN boat insurance policies

To explore the "Land of 10,000 Lakes" properly, you’ll need a boat. But, in Minnesota, you should have boat insurance too.

Before you head for open waters, make sure you’re protected. Serving Plymouth MN, Anchor Insurance Agency LLP understands that waterways are much more enjoyable when you have the peace of mind that only boat insurance can provide.

To stress this importance, Anchor Insurance Agency LLP lists five facts about boat insurance.

Boat insurance covers any watercraft.

As the name implies, boat insurance is designed to protect any motorized watercraft from damage or loss. To achieve this, most policies include collision and comprehensive coverage.

But the benefits don’t stop there.

Boat insurance covers so much more. These policies shield you, your guests, and other boaters. Bodily injury and property damage liability is the primary way that boat insurance secures you and your assets.

Boat insurance isn’t required in Minnesota.

While it’s not mandated, boat insurance is still encouraged. The security and peace of mind these policies provide far outweigh the risk of going without it.

Home insurance isn’t enough coverage.

Some homeowner’s policies will also extend to your boat. However, this offers only limited protection. Only a dedicated boat insurance policy can provide full coverage.

Keep boat insurance all year.

Don’t let your policy lapse during the off-season. Although canceling your boat insurance over the winter can seem like an easy way to save money, problems could still arise. Accidents can still happen even in storage. Vandalism, theft, and other natural disasters could cost even more in the long run.

Contact an agent serving Plymouth, MN

Anchor Insurance Agency LLP knows that inadequate coverage can weigh you down. But their expert agents can throw you a lifeline, by providing a personalized boat insurance policy. Schedule an appointment today.

Who should get umbrella insurance in Minnesota?

Anyone that is in the Plymouth, MN area will find that proper insurance support is very important. If you are looking to enhance your personal insurance protection, getting an umbrella insurance plan is always a good idea. This type of coverage provides additional liability protection, which can be in addition to other insurance plans. There are various situations when someone should get this insurance. 

Those that Want More Coverage

A situation in which someone will want to get umbrella coverage is when they want to have more coverage. If you have an existing home or auto plan, you likely will have some liability insurance already. However, there is always going to be a risk that you could cause an accident that causes damages in excess of your policy limits. With umbrella coverage, you will obtain additional support to help mitigate this risk. 

Protection for Unpredictable Risks

While you can get liability insurance for claims under a home or auto plan, there are also liability risks that are much harder to predict. A great way that you can ensure you are prepared for the unexpected is by getting umbrella coverage. With this additional support, you will receive proper protection as umbrella coverage is much broader. This can help you prepare for risks that are harder to predict. 

People that are in the Plymouth, MN area will always benefit by having an umbrella insurance plan. If you are evaluating your insurance options and want to learn more about this unique form of coverage, calling Anchor Insurance Agency LLP will be a great idea. The team with Anchor Insurance Agency LLP can help you better assess your needs for this coverage. They will then provide the guidance needed to build a plan that will properly protect your home. 

Top 5 reasons to get condo insurance

If you own a condo in Plymouth, MN, you might not think of extra coverage since you already contribute to the condo owners association (COA) master policy. The reality is that the COA policy covers damages and liabilities occurring in common areas such as the swimming pool and the lobby. For losses or damages happening inside your condo, that’s your headache. For this reason, condo insurance from Anchor Insurance Agency LLP becomes a must-have investment to protect you when the unexpected knocks on your doors.

Here are the top 5 reasons you need to draw your check and invest in condo insurance.

To protect your belongings

If it were not for the electronics, furniture, and fixtures in your condo, your dwelling would just be an empty house. Since these assets mean a lot to you, it makes sense to invest in coverage that compensates you when damages and losses occur to your belongings. And that’s where condo insurance comes in.

To cover liability claims

If you, your family member, or your pet cause property damage or bodily injury to third parties, you could be held responsible for the ensuing medical or property damage costs. Luckily, condo insurance ensures you don’t incur out-of-pocket expenses when liabilities come calling.

Loss of use

If a risk listed in your condo insurance makes your dwelling unlivable, condo insurance steps in and pays for the additional living expenses you may incur while seeking temporal shelter. Costs covered include transport costs and hotel food, accommodation, and laundry.

To cover the interior of your condo

The master policy covers the exterior of the building, but for the inside, you are responsible for the damages. Condo insurance covers the interior of your building, including the walls, fixtures, and fittings.

Loss assessments and deductibles

Should the COA policy fail to cover the claims, condo owners can be assessed to cover the additional cost. Thankfully, you don’t have to incur this from your pocket if you have condo insurance.

Ready to invest in condo insurance? Please get in touch with Anchor Insurance Agency LLP of Plymouth, MN for an affordable condo insurance policy.

A Guide To Selecting An Umbrella Insurance Policy For Your Small Business

Most small business owners have general liability policies or small business insurance policies in place to protect their businesses against unforeseen perils. In cases where the general liability plan doesn’t cover all the legal fees and expenses incurred, you will need umbrella insurance to act as a second line of defense in addition to the already existing policies. Anchor Insurance Agency LLP provides umbrella insurance for small businesses in Plymouth, MN.

Selecting An Umbrella Insurance Policy For Your Small Business

Commercial umbrella insurance for small businesses offers additional liability coverage for general liability policies. In case you are sued, umbrella insurance offers additional funds to cater for lawsuits and other damages.

Do I need umbrella insurance?

Umbrella insurance policies supplement the coverages provided by commercial auto insurance, general liability insurance, and employer’s liability insurance. It is a safety net for small business owners and the second line of defense when you require extra protection on claims that exceed the limits of your primary liability policies. 

Consider your business needs

Standard insurance policies are designed to cover most small businesses’ needs, but it will give you more peace of mind when you have extra protection. If there are situations that aren’t covered by standard insurance, an umbrella policy expands coverage with monetary coverage limits.

The type of coverage

Umbrella policies are unique depending on the type of business and the business needs. There is no one-size-fits-all, so you need to be careful about the type of coverage you choose for your small business. Depending on the nature of your work and how much you can pay for this umbrella protection, you can save yourself massive financial binds with an umbrella insurance policy.

Are you considering getting umbrella insurance for your small business in Plymouth, MN? Consult with Anchor Insurance Agency LLP to get an umbrella insurance policy to help cover the claims that aren’t covered by other liability coverages.

Why Every Condo Owner Needs Condo Insurance

Condo insurance is one of your responsibilities as a condo owner. Chances are that your mortgage lender requires you to have this insurance. If not, your condo board certainly will. If you don’t have condo coverage yet, call us now at Anchor Insurance Agency LLP in Plymouth, MN 

Coverage for Your Condo

There are several coverage types that are all rolled up into one policy. One of these is protection for the condo itself. Unlike home insurance, it doesn’t cover the entire building. The exterior walls and generally not covered under these policies. The exception is that you have made an improvement to the outside and need to cover that. When you get your condo covered, it usually covers the inside part of the outer walls and inward from there. This depends on whether you own what’s inside the outer wall, though. If so, that area, which includes electrical wiring and plumbing pipes, will have to be covered by your policy as well. 

Protect Your Belongings

All of your possessions that are inside the condo are also covered by your condo policy. If something were to happen that destroys or damages your items, your condo insurance would pay for you to repair or replace your items. This coverage comes in handy after a covered incident like a disaster that could ruin all of your belongings. And without your policy, you would pay for it all. 

Liability Coverage

Condo policies also have a component that is for your liability. If someone were to be inside your condo and have an accident, they may have medical bills due to injuries. And chances are that you are liable for paying those bills. With condo insurance, the policy pays them. 

Get Condo Coverage

If you own a condo and don’t have insurance for it yet, call us at Anchor Insurance Agency LLP in Plymouth, MN.

Anchor Insurance Agency LLP Life Insurance

Life insurance covers money after the insured person’s death or after the agreed time. In Minnesota, it is essential because it ensures the person’s family’s risk of monetary loss is mitigated when death occurs. Also, individuals may decide to get their cash at some point in life. According to Plymouth, MN residents, it is the best way to rest assured that the children’s and loved one’s financial situation is secured in case of death. Please get in touch with our agents at Anchor Insurance Agency LLP to get life insurance that meets the policyholder’s needs.

Is Life Insurance Mandatory in Minnesota?

This coverage is not legally compulsory in Minnesota. However, life insurance has been part of life planning and very important, especially for individuals with young children and those with loved ones who are physically disabled. Therefore, buying spectacular life insurance in Plymouth, MN is vital because it harbors various benefits, including:

Life Insurance Payouts Are Tax-Free.

In case of the insured’s demise, the beneficiaries get a lump sum in the form of a death benefit. The citizens of Plymouth MN are assured by the insurance company that the final death benefits are not taxable income, and the money is not reported when filing their tax returns.

Caters to Beneficiaries’ Living Expenses.

Residents of Minnesota do not have to worry about those depending on them to undergo any form of financial suffering. They get peace of mind knowing that in case of anything, their living expenses are covered. It is every person’s happiness to know that their loved ones are in good care.

It pays for final expenses

Paying for a funeral can be challenging, especially for the citizens in Minnesota who do not have enough savings. However, the beneficiaries can get the cash to pay for the funeral expenses from the money in the life insurance company. The Anchor Insurance Agency LLP provides the final expense coverage.

The Insured Can Cover For Chronic and Terminal Illnesses.

If the insured is diagnosed with a terminal ailment and is expected to live for just 12 months, their medical bills are covered under their life insurance. This concern is a great way to show that the insurance company cares for the well-being of its members.

Life insurance is the best deal one can have for themselves. Life is not guaranteed. Think about the living dependents. To ensure peace of mind and continued care for the dependents, it’s imperative for Plymouth, MN residents to contact our agents at Anchor Insurance Agency LLP to get more information about life insurance. Visit us today, and you won’t regret it.

Commercial Insurance & Product Liability

When you own a business, the last thing you want is to be held responsible for a faulty product. Even companies that do not manufacture products can be held responsible for them. Commercial insurance and product liability coverage can help in this matter.

Anchor Insurance Agency LLP, which serves Plymouth, MN, understands that product liability can be a tricky subject. Until you speak with an insurance agent about your own policy, there are a few things you should know.

How Does Product Liability Insurance Help Your Business?

Product liability insurance is meant to cover the expenses associated with an injury caused by a product you distributed, sold, or created. If a product is determined to have caused injury or property damage, product liability insurance might be used to cover these expenses. These injuries could include bodily injury, illness, or wrongful death. Each policy has its own stipulations, so paying attention to liability limits is important.

Does Your Business Need Product Liability Insurance?

Whether you sell, distribute, or create a product, you should consider liability insurance. This kind of insurance policy protects you from being forced to pay a settlement or legal fees. Even if your business is completely innocent and is not doing anything illegal, you benefit from having product liability insurance.

Speak With an Insurance Agent About Product Liability

If you need commercial insurance, including product liability coverage, you should speak with a professional. Whether you are a product manufacturer or a retailer, you should consider getting product liability coverage.

If you live in Plymouth, MN, contact Anchor Insurance Agency LLP to learn more about your insurance options. Commercial insurance can protect your business.