Category: Insurance

Clients seeking renters insurance sometimes ask whether they can share their policy with a roommate. Of course, the answer is "Yes." Many companies offer shared renters insurance policies for roommates. However, just because you can do something does not mean you should. The Anchor Insurance Agency LLP team, serving Plymouth, MN, can discuss the issues and your options to find the best renters insurance for your needs.

Considerations for Sharing Renters Insurance Among Roommates

Renters’ insurance in Minnesota averages less than $10 per month. While you may be able to save money in the short term by sharing renters insurance, doing so may cost you more in the long run. For example, consider the following issues.

• Suppose your roommate suffers a loss and makes a claim. Since you share the policy, the claim will be part of your seven-year insurance record and may increase your insurance premiums long after you no longer live together.
• Roommates can relocate for new career opportunities or other reasons. However, if your roommate relocates while the policy remains in force, the entire premium still needs to be paid.
• Roommates sometimes own possessions with different values, leading to disagreements about the portion of the premium each should pay.
• How well do you know your roommate? Have you known one another for years or recently found one another online?

These issues may or may not apply to your situation, but they are worth considering when thinking about shared renters insurance,

Working with Anchor Insurance Agency LLP

Anchor Insurance Agency LLP, serving Plymouth, MN, provides renters insurance for many clients. We will work with you to find a policy that meets your needs. So call us today for a renters insurance policy to protect you and your possessions.

Whether you’re a new motorcycle rider or an experienced one, it’s essential to understand the dos and don’ts of filing motorcycle insurance claims in the Wayzata or Plymouth, MN area. Knowing what steps to take after an accident can help you successfully process claims. Anchor Insurance Agency LLP is here to guide the most important things to consider when making a motorcycle insurance claim. 

Do Report the Accident Right Away 

The claims process should begin with reporting the accident as soon as possible. Make sure you contact your insurance company and tell them all the relevant details, which can help with their investigation. You may also want to file an official police report with the police department if any injuries or property damage were sustained in the accident. 

Don’t Admit Fault 

When talking to your insurance company, it is essential to be honest and forthcoming with information, but you do not want to admit fault for an accident that was not your own. Doing so can affect a claim’s outcome and even result in a denial of coverage. Be sure only to provide the necessary facts when speaking to your insurance adjuster. 

Do Gather Evidence and Documentation 

Another critical step in the claims process involves gathering evidence at the scene of the accident, such as photos, witness statements, and any other relevant documentation. This will help prove who is liable for the damages incurred in an incident. It is also essential to obtain a copy of the official police report, as it can be used to validate your claim. 

Don’t Settle for Too Little 

Make sure to consider all of the costs associated with the accident, such as medical bills, property damage, and even lost wages, if applicable. At Anchor Insurance Agency LLP, we are here to help you understand the dos and don’ts of filing motorcycle insurance claims. If you have been in an accident, contact us today, and we can provide the guidance you need to walk through the process seamlessly.

Here at Anchor Insurance Agency LLP, providing residents in the greater Plymouth, MN area with boat insurance, one of the questions we frequently ask is how quickly you need to insure a boat after purchasing it. The answer to this question may surprise you, so read on. 

How Quickly Do You Need to Insure a Boat After Purchasing It?

Many states require you to purchase boat insurance to register your boat. Minnesota is not one of these states. However, if you have a loan out for your boat, the lender will likely require you to insure the boat fully. In most cases, you will have to purchase this type of insurance before taking possession of the boat. 

How Quickly Do You Have to Register a Boat After Purchasing It? 

In Minnesota, you must register your boat within 30 days of purchasing a new boat or within 90 days of moving to Minnesota. Once again, Minnesota does not require you to carry boat insurance as a condition of registering or using your boat. 

Why Should You Purchase Boat Insurance Even If It Is Not Required By Law? 

While you are not legally required to have boat insurance to register or operate a boat in Minnesota, you should still obtain boat insurance for many reasons. Boat insurance helps to protect you in case you are involved in an accident with another boater. Boat insurance also helps to protect the investment you made in your boat. 

If you want boat insurance in the greater Plymouth, MN area, the Anchor Insurance Agency LLP team would love the opportunity to help you find the best policy for your needs. Call or email us today to start the process of obtaining boat insurance before you take your boat out on the water this spring. 

If you are a doctor, nurse, or another health professional in Plymouth, MN, you may wonder if your umbrella insurance covers malpractice. The answer to this question is complex. While umbrella policies can provide additional coverage for liability-related losses, they do not always provide the same level of protection as a malpractice insurance policy. To get an accurate assessment of what kind of coverage you need, it’s best to speak with an experienced insurance agent at Anchor Insurance Agency LLP.

Does Umbrella Insurance Cover Malpractice? 

Umbrella insurance is a type of secondary liability insurance that provides additional financial protection if your primary liability limits are exhausted. It covers losses associated with lawsuits, such as judgments awarded to plaintiffs and legal fees. Most commonly, umbrella policies cover personal injury claims and property damage claims. 

Whether or not umbrella insurance covers malpractice depends on the specifics of your policy. Generally speaking, most umbrella policies will not cover losses associated with medical malpractice suits because they are considered too specialized for a basic umbrella policy to cover adequately. However, there are some umbrella policies out there that do cover medical malpractice. So it’s essential to check with your insurance agent to find out if yours does or not before making any assumptions about what your policy covers.       

No matter what kind of medical professional you are—a doctor or a nurse—it’s vital that you understand your local laws regarding malpractice coverage requirements as well as any licensing requirements for practicing medicine or nursing in Plymouth, MN, protection needed for your particular line of work in case something goes wrong down the line. Anchor Insurance Agency LLP can help healthcare providers navigate these rules and regulations – so contact us today.

Those living in the Plymouth, MN area should consider investing and purchasing their own home. One type of property to consider buying here is a condo, which offers various amenities and benefits that are unmatched by other types of property. Getting a condo policy should be regarded as necessary if you buy a condo. There are many reasons why someone in this area should obtain a condo insurance policy. 

Financial Support and Protection

A good reason for anyone in this area of Minnesota to get condo coverage is to benefit from its financial coverage. A condo insurance plan will give you financial support if you are named liable for an accident that results in property damage or injuries. It also ensures you have financial resources to handle remediation if your home is affected due to a bad storm or other situation that causes serious losses. 

Meet Requirements

It is also a good idea to get a condo plan to ensure you can meet any requirements that have been set. If you are investing in a condo, you will likely sign condo association agreements and mortgage documents, both of which will have specific requirements for insurance. When you get the right insurance, you will remain in good standing with these requirements, which can help you avoid various forms of penalization. 

Plymouth, MN area condo owners should always ensure they are insured with a quality plan. When you want to get this type of insurance here, you should start your search by calling Anchor Insurance Agency LLP. If you are going to work with Anchor Insurance Agency LLP, you can get the guidance needed to select a plan that provides optimal coverage for your situation. 

Umbrella insurance is an essential type of coverage that can help protect you from financial losses caused by events like lawsuits or natural disasters. While it’s not required for everyone, there are a few situations where having this additional protection could be crucial. If you own a home or other types of property, have savings you don’t want to risk losing, or regularly engage in activities with a high risk of personal injury liability, umbrella insurance may be right for you.

There are several key benefits associated with umbrella insurance. First and foremost, the coverage provides extra financial protection against catastrophic loss beyond what your standard policies offer. For example, if someone is injured on your property and decides to sue you, the cost of legal fees alone could quickly wipe out your savings or other assets. With umbrella insurance, you can rest assured that you’ll have the resources to defend yourself against lawsuits and replace any funds lost from damages, even if they exceed your normal coverage limits. This gives you peace of mind that unexpected events won’t jeopardize your financial security.

In addition, many standard policies come with exclusions for certain types of incidents, such as floods or earthquakes. Umbrella insurance provides additional protection against those kinds of events and others like them. Furthermore, most policies don’t cover liability associated with dog bites or injuries caused while participating in risky sports, so if you own a dog or enjoy activities like skiing or skydiving, it’s essential to consider adding extra coverage.

If you have any questions about umbrella insurance and whether it might be a good fit for you, give Anchor Insurance Agency LLP a call today. We proudly serve the Plymouth, MN area.

Anyone that lives in the Plymouth, MN area should consider investing by purchasing their own home. If you want options with a home, buying a condo could be a great place to start. When you purchase a condo, you need to ensure that you choose the right type of insurance. There are multiple reasons why someone here should get a condo insurance policy. 

Meet Association Requirements

You will want to have a condo insurance policy so you can meet the requirements set by your association. The vast majority of condo owners will be part of a larger association that will have rules and regulations. Generally, this will include requiring you to carry insurance on the condo. If you do not have the proper condo insurance plan, you could be in violation and face penalties. 

Protect Your Assets

Another reason you want to get a condo plan when in Minnesota is to protect your assets. If you buy a condo, you will want to know that your investment is covered. When you get a condo insurance plan, it will offer the support you need to protect your condo and your personal belongings. This can also provide liability coverage if you are named liable in an accident. 

If you intend to purchase a home in the Plymouth, MN area, it would be a good idea to get the right insurance. When you are looking to buy a condo, it would be wise to call the Anchor Insurance Agency LLP team to discuss your condo insurance needs. The Anchor Insurance Agency LLP professionals know the value of this coverage and will offer any guidance necessary to build your next plan. 

Life insurance premiums can be a mystery, but Anchor Insurance Agency LLP believes that it doesn’t have to be. Located in Plymouth, MN, the agency and its team know that life insurance can be shrouded in myths and misconceptions.

Looking to make the process more straightforward, our experienced agents run through seven critical health and demographic factors that impact life insurance premiums the most.

Policy type

Policy length influences payouts and premiums significantly. Term life policies are typically less expensive. This is because permanent life policies carry guaranteed death benefits.

Age

As you get older, insurance costs increase too. Since younger people have greater life expectancies, they also have more time and opportunity to pay premiums. That’s why locking rates in early is always encouraged.

Gender

Women also have longer life expectancies than men too. For this reason, women usually enjoy lower insurance rates comparatively.

Medical History

Insurance companies will also screen for pre-existing conditions, like cancer or heart disease. Severe medical red flags could exclude you from coverage entirely.

Family History

Your family’s medical history could lead to similar results. Underwriters will try to identify patterns of illness within your family, determining any likelihood that you may develop the same issues later in life.

Employment History

Some jobs are more dangerous than others. High-risk occupations, like logging or construction, may bring higher premiums.

Lifestyle

This broad category attempts to get a more comprehensive snapshot of how you spend your time outside the office. Financial history, criminal records, travel overseas, hobbies, and substance abuse will all be considered.

Call Anchor Insurance Agency LLP

Serving Plymouth, MN, the agency can analyze these and other indicators to craft an individualized life insurance plan that’s right for you. Schedule an appointment today.

Anchor Insurance Agency LLP is here to serve the greater Plymouth, MN business community’s insurance needs. If you have questions about business interruption or any other type of commercial insurance, give us a call today. We look forward to working with you! 

Benefits of business interruption insurance

Just as its name suggests, business interruption insurance covers losses when your business is rendered inoperable by a covered event. This type of insurance is beneficial and effective for ensuring business continuity. If your business relies on operating cash flow to sustain itself, it makes sense to take a close look at the business interruption policies available in Minnesota. 

Many businesses cannot sustain themselves without regular, steady cash flow. In extreme cases, revenues decrease due to business interruption, which can lead to layoffs, fire sales, and even business closure. Fortunately, the right business interruption policy can prevent these unwanted situations.

If it’s time to give your current commercial insurance portfolio an overhaul, don’t forget to take a look at business interruption insurance. This comprehensive commercial coverage can help a business sustain itself until everything is back on track. Don’t wait until a catastrophe occurs to consider an upgrade in business insurance. Coverage provided by policies that include business interruption clauses can make a significant difference in the future success of any business.

We understand the needs of Minnesota business owners

If you are a business owner in the greater Plymouth, MN area, turn to the Anchor Insurance Agency LLP team for all your commercial insurance needs. We understand how important it is to protect your local business. Contact us today to schedule a consultation.

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.