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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.

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