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Central Lakes Insurance Brokers

4820 W 77th St #125
Edina, MN 55435

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Featured Insurance Blog

Summer is Coming – Do You Have the Insurance Protection You Need?

Summer is coming. That means changes in the way you drive, how you enjoy your weekends, and even how you spend your time with the people you love. People are out on the roads more. You’re taking pleasure rides in your old cruisers. You’re taking the boat out of the dry dock, and you’re even going RVing for extended weekends and long vacations.

All these things mean you need to have a long conversation with your local insurance agent at Central Lakes Insurance Brokers in Edina, MN to make sure you have the right insurance protection for your summertime fun.

These are just a few reasons why the weeks leading up to summer are the ideal time to make sure you have your insurance affairs in order.

  1. You always want to know you have the right protection before accidents happen. No one wants to discover all too late that your boat wasn’t covered for liability protection, or not covered for nearly enough.
  2. Your needs can change over a long winter, and you want to make sure you’re not overpaying for recreational vehicles, watercraft, etc. you may have sold or scrapped over the winter.
  3. You may have made life changes that place you at greater risks requiring additional insurance protection. You want to make sure you have those needs covered, too.

Central Lakes Insurance Brokers are happy to serve the summertime insurance needs of families in and around Brainerd and Edina, MN. Summer is coming. Contact us today to learn more about our insurance protection for auto, watercraft, RVs, and more today and let us audit your current coverage to see if you have the “just right” protection you need.

Does Commercial Insurance Cover Refrigerated Stock?

Commercial insurance is necessary to have the right coverage for a company or business, especially those who are operating within the retail industry. Many retailers are carrying refrigerated stock that needs to be protected with adequate insurance coverage. Adequate coverage protects the policyholder from losses and theft that can occur.

Insurance for Refrigerated Stock

Businesses such as grocery stores, convenience stores, and even ice cream parlors, for example, need to have commercial insurance that covers their refrigerated or frozen stock. There is a specific type of commercial coverage called food spoilage insurance that can protect from losses as a result of power outages and other unforeseeable factors. If there is inventory theft, however, traditional commercial coverage will usually cover the losses. To find out which policies work the best for each individual situation, consult with an insurance agent. 

Agents can Provide Security

Using an agent to help find the right insurance policy is one of the best ways to protect inventory and refrigerated stock. Agents can point out which coverages are necessary to help avoid oversights and gaps in coverage that can lead to losses. Those who have businesses carrying refrigerated stock should consult with an agent from Central Lakes Insurance Brokers, serving Brainerd and Edina, MN. We can work with clients one on one to get the best coverages available from top insurance providers.

Anyone living near the Edina or Brainerd, MN area who has a business with refrigerated stock should call or stop by Central Lakes Insurance Brokers today and get answers to questions and discover which options work best for each scenario. We look forward to assisting clients with all of their insurance needs. 

 

How Often Should I Have My Homeowner’s Policy Reviewed?

Your home is one of the most expensive investments you will make throughout your lifetime. Having it properly insured should be one of your highest priorities.

The agents at Central Lakes Insurance Brokers provide residents who live in Edina, MN with homeowners’ policies they can use to increase their financial security and protect their investment. Once you have a policy in place, it’s important to have it reviewed every few years to ensure you have the right amount of coverage. 

Renovations or New Construction

Any time you renovate a portion of your home or build additional rooms, you will need to have your insurance agent review your policy and include the new upgrades. This ensures that your policy will reflect your home’s adjusted value and provide you with the additional coverage you need. 

New Purchases

Any time you make a new purchase that is substantial in terms of cost or value, you need to report it to your insurance agent. This includes installing new solar panels, paving sidewalks or driveways, buying new electronics, or having a professional home security system installed. 

General Review

Even if you have no new upgrades or purchases to report, having your homeowners’ policy reviewed is still a great idea. You can do a personal review of your policy once a year, but it’s important to have your agent review your policy as well. In most cases, every couple of years is sufficient.

At Central Lake Insurance Brokers, homeowners who live around Edina, MN can call the office and talk to an agent to schedule a review. Sitting down with an agent and going over your policy is a great way to determine if you are eligible for discounts or a possible upgrade/downgrade to your policy.

Three mistakes to avoid when you purchase recreational insurance

It’s essential to invest in the right recreational insurance policy to protect the value of your recreational vehicle. Unfortunately, RV owners often make costly mistakes when they purchase their recreational insurance policy.

At Central Lakes Insurance Brokers, we offer recreational insurance policies to RV owners in the Brainerd and Edina, MN areas. We recommend that consumers avoid the following three mistakes when they purchase recreational insurance. 

Buying a policy based on price alone

Quality is essential when it comes to recreational insurance. The cheapest policy out there is not likely to offer as many features and as much coverage as policies that cost a little more.

Evaluate policies fully and don’t just look at the price. You should also look at aspects of the policy, like the customer service of the provider and the amount of the coverage maximums. 

Rushing and not putting enough thought into choosing a policy

Take your time and do your research. Remember that you might need your recreational insurance down the road to cover damages made to your RV or other recreational vehicles. Choosing the wrong policy could set you back financially.

Shop around and get quotes from different providers. Then, analyze all the features that come along with each policy. You should also research the reputation of providers and look for reviews on insurance companies before purchasing a policy from them. 

Being unaware of discounts you’re eligible for

You should save money where you can. You may qualify for specific discounts on your recreational insurance policy. Discounts for recreational vehicle owners are commonly available to include multiple vehicle discounts, discounts for having anti-theft or safety devices installed, and discounts for having a good driving record. 

If you want to learn more about recreational insurance options in Brainerd or Edina, MN, contact us at Central Lakes Insurance Brokers.

 

How to Talk to Your Insurance Agent About Health Insurance Benefits

When it comes to getting health insurance, you’ll need to be well prepared to know what to ask for and how your situation affects your benefits. Visit a Central Lakes Insurance Brokers agent in Edina, MN with a list of questions about what you may want to know about to help us make the right decisions for your insurance plan.

Important Questions to Ask

Some of the more crucial questions you should ask your insurance agent about health insurance include:

  • What will my co-pays be (amounts to go to the doctor, urgent care, get prescriptions, etc.)?
  • What will it cost for other types of care (such as x-rays or various tests)? (co-insurance)
  • How much will I have to pay monthly? (premium)
  • How much will I have to pay throughout the year before I see benefits to my plan? (deductible)

You’ll also want to ask yourself if the bottom line for said health insurance plan fits within your budget. It may be steep, but if you can see an overall benefit with setting up this health insurance policy, you should go for it.

Prepare for Every Instance

You should think carefully about what the worst-case scenario might be with your health (and anyone who will be under your policy). Ask the agent how much you’d have to pay out-of-pocket with the plan in question if you’re involved in more accidents or require more treatment over the next year. When you have the answer, consider if you’d be able to pay that amount if you had to pay it.

Considerations for Comfort

If you have a doctor in place who you would like to keep going to, find out if the plan will allow for that. If it isn’t covered to go to your particular doctor, find out how much it would cost. If the plan is otherwise great, consider if you’d switch doctors to make it more affordable and easier on your health insurance plan.

In addition, it’s a good idea to ask if your current prescriptions are covered, and at what point you’d have to pay out-of-pocket for them. Determine if you’ll need to change pharmacies and if that will be convenient for you.

A reputable insurance agent like Central Lakes Insurance Brokers of the Edina, MN area can help you sort through your concerns about health insurance benefits. Reach out via phone or email today.

Homeowners: Purchasing Your First Home

The purchasing process for a new home can be an exciting time for people. But, the planning and paperwork through all of it can be easier with useful contacts and helpful tips for organizing. Having this worked out can make the process easier, and the planning is simplified with an experienced insurance agency. Central Lakes Insurance Brokers is available to answer any questions you might have about the insurance planning for a new real estate purchase. Serving the Edina, MN area, our insurance agency is experienced with helping people through the process of purchasing their new home. This experience is vital with all of the paperwork and planning that goes into finding and acquiring that first property. 

Homeowners are often excited to begin planning their move. Excellent communication is essential when it helps the new homeowners know the best-estimated move-in date and what to prepare for before the move. Organizing and planning efficiently can help simplify the process and make it comfortable when moving into your new home. Having the necessary paperwork completed is a significant part of the process, and any ways to simplify the planning are appreciated by many busy owners getting ready to move into their new home. A home insurance policy can protect your home from a variety of events. Knowing you have the right policy in place provides confidence for this new home.

Central Lakes Insurance Brokers is experienced when it comes to working through the process of home insurance paperwork for new homeowners. You can contact our agency and get more information about home insurance and the paperwork needed for purchasing this enormous asset. You can call our trained staff and have your questions answered. Homeownership in the Edina, MN area is an incredible opportunity. This can be exciting, and the new acquisition should be a call for celebration when making the decision to pursue a home purchase.

 

Does Your Home Business Need Commercial Coverage?

If you’re running a business from your Brainerd or Edina, MN home, you may wonder if it’s necessary to get commercial insurance coverage. At Central Lakes Insurance Brokers, we can help you determine what kind of insurance your home-based enterprise needs. The right insurance coverage can protect your business against perils that can set you back financially. Here are some insurance options to consider for safeguarding a home business.  

Business Property Protection

If your home-based business requires the use of a computer, printer, office furniture, fax machine or other costly equipment, you can benefit from business property coverage to protect this equipment against theft or damage. Homeowners’ insurance doesn’t generally cover equipment used for business purposes, putting these items at risk should you have a break-in or accidental fire.

Liability Coverage

If your business requires that clients visit your home, you’d do well to obtain liability coverage to protect you against accidental injury or damage to a client’s property. Otherwise, you could wind up paying for these damages out-of-pocket.

Professional Liability Coverage

If your home business entails providing professional services such as accounting or consulting, you may want to obtain professional liability insurance to protect yourself against claims of negligent or fraudulent services. If a disgruntled client sues you for damages, your professional liability coverage will help cover legal and settlement costs.   

Commercial Auto Coverage

If you use your car for business-related visits, pickups or delivery, you’ll need commercial auto coverage to protect you against accidents as personal auto coverage doesn’t cover business use of your car.

Commercial insurance can protect the future of your home-based business to give it a chance to grow and prosper. For more information on commercial insurance options and costs for your budding home enterprise, contact Central Lakes Insurance Brokers in Edina, MN.

What is Replacement Cost Coverage for Home Insurance?

Research studies of home insurance in America find that up to two-thirds of the homes are either not insured or underinsured. Very few homes have no insurance coverage; however, a study by CoreLogic concluded that 60% of American homes are underinsured by an average amount of 20% of the value.

The median home value in Edina is $425,000. The statistics predict that three out of five of the homes in Edina are underinsured by as much as $85,000.

Another startling statistic reported on Yahoo is that 58% of Americans have less than $1,000 in savings.

If these are your circumstances, what happens if a natural disaster or a fire destroys your home completely? How will you be able to come up with potentially a missing $85,000?

How do you know if you are underinsured?

Work with your agent at Central Lakes Insurance Brokers, serving Edina, MN and the surrounding area, to find out if you are underinsured and then consider the benefits of having replacement cost coverage.

Replacement Cost Coverage

Replacement cost coverage is designed to be able to replace a home that is damaged and bring it back to a like-new condition that is as close as possible to how the home was before it was damaged. Replacement cost coverage is usually a better choice for coverage because insuring a home for actual value may be far less than what is needed to rebuild a home if it is destroyed.

Most people benefit from having replacement cost coverage. To make sure the amount of coverage is kept up-to-date with current prices, it is a good idea to have a home insurance review regularly, at least once per year.

To get a home insurance review and a quote for home insurance, contact your agent at Central Lakes Insurance Brokers in Edina, MN by calling our office or use the convenient online rating tool.

Recreational Insurance for Lake Property Owners

We at Central Lakes Insurance Brokers know that Edina, MN, and individuals in the surrounding area have many lakes from which they can choose for their recreational fun. And if you own property on any of these lakes, you may want to consider high-quality recreational insurance.

Insurance Protects Your Vehicles

When you own property on a lake, you likely already own a large number of fun vehicles. High-quality recreational coverage is designed to cover these items, even if they are located in a single spot. In this way, you can get the most protection for your sometimes expensive items.

For example, if you have a camper, a boat, jet skis, or other vehicles that you use primarily for recreation, you should get them covered with a new policy. This option is an excellent choice if you have already spent good money on your property and want to keep it looking great.

Policies Also Cover Your Property

If you own recreational vehicles on your property, you also likely own buildings to hold these items. Thankfully, there are some situations in which your recreational insurance may help to protect against damage to these buildings.

While this type of coverage isn’t designed specifically for buildings like these, you may get some coverage in certain situations. For example, an accident on a dock or a boathouse caused by a recreational vehicle may be covered under the liability clause of your insurance policy.

Get Coverage Today

So if you own lake property in Edina, MN, the land of lakes, and you want recreational insurance for your belongings, make sure to contact us at Central Lakes Insurance Brokers to learn more. Our experts will set you up with a policy that meets your needs and which satisfies your purchasing decision.

When Does My Umbrella Insurance Become Active?

Umbrella insurance is a unique insurance product that pops up just when you need it – like an umbrella. It is not for everyone and a professional broker is the best person to speak with about whether you should have umbrella insurance connected to your standard insurance policies. There is no one answer to the titular question.

Umbrella insurance becomes active at certain levels of liability. In the event that your liability has surpassed your standard insurance limit  – meaning you are responsible for an amount that exceeds your standard insurance level.

This is an illustration: your standard insurance covers up to a certain amount for an accident that may have occurred in front of your business. The individual has received an award for an amount that exceeds the amount set by your standard insurance. Your umbrella insurance will cover the amount over the standard insurance level .

Umbrella insurance can attach to other insurance products as well. It is essential to speak with a professional so that they can let you know whether your particular situation dictates the necessity for this particular type of insurance product. There are various factors involved such as the type of businesses you own, (if any), Certain professions incur more liability than others. You must also discuss with your broker the levels of the standard policy.   

We look forward to helping you today to learn how we can craft the best umbrella policy for you.   

Contact one of our bright and knowledgeable insurance agents today by calling us or coming by our office in Edina, MN 55435. Not only can we help you with umbrella insurance we can also help you with your: auto insurance, home, commercial, boat/watercraft, life, health, recreational, renters, umbrella, and renters insurance. The brokers at Central Lakes Insurance Brokers are here to help.