Five Common Mistakes Homeowners Make With Their Insurance

There are so many important decisions that need to be made when you own a house. From mortgage payments to home repairs, it can be easy to let some things fall through the cracks. However, one thing you can’t afford to neglect is your home insurance policy. Homeowners insurance protects your biggest investment, so it’s important to make sure you have the right coverage. Central Lakes Insurance Brokers can help residents in Edina, MN avoid common mistakes. Here are a few of them.

Mistake 1: Not having enough coverage

Your home is likely your most valuable asset, so you’ll want to make sure it’s properly protected in the event of a fire, theft, or other disasters. Central Lakes Insurance Brokers will work with you to make sure you have adequate coverage for your home and belongings.

Mistake 2: Not reviewing your policy regularly

Your needs as a homeowner will change over time, so it’s important to review your insurance policy on a regular basis. At a minimum, you should review your policy once a year when coverage renews.

Mistake 3: Not considering the value of your belongings

Over time, you are likely going to add more expensive items to your home. Be sure to keep your insurance policy up-to-date so that it reflects the value of your belongings.

Mistake 4: Not asking questions

Your home is a big investment, so you want to be sure that you understand your insurance policy. It’s important to know what coverages you have to review and change as necessary.

Mistake 5: Not using an independent insurance agent

An independent insurance agent can give you the personalized attention you deserve. They will take the time to get to know you and your needs in order to find the best policy for you.

Central Lakes Insurance Brokers is an independent insurance agent serving Edina, MN. Contact us today for all your insurance needs or if you would like to request a free estimate.

Is There A Time Period to Purchase Recreational Insurance?

Recreational insurance provides specialized coverage for recreational vehicles not provided by home or auto insurance policies. These are more than campers and motor homes. Central Lakes Insurance Brokers in Edina, MN covers:

  • All Terrain Vehicles (ATVs)
  • Dirt Bikes
  • Snowmobiles
  • Golf Carts
  • Scooters
  • Mopeds
  • Dune Buggies

Why Recreational Insurance Is Needed

Recreational insurance covers liabilities similar to other vehicle policies. For instance, it pays for damaged property or injuries to you or another party. Further, it can help repair your recreational vehicle due to an accident or vandalism or compensate you when it’s stolen.

What’s the Deadline to Obtain Recreational Insurance

Recreational insurance isn’t mandatory in Minnesota. However, the agents at Central Lakes Insurance Brokers recommended it for owners in Edina, MN. For this reason, it’s best to obtain a policy not long after you purchase the vehicle. You won’t be protected if you buy recreational insurance after an accident or injury.

How Much Does Recreational Insurance Cost?

The cost of a recreational insurance policy depends on a few factors. For example, the type of vehicle and its age. Premiums for a brand new dune buggy could be more than a 10-year-old moped.

Another factor is the amount of requested liability coverage. Although there’s a recommended minimum, you may want to increase the values depending on the frequency and where you’ll use the vehicle. How much you want to pay for deductibles also determines your cost. The higher your out-of-pocket payments, the lower your premiums.

In the end, don’t get on your ATV or snowmobile without first considering recreational insurance. Contact a company representative for additional information. 

Get Better Liability Protection With Umbrella Insurance

If you’re familiar with how insurance protects you, you know how important it is to have plenty of liability coverage. Most people with home and auto insurance policies believe they have plenty of liability coverage, but this might not be the case. Many home and auto policies have little liability coverage, leaving you vulnerable after a severe accident. When you want more liability coverage, umbrella insurance can provide it. Call us at Central Lakes Insurance Brokers in Edina, MN to find out more.

Add to Your Other Policies

Umbrella insurance works a little differently from most insurance policies. It adds extra liability insurance to both your auto and home policies at the same time. It boosts the liability of both so that you are better covered in the event of an accident. It’s common for people with little liability coverage not to have enough insurance to cover the medical bills and other expenses that are due after an accident. When this happens, it leaves an overage for the policyholder to pay independently. But when you have umbrella insurance, you have more liability coverage, and that policy will pay for that overage. 

Reaching Coverage Maximums

Once an accident happens, your home or auto policy, whichever covers the accident, comes in and pays as much as it can toward that accident. However, it can only pay up until its maximum coverage. This won’t be extremely high if you don’t have much liability insurance. After that, your umbrella policy can pay the rest owed. Umbrella policies have high maximum payouts. 

Get Your Umbrella Insurance

An umbrella policy may be right for you if you want more liability coverage. Call us today at Central Lakes Insurance Brokers in Edina, MN.

Adding to Your Health Insurance

Under federal law, your employer must provide health insurance. The federal law also mandates what it must cover as a minimum, but you may find that your insurance still doesn’t cover all of the items you want it to cover.

You can add a personal policy to your employer-provided package. Central Lakes Insurance Brokers serving Edina, MN can help you do it.

Health Insurance: What You Need To Know

Supplemental Policies Aren’t Just for Medicare

Most people think of Medicare when they think of supplemental health policies. While that does provide the most common reference point for most individuals, a 20-year-old or a 30-year-old could just as easily purchase a health insurance policy in addition to the one they buy through their college’s group plan or that their employer provides.

What Does Supplemental Health Insurance Offer?

A supplemental policy might cover prescriptions or improved hospital coverage. It may offer preventative care or extra coverage for physical therapy or other extensive rehabilitative services. You also might want coverage for items that typical health insurance doesn’t cover, such as dental or vision.

Perhaps your employer’s insurance maxes out quickly on items you would use frequently due to a health condition that you or your dependent experience. You can purchase a second health insurance plan to cover those needs. While this still requires small premiums each month, it can save you big time on medical care costs, especially if you choose a prescription drug plan that provides you with a steep discount on medications.

Contact Us Today

Contact Central Lakes Insurance Brokers serving Edina, MN today to learn about supplementing your health insurance provided by your employer or school. Let us help you obtain the coverage you need.

How much life insurance is enough?

Life insurance is something that you do to protect your family and loved ones, not yourself. It is not easy to think about since it brings to mind your death and perhaps even an untimely one. As hard as it may be, it is necessary if your family is to be provided for. At Central Lakes Insurance Brokers in Edina, MN, we are here to help with this challenging decision. We have many options to offer to make it easy and affordable to get enough life insurance. 

Your life insurance needs do not stay the same for your entire life. When you are young and single, your needs will be lower than once you have a family. Still, when it comes to determining how much certain considerations remain the same.

Who depends on you?

Even if you are single, there may be people who depend on you. How would they manage if you were not there to help them out? That may help shape the amount of life insurance that is enough for you. 

Do you have any debt?

The last thing that most people want to do is to leave their family or loved ones with bills to pay if something should happen to you. You need to have enough for final expenses and any debt, and if you don’t have cash, life insurance covers that. 

How much is enough?

The actual amount is determined by what you earn yearly and how many years you need to provide income. If you have young children, it can be many years. Take the number of years and multiply it by your income, and you have a figure to shoot for. 

Contact Central Lakes Insurance Brokers in Edina, MN to get the help you need to ensure you have enough life insurance.

Do You Need Auto Insurance in Edina, MN?

If you’re a driver in Edina, MN, you need auto insurance. That’s because Minnesota requires all drivers to have liability coverage. If you cause an accident, your insurance will pay for the damage to the other person’s vehicle if you’re at fault.

Liability Coverage

There are other types of auto insurance coverage available, but liability is the only one required by the state of Minnesota. If you cause an accident and your damages exceed your liability coverage, you’ll have to pay for the rest out of your pocket. That means you could technically get by with just this one type of coverage, but it’s not recommended.

Other Types of Coverage

If you want to be fully protected, you’ll need more than a liability policy, such as collision and comprehensive.

Collision Coverage

Collision coverage will pay for the damage to your vehicle if you cause an accident. This type of coverage is optional, but it’s a good idea if you want to be protected from paying out of pocket for repairs to your vehicle. Your Central Lakes Insurance Brokers representative can help you find the best policy for your needs.

Comprehensive Coverage

Comprehensive coverage will pay for the damage to your vehicle if it’s damaged in an incident that’s not an accident, such as a storm or theft. This type of coverage is optional unless you have a vehicle loan, which may require extra insurance. However, it’s still a good idea so that you won’t find yourself without a car and extensive repair bills.

If you’re a driver in Edina, MN, it’s crucial to have auto insurance. Make sure you have liability coverage to protect you from an accident. You may also want to have collision and comprehensive coverage to protect your car in other situations. Your Central Lakes Insurance Brokers representative can help you find the best policy for your needs.

How do business owners in Edina benefit from having commercial insurance?

In the Edina, MN area, the strong economy and local business support can make it a great place to start and grow a new business. While there are a lot of benefits that come with running a business in this part of Minnesota, there are some risks as well. Businesses in this part of the state can mitigate these risks and benefit in various ways with a proper commercial insurance plan. 

Protect their Assets

One of the ways that a business in Edina can benefit from having a commercial insurance plan is that it will help them protect their assets. If you start a business, you will need to buy assets and equipment to get your company off the ground. With the right commercial insurance plan, you will get all the coverage you need so these assets can be replaced or repaired. 

Mitigate Liability Coverage

Those that are going to get a commercial insurance plan will also enjoy the liability coverage. Business owners will take on liability risk regularly. These risks will always be present. It is vital that you mitigate the concern. A great way to do this is with a commercial insurance plan. With this coverage, you will have the support you need to minimize these liability claims.

Those who wants to start a business in the Edina, MN area will want to have a proper commercial insurance plan in place. When you are ready to start looking for a plan, a good place to start is by calling the Central Lakes Insurance Brokers. There are a lot of choices to make when looking for coverage, and the Central Lakes Insurance Brokers can ensure you are adequately covered. 

How Much Home Insurance do I Need?

You faithfully pay your home insurance premiums every year, but have you ever asked whether you carry a sufficient amount of home insurance? There is nothing more frustrating than filing a claim only to find that you are underinsured. Reviewing your home insurance to see whether it’s sufficient is crucial in eliminating heartaches when disasters strike.

But because navigating home insurance alone can be daunting. Central Lakes Insurance Brokers won’t let you walk the journey alone. Please contact us to become your go-to insurance agent for all your home insurance needs. We also educate our clients in matters concerning insurance. Today, we guide you on carrying enough home insurance in Edina, MN. Let’s dive in.

Choosing the right dwelling coverage?

Dwelling coverage compensates you when your home is damaged or vandalized by a covered peril. So, when choosing the right amount of coverage, you should get an amount sufficient to rebuild your dwelling from scratch.

How much would it cost to rebuild your house today? That would be the amount of dwelling insurance you need to purchase. Having adequate dwelling insurance ensures you receive full compensation in the worst-case scenario.

Choosing the right content coverage

Contents insurance pays for the damages and losses occurring to your assets, including electronics, furniture, and clothing, among others. An excellent way to keep track of everything you own is by keeping a home inventory.

Ultimately, you should purchase content insurance sufficient to replace all your personal assets.

Choosing the right liability coverage

Most homeowners pay attention to dwelling coverage without realizing that liability coverage is equally important. Most liability coverage options for home insurance cover up to $100,000, but this amount is never enough when you face significant liability claims.

Consider liability coverage of at least $300,000 or $500,000 if you don’t have budgetary restrictions. If you need higher liability coverage, umbrella insurance is an excellent option.

Home insurance in Edina, MN

Still not sure about how much home insurance you need? Please get in touch with Central Lakes Insurance Brokers for further clarification.

I’m young. Do I need health insurance?

Health insurance can ease your pockets when it comes to healthcare. Even if you’re young and healthy, you may experience health issues that require you to see a doctor. However, paying out of pocket can be quite costly. Regardless of your age, preventative healthcare is a good way to stay healthy and address potential health issues. This can become costly if you don’t have health insurance to make your health care more affordable. 

What is Health Insurance?

When you invest in a health insurance policy, you’re investing in a way to financially cover both preventative and unexpected health situations. Our team at Central Lakes Insurance is proud to explain the numerous benefits of health insurance to our Edina, MN residents.  We are health Brokers that take pride in explaining why medical coverage for illnesses, injuries, and conditions can be beneficial to people of all ages, even the very young. Many people can get coverage through an employer. However, it’s possible to invest in health insurance on your own as well.

What are the Benefits of Health Insurance?

Health insurance takes the bite of medical care in a financial sense. You often pay a small portion for your healthcare visits, called a copay. You will pay less for any covered-in-network doctor visits. This is true, even before you’ve met your deductible. Commonly covered care includes preventative care, checkups, and screenings, as well as visits for injuries and other health issues. 

How Does Health Insurance Work?

In short, health insurance makes healthcare affordable. It’s a way of paying for both your preventative health and any unexpected health issues. It works like car insurance, or home insurance, similar to the way most health insurance policies work. Either through your employer or your own initiative, you pay a specific rate/premium, monthly. In return, a portion of your medical fees is paid by your health insurance for covered medical expenses. Our team at Central Lakes Insurance are Brokers who are dedicated to providing the best healthcare options for our Edina, MN customers. Give us a call. We’re here to help. Central Lakes Insurance Brokers can help you get the insurance you need to suit your unique situation. 

3 Things to Consider Before Purchasing Home Insurance

Whether you have just bought your home or moved to a rented one, getting home insurance is crucial. It offers protection for your home and your possessions as well. Central Lakes Insurance Brokers offers insurance policies for homes to ensure that your valuable possessions are covered against various calamities. If you are a resident of Edina, MN, you can talk to our experts and choose the most suitable cover for your home.

Here are some of the things you should consider before buying home insurance.

Damages Caused by Natural Disasters

Check which damages caused by natural disasters are covered by a policy before buying it. Some policies don’t cover some specified disasters. Some cover these disasters, but upon paying additional amounts to the premium cover.

Coverage Provided

Policies differ when it comes to the kind of coverage. To choose a suitable coverage for your home, determine what you need to be covered and select an insurance cover that provides it. For example, you can choose a policy that only covers the building or include furniture and inbuilt appliances.

Building a home and furnishing it is very expensive. Don’t risk losing everything one day and getting back to zero in case of damages. Let Central Lakes Insurance Brokers serving Edina MN cover your home and the valuable possessions you have.

Deductibles

Deductibles are the expenses you pay for from the pocket when you make a claim against damages. When choosing your insurance cover, make sure you know the deductibles. This avoids paying a huge amount of cash to fix damages.

Getting insurance for your home is one of the best decisions you can ever make since unforeseen events may happen in the future. Contact Central Lakes Insurance Brokers serving Edina, MN to learn more about home insurance and check out various home insurance plans we have.