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4820 W 77th St #125
Edina, MN 55435

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Featured Insurance Blog

Making Sure You Have Enough Home Insurance Coverage

Determining how much home insurance coverage and making sure you have enough in Edina, MN is going to be on a case-by-case basis. However, there are some things you can discuss with your agent at Central Lakes Insurance Brokers to ensure adequate coverage.

  • Determine the Coverage for Your Home Structures: You want your limits to be enough to cover rebuilding your home. The current market value or the amount you paid for your home may not be the cost to rebuild, and there are some other things to keep in mind. Factors that affect rebuilding costs include square footage and local construction costs. Certain details will also impact costs, including the type of roof, number of bathrooms, style of house, and exterior wall construction. If there are unique features, such as fireplaces or arched windows, these need to be taken into consideration.
  • Determine How Much for Your Possessions: In order to have a full understanding of how much coverage you need for your personal belongings, you need to do a home inventory. This is also a good record to have should you need to file a claim. Take stock of any expensive items, such as collectibles, furs, and jewelry. There may be limits on these items, and you could need additional insurance for full coverage.
  • Determine Additional Living Expenses: Most policies will provide about 20% of the insurance on your home for additional living expenses while your home is being repaired, but you can also increase this amount.
  • Determine Liability: Your liability coverage should be enough to protect your assets. Most policies will provide $100,000 in coverage, but you should have more if you have savings and investments that are worth more than this.

Contact Central Lakes Insurance Brokers, serving Edina, MN, to get a quote on home insurance.

 

What Is Covered By Recreational Insurance?

People love their RVs. It’s a significant investment, and no one makes it unless they plan to use the vehicle regularly. That makes it even more critical to have the right insurance coverage for your RV. While you compare policies, you might wonder what is and isn’t covered. According to the experts at Central Lakes Insurance Brokers in Edina, MN, these are the primary components of coverage.

Loss/Replacement Coverage

The primary purpose of insuring your RV is to make sure you can repair or replace it if it suffers a catastrophe. This coverage is extremely similar to traditional car insurance. The policy will be structured around the value of the vehicle. Deductibles and premiums will vary, but the idea is pretty straightforward.

Liability Coverage

It’s not the first thing on most people’s minds when they get recreational insurance, but liability is arguably the most important part of your policy. If your RV is involved in an accident that hurts a person or damages property, liability is there to bail you out of trouble. If you drive the RV on roads in Edina, MN, or anywhere else, you’ll be required by law to have liability coverage.

Residential Coverage

Some people love their RV enough to live in it. There’s nothing wrong with that, but using the RV as a full-time residence can make insurance a little complicated. You’ll need some amount of residential coverage. It protects from very different things than the vehicular components of your policy, and it’s vital if losing the RV means being homeless. Keep in mind that residential coverage isn’t standard for RV policies, so you’ll have to make sure it gets added to your deal.

Aside from primary coverage, there are tons of little things you can add to a policy. Vacation insurance and roadside assistance are just the first that come to mind. If you want to make the most of having an RV in Edina, MN, you should work with your agent. Central Lakes Insurance Brokers offers the help you need to get the perfect policy.

What Would Umbrella Insurance Typically Cover?

Umbrella insurance in Brainerd, MN is useful for a high net worth individual or business to extend the coverage limit of certain insurance programs. It may commonly be applied to homeowners insurance or auto insurance in the case of high-value items or significant wrecks. If you are shopping around for umbrella insurance, check out Central Lakes Insurance Brokers.

What Umbrella Insurance May Cover:

  •     Injury – Bodily or personal injury or your liability for others that may be injured on your property.
  •     Damage to your property – Damage from accidents may have your covered property with costly repairs or replacement items.
  •     Judgments – The amount you need to pay from a lawsuit exceeds your coverage.

Umbrella Insurance Doesn’t Cover Everything

There are typical exceptions to umbrella insurance plans, but it depends on the insurance company that you’re working with. If you cause damage to your own property, like from renovations or self-repair, your insurance company may deny a claim. If you negligently cause damage to a neighbor’s property, this instance likely won’t be covered either.

Lost profit in your business is another thing commonly omitted. If an accident or lawsuit puts your business on hold, profit may be lost yet this insurance policy is not the type of protection that will make up for it.

If your property is harmed from theft or vandalism, that is another thing that umbrella insurance may not extend to. It will also not likely cover damages if you intentionally cause harm to another’s property.

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While basic insurance plans may be adequate coverage for some users, umbrella insurance may fill the gap for others in Brainerd, MN. To get a plan that fits your coverage needs, consider checking out Central Lakes Insurance Brokers.

Health Insurance Basics

When it’s time to choose a health care plan, it’s best to know the basics. Health insurance covers medical expenses. Check with the independent insurance agents in Edina, MN at Central Lakes Insurance Brokers to help you with the details of health insurance.

Types of Health Insurance Coverage

Depending on your financial situation and what services you’ll need throughout the year, there are several different plans that you can choose from.

  • Health Management Organizations (HMO) – an HMO is a managed care insurance policy. Generally, the premiums for HMO’s are lower than traditional plans. This organization has a network of providers located in your area where you will need to elect a primary care physician. A primary care physician will see you for your preventative care as well as give you a referral when you need to visit a specialist.
  • Preferred Provider Organization (PPO) – is another managed care plan that allows you a little more freedom when it comes to choosing your provider. The premiums are usually a bit higher as well as the cost for co-pays and deductibles, but it comes with the benefit of not having to choose a primary care physician and you can go to a specialist without prior authorization.
  • Point of Service (POS) – offers details of both an HMO and a PPO plan. Like an HMO, the POS requires you to have a primary care doctor that is within the network. Like a PPO, the POS allows you to choose out-of-network providers at a higher cost.

Where Can Get Health Insurance

Stop by the Central Lakes Insurance Brokers office in Edina, MN for information regarding health insurance. Our agents will guide you on everything that you’ll need to get started with a policy. We can also help you with auto, home, and life insurance policies.

How to Protect Your Business with Life Insurance

If you own your own company, you can use life insurance as an essential tool in your personal and business planning. Life insurance helps you ensure the overall stability of your company in Brainerd or Edina, MN. You’ve poured your heart and soul into your enterprise and, especially if you have partners, you want to make sure you’re covered if tragedy strikes. Ask your Central Lakes Insurance Brokers for more information on the type of life insurance that would work for you. Meanwhile, here’s some information that will help you prepare to decide on the type of life insurance policy you need.

Using Life Insurance to Protect Your Business Assets

When you set up arrangements to protect your business with a life insurance policy, there are many ways you can accomplish this. The most often used is the buy or sell agreements. Ask your agent to outline the types of plans available and which is best for your business. 

Buy and Sell Agreements

A buy and sell agreement applies to two or more partners in a business. If one of the owners passes away, it could put the company at significant risk or even cause the business to go under. When the owners sign a buy and sell agreement, they can use a life insurance policy to fund the agreement. In this case, each owner gets a life insurance policy that pays out to the other owner in the case of an unexpected death.

Here, each of the business owners purchases a life insurance policy on the other. Then, if one of the owners passes away unexpectedly, their life insurance coverage gives the other partner(s) the money to purchase the deceased owner’s interest in the company. Some of the proceeds could also go to the deceased owner’s family for final expenses or to pay for living expenses for their survivors. However, the business ownership reverts to the surviving partner.

Contact your Central Lakes Insurance Brokers in Edina, MN to find out how to protect your business and your family with customized life insurance policies.

Your Car Insurance and Travel Benefits

Life in Edina, MN is just fine, but everyone deserves a vacation sometime. So you plan for a big travel excursion, pack everything needed, jump on a plane and get to the airport to rent a car to your hotel destination. However, at the counter, the clerk asks you an odd question: do you want their car insurance for the rental car or do you have your own?

Most folks traveling will forget that a lot of car insurance policies assume people will travel from time to time, and the policies include language that covers a person when driving a rental car. The coverage provided will tend to be the same as what was provided for an owned car, i.e., if one has a basic insurance liability-only policy, that’s all that will be covered on a rental car. If you have comprehensive, the same will apply to the rental accordingly. However, many folks forget or are not aware, and then they kick out $50 or so for a temporary coverage that may not be needed at all.

For Edina, MN drivers and those in the greater area, Central Lakes Insurance Brokers can help. They can vet policies and point out exactly what will be provided for travel coverage and how it will work. This kind of helpful knowledge not only answers the question at the rental car desk, it helps people save money and understand their coverage in all situations far better. And that makes people better drivers overall before they get on the road. So, if you’re not sure and you have a big trip coming up, give Central Lakes Insurance Brokers a call about your car insurance. They can help make your trip a memorable one instead of a mistake.

Why Do You Need Commercial Insurance?

As a business owner, you should think about getting commercial insurance for your business. One reason being is if someone gets hurt at your business, whether it be an employee or a customer, you will be held responsible. You could even be held accountable if someone breaks into your business and gets hurt. General liability insurance can help with that and agents at Central Lakes Insurance Brokers of Edina, MN can assist you in getting the coverage needed for your business.

There are risks if you do not have insurance for your business. Some of those risks include being held responsible for bodily injuries that occur at your business, damage to someone’s property from an auto accident, personal injury, which includes defamation of character, and false or misleading advertising. Commercial General Liability insurance will pay for the medical expenses of the injured party, while employees are covered by workers’ compensation insurance.

If you use a vehicle for business purposes, even if it’s your personal vehicle or a company vehicle, you may consider getting a commercial auto insurance policy. This policy will cover your employee and property that’s damaged due to an accident. If you rent or own space for your business, you will need commercial building insurance. This insurance will cover against fire, theft, and certain natural disasters. It doesn’t just cover the building itself, but also the items inside, which include assets.

There are many reasons why your business may need commercial insurance. Let the agents at Central Lakes Insurance Brokers, serving Edina, MN, help you find the right policy that works the best for your business and your budget.

 

When Should You Update Your Home Insurance Coverage?

Life is quite unpredictable, and you will always have to adjust accordingly. For instance, you need to come up with ways of keeping up with your family’s finances and saving for emergency situations. However, keeping your home insurance coverage from Central Lakes Insurance Brokers up to date is also essential.

Knowing that your home in Edina, MN is always protected is a stress reliever when disaster strikes. It is important to keep up with the changes to your policy and regularly review it with an insurance agent. So, when should you update your home insurance policy?

When You Remodel Your Home

If you are building a new deck or overhauling your kitchen, make sure that you consult your insurance agent to understand the implications of such an action on your policy. Typically, all major home renovations will boost your home’s value which means they can also hike up the cost of rebuilding your home in the event of a disaster. The primary reason why you bought your home insurance was to allow you to repair or rebuild your home if it gets damaged. Therefore, make sure that you contact Central Lakes Insurance Brokers for re-assessment of your home’s value after significant renovations.

When You Make Changes to Your Lifestyle

Certain lifestyle changes may alter risk tolerance, and that will affect how much home insurance coverage that you deserve. You should speak to your home insurance agent in Edina, MN after a significant lifestyle change to determine how it affects your policy. For instance, talk to your agent if you have quit smoking or if you have retired.

When You Purchase High-Cost Items

A standard homeowners’ insurance policy not only protects your home’s structure but also covers your personal valuables inside the house. However, you need to keep in mind that the policy only protects your items up to a certain limit. Therefore, you should update your coverage when you purchase that gigantic flat screen television or when you purchase a pricey necklace.

Contact us today for your home insurance policy.