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.
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.
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.
Health insurance may seem too expensive for many teens to afford on their own. However, if you live in Edina, MN and are a teenager – or are raising one – you should really consider a policy. Thankfully, we at Central Lakes Insurance Brokers can help you find the right one for your needs.
Teenagers Should Consider Insurance Plans
While it is true that most teenagers will likely be healthy enough to avoid most types of medical procedures, there comes a time when many may need health coverage. For example, some teens may catch venereal diseases if they are sexually active or suffer from broken bones after a sports game.
These common health issues can be very frustrating or even dangerous if you don’t get medical help. And thankfully, medical insurance will cover treatment for these issues. And there are many ways that you can get these types of policies.
Most teenagers should qualify to be covered under their parent’s insurance plan. The highest age that you can be covered is typically 26 in most states, which means that you can avoid having to pay for an expensive policy. Pitch in to help your parent pay for theirs, though.
However, some teens can purchase policies such as student health plans if they go to college or may qualify for Medicaid if they don’t have a lot of money. The types of policies available will vary based on your state but can provide you with a variety of unique benefits and coverage choices.
Don’t Hesitate to Get Help
If you live near Edina, MN and want high-quality insurance for a teenager, please contact us at Central Lakes Insurance Brokers right away. We serve this city and the surrounding area and can provide you or your teenager with the policy that works best for your overall needs.
Life insurance is something that anyone can benefit from and that many families could use when they lose a loved one. Unless you have a policy however, your family is not going to be able to benefit from this type of protection. For those that live in the Edina, MN area, the agents with Central Lakes Insurance Brokers can help you find the right policy for you and can tell you just what it covers.
When most people hear the words life insurance they immediately assume that these funds cover only funeral expenses. This is not the case, however. Unless you buy funeral insurance that is only for funerals, life insurance can cover anything you deem fit. Life insurance works in a simple way, the policyholder pays the premiums until the policy either matures as with term insurance, or until the time of their death as with whole life insurance. The money is then paid out to the beneficiary after death has been affirmed and the proper forms and death certificates have been filed.
In most cases, unless otherwise specified, the money comes to the beneficiary in the form of a check that they can then cash, deposit, save and do whatever they want to do with it. In most cases, if the death was sudden or previous arrangements had not been made, beneficiaries will pay the funeral expenses out of the life insurance balance. Life insurance is to be spent and used at the discretion of the beneficiary and is meant to help ease the transition of life with the policyholder to life without the policyholder.
For those that live in the Edina, MN area, the agents with Central Lakes Insurance Brokers can help you to get the policy you need and the amount of coverage you need as well.
Your basic auto owner’s insurance gives you standard coverage over your vehicle. However, there are limits to what your current auto insurance policy is able to provide, which means you may be at risk for out-of-pocket expenses. Instead, there are a number of auto insurance add-ons to consider. If you live in or around Edina, MN, Central Lakes Insurance Brokers can help you sift through the different policy options to find what works best for you and your budget.
You never know when you’ll have a problem with your vehicle while away from the house. This might be a dead battery, a flat tire, or something more serious. Contacting a tow truck, especially if you’re more than a few miles away, really adds up. Roadside Assistance provides you with this coverage.
Personal Injury Protection
If you are injured during an auto accident you’ll find PIP coverage will cover more of your healthcare costs than standard auto insurance (and likely your health insurance). Even if your health insurance provider covers some of these expenses, adding PIP to your current coverage will help pay for co-pays and deductibles.
Uninsured Motorist Coverage
If you’re ever involved with a driver who isn’t insured you may be stuck paying the bill. Uninsured motorist coverage protects you from this issue.
If you haven’t gone over your auto owner’s insurance policy in some time there is no time like the present. With the aid of Central Lakes Insurance Brokers, a professional agent can look over your current policy and help you decide if there are add-ons that will improve your coverage (and save you money). So if you have questions about your current policy and live around Edina, MN, now is the time to give Central Lakes Insurance Brokers a call.
It’s important that your commercial insurance policy grow right along with your company. Business owners in Brainerd, MN who haven’t had their policy reviewed in awhile should contact the agents at Central Lakes Insurance Brokers to find out if they need to upgrade or change their commercial policy in any way. Maintaining the right type of coverage is the best way to ensure that you are fully protected against any type of financial loss.
Has Your Business Changed?
Anytime that your business grows or expands, you will want to review your policy. Even if your inventory remains the same, other aspects of your business may have changed significantly. Some changes may be so gradual that you don’t realize they are occurring until a few months later when you begin to see changes in your profit and loss statements. Knowing about these changes and how they impact your business are just two of the things you should consider when reviewing your policy.
Protecting Your Investment
The most important thing you can do in terms of protecting your investment is to have the right type and amount of insurance in place at all times. Being prepared before a disaster occurs is what will help you make it through a difficult time. The first step is talking to your insurance agent.
The agents at Central Lakes Insurance Brokers are available to help business owners in Brainerd, MN evaluate their insurance needs. Evaluating your policy is the best way to be fully protected. Call and talk to one of the agents today to ensure that your business has the coverage it needs.
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.
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.
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.
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.
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.
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.
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.