Exploring The Different Types Of Permanent Life Insurance Policies

Central Lakes Insurance Brokers is an independent insurance agency. We offer coverage to the Edina, MN community, as well as the surrounding areas. Our primary objective is to make sure that our clients find the policies they need to manage future risks. We will help you assess your options and find the necessary coverage to protect your assets.

The Different Types Of Permanent Life Insurance Policies

At some point, you have to plan for the future. If leaving a legacy behind is important to you, consider the benefits of life insurance. Life insurance allows you to set up protection so that your loved ones are covered once you pass away. Life insurance can help your loved ones make arrangements or handle your estate. The coverage gives your loved ones a foundation to rely on as they cope with your passing.

Permanent life insurance is a popular form of coverage because you are protected throughout your lifetime. You’ll have peace of mind as you journey through Edina MN. Universal policies are considered more flexible than whole life policies because you have the ability to adjust the terms if your life changes. This is an important thing to consider if you plan to start a family or open your own business one day. Universal policies allow you to put something in place if your children decide to pursue higher learning in the future or ensure that your business will continue to thrive after you have passed away.

Variable life policies also offer flexibility as they allow you to pursue opportunities in order to increase the value of your policy. You have to be careful though, as one bad decision can lower the value of your policy as well.

Central Lakes Insurance Brokers Will Guide You Through The Process

Visit our website to learn more information on life insurance.  

When to review your auto insurance coverage

Auto insurance is something that is designed to meet your particular needs. It can be customized in many ways. It is important that you pay attention to your coverage. No one wants to pay too much or have too little auto insurance in the event you need to use it. At Central Lakes Insurance Brokers in Edina, MN we take our responsibility as independent insurance agents seriously. We make sure all of our customers have the mandated amount of auto insurance that the state requires, but we count on them to give us the additional information we need to make recommendations for coverage. 

Review your auto insurance when your policy renews

When it is time for your auto insurance to review you will get a copy of your declaration. The declaration page gives you all the particulars about your policy. It tells you who the covered drivers are, the vehicles, and the amount and type of coverage you have on each vehicle. One of the first things to consider is if your liability coverage is adequate. If your financial situation has improved, you may be under-protected. 

When you add or subtract a driver

The drivers you have on your policy can affect your premium. If your teen drivers have moved on you will be able to get a better rate, and maybe it is time to look for a new carrier. If you have added a driver the same is true, you need to consider if you have enough coverage for a young driver. 

When your car gets old

There comes a time in the life of all vehicles when having collision and comprehensive coverage is no longer cost-effective, and you may want to consider removing that coverage. 

Contact Central Lakes Insurance Brokers in Edina, MN when you need to discuss your auto insurance coverage. 

Do I need commercial insurance in Edina?

If you want to find a good place to start your own business, Edina MN is a great option. This part of the state has a good economy and there is a lot of support for local business. As you are going to start a company here, you should also get proper commercial insurance. There are several important reasons that your business should be covered by a proper commercial insurance policy. 

Insurance Covers Business Assets

A reason that you should obtain a commercial plan when you are in this area is so you can cover your business assets. When you start and grow a company you are going to need to invest a lot in different assets. These assets are critical and include inventory, equipment, and other items. When you have a full commercial insurance policy, the plan will give the coverage you need to cover these most valuable assets

Insurance Gives Liability Protection

You should also secure a commercial coverage plan to ensure you are able to mitigate your liability risk. A business owner is going to take on liability risk on a regular basis. As a claim and judgment could be detrimental to your company, you will want to get protection against the risk. A commercial insurance plan will include a provision that can help to mitigate your liability risk. 

Anyone that would like to start a company in Edina, MN will need to have a proper commercial insurance plan. If you are going to get a commercial insurance plan when you are here, it would be a good decision to call Central Lakes Insurance Brokers. The team of insurance professionals at Central Lakes Insurance Brokers have a lot of experience in helping businesses build commercial insurance plans that protect the company as well as possible. 

Creating and storing your home inventory

Almost six percent of homeowners will file a claim in any given year. Thinking about filing a claim is not something homeowners like to dwell on but the reality is, things happen and you need to be prepared. A home inventory is one way to prepare for a home claim. Another is making sure you have a good home insurance policy and a trusted insurance agent. In Edina, MN, Central Lakes Insurance Brokers is locally owned and operated and committed to providing quality insurance products to our customers. As independent agents, we can offer more choices in carriers and policies. 

Creating a home inventory is time-consuming but the benefit makes it worthwhile. It can be done digitally or with a pad and pen. The idea of the inventory is to list all of your possessions, room by room. Don’t move on to the next room until you have identified everything in the room. Open closets and cupboards, don’t just list what you see out in the room. Be very specific in your description giving brand names and models and serial numbers if applicable. Provide any back-up you may have in the form of receipts or sales slips. Attach it to the inventory. 

Take pictures of each room from several different angles. The idea is to show as much as possible. Take your time and do every room, Don’t forget to go into your attic and basement. You may even need to go to the garage and shed. You will be glad for the detail if you ever need to file a claim. 

When you are finished store your inventory and photos in a safe place. Away from the home is best. A safety deposit box is ideal but at the very least have a free and waterproof container. You may also store your inventory digitally in the cloud. 

Contact Central Lakes Insurance Brokers in Edina, MN for all your insurance needs. 

How Does Recreational Insurance Work with Your Other Policies?

Central Lakes Insurance Brokers wants you to understand how your recreational insurance works with other insurance policies you own.

When you have more than one policy, your Edina, MN home insurance liability pays out first, if an accident occurs with your RV. Your recreational policy pays out after you exhaust the liability from your home policy. If you have umbrella insurance, this kicks in after the recreational policy.

When would this occur? Let’s say you take a vacation with your family and next-door neighbors. The six of you travel in your RV. While on the trip, one of your neighbors falls down the steps leaving the RV, and breaks his leg.

First, the liability portion of your home owner’s insurance pays for the medical costs. Perhaps the break was really bad and required surgery. This caused the medical bill to exceed the liability coverage of your home policy.

Your recreational policy covers the rest of the medical bills. Let’s say the medical bills maxed out the liability coverage on this policy, too. That is when your umbrella insurance kicks in. It covers the remainder of the costs.

Your RV policy also covers the physical damage to your RV. Perhaps when your neighbor fell, they grabbed for a handrail or the RV door and that made matters worse. They tore part of the door down and entangled themselves in the steps, wrenching it partway off of the RV. Your RV policy pays for the RV repairs, too.

Central Lakes Insurance Brokers of Edina, MN wants you to understand your insurance policy and how it works with other policies. Knowing the inter-workings of your insurance policies helps you make informed decisions about coverage amounts and policy riders. Call us today for more information.

Terms you need to understand when choosing health insurance

Choosing health insurance is one of the hardest things you do every year. Whether you are a first-time buyer or you had a bad experience with your coverage last year and need to change, there are so many things that need to be considered. Having a trusted independent insurance agent who can provide the guidance and information you need. At Central Lakes Insurance Brokers in Edina, MN, we will look over all the information that is available with you to help clarify anything that’s unclear. 

Network

If you have developed a personal relationship with your primary care physician or a specialist, making sure you will still be able to use them is important. The network is the physicians that are included in an insurance carrier’s plan. Carriers have a contract with medical professionals to perform services at predetermined rates. This includes hospitals and labs. You may be required to stay within your network or you can pay more to go out of network. 

Deductible

The deductible is the amount you are required to pay before your coverage will start to cover you. Each plan is different and some services may not be included in the deductible. High deductible policies are popular and less costly. When combined with an HSA or FSA they are a reasonable option but if you don’t have access to an HSA  or FSA you may want to look for a lower deductible. 

Copay

The copay is your portion of any service performed. It may be a set amount such as $10 to visit your primary care doctor or a percentage of the service change. 

Formulary

The formulary is the drugs that are covered by the plan and the amount you must pay for each drug. 

Contact Central Lakes Insurance Brokers in Edina, MN to make an appointment to discuss your health insurance needs. 

Should I get home insurance in Edina?

The Edina, MN area can be a great place to call home. When you are a property owner in this area, you will enjoy having a stable place to live while also benefiting from price appreciation and tax deductions. When you do purchase a home here, you also need to carefully consider all of your insurance needs. There are several reasons that you should get a home insurance policy when you are here. 

Insurance Gives Important Coverage

The main reason that you should get home insurance when you are in Edina is that it can give you very valuable coverage and protection. When you get home insurance, it will include coverage to protect your dwelling as well as all of your personal assets. It can also include coverage that will give you protection if you are found liable for an injury to a guest or if you or your property cause damage to another person’s assets.

Insurance is a Requirement

For a lot of people in this area of Minnesota, having insurance is also a requirement. Due to the value that the insurance coverage provides, many mortgage lenders require that their borrowers carry the proper insurance. Also, if you live in a home association, you may also have insurance requirements that need to be met. 

As you are looking for home insurance in the Edina, MN area, you should get guidance and support from someone that you can trust. If you do call the team at Central Lakes Insurance Brokers for your insurance needs, you will be in good hands. The insurance professionals at Central Lakes Insurance Brokers can help you to better understand all of your options and give you the support needed to choose a policy that is ideal for your situation. 

Is Commercial Insurance Required in MN?

For many, owning a business is the culmination of years of hard work, sweat, and tears. Given the large investment in time, money, and sacrifice made in owning a business, it is important to protect that sweat equity with commercial insurance. Specific to Minnesota, businesses with at least one full-time or part-time employee are required to have workers’ compensation insurance to help pay for the medical bills associated with workplace injuries and illnesses. The only exclusions to this rule are sole proprietors, partners, and corporate officers who do not require workers’ compensation insurance. Additionally, any vehicle that is owned by the business in Minnesota must have minimum commercial auto insurance coverage. For businesses that require their employees to use personal vehicles for work purposes, it is recommended but not required that those vehicles be covered by hired and non-owned auto insurance because personal auto policies are highly unlikely to cover business use. 

In addition to the two types of coverages just described, additional coverage is recommended depending on factors like the scope and size of your business. As an example, if your business uses a cloud environment to store personal and sensitive customer data then you are at a greater risk of a cyber-attack or data breach. Consequently, cyber liability insurance makes sense because it helps pay for the damage caused by a data breach – both internally and externally to your customers. 

At Central Lakes Insurance Brokers in Edina, MN we strive to provide excellent service to each of our customers by offering personally customized insurance policies that meet all of their needs. Whether you are debating between liability amounts or unsure what type of commercial insurance you need, give us a call and we will schedule a time to answer all your questions. 

How do you insure multiple homes?

When you buy a second home, whether it serves as your vacation home or a rental property, you need to insure it. In some cases, you can have one policy that covers everything, but in many cases, you need multiple policies for multiple properties because different building types need a different type of coverage.

Phone or email your insurance agent at Central Lakes Insurance Brokers to talk about your purchase. Each insurance agency handles these matters differently. Some companies require separate policies while others let you combine policies in a master policy. Here are the major types of home insurance you will need to consider:

  • Contents only/renter’s: If you purchase a flat or apartment, you can typically skip the building insurance, but you do need to buy coverage for the contents.
  • Rental property: When you lease the property you own to another person, you need insurance that protects the structure, but not typically the contents. You do need liability insurance.
  • Historical building/Listed building: A home of historical significance that appears on the state or national historical registry requires its own insurance type. This applies whether it is a Grade I, II, or III property. 
  • Non-standard home: Any type of home beyond the typical single-family dwelling requires a special type of insurance. This includes the housing types growing in popularity in Edina MN including tiny homes, hay bale homes, thatched-roof homes, timber frame houses, log cabins, etc.
  • Holiday/Vacation home: Insurance on this home type may cost a bit more because it exhibits a higher risk since it remains empty for long spurts. 
  • Host insurance: Consider a host policy if you only lease the home during one season, but live there or vacation there the other seasons. Host insurance provides coverage for 90 days during which your property gets rented to paying guests.

You have many choices when purchasing home insurance for multiple properties. We serve the Edina, MN area and its surrounding communities. Call Central Lakes Insurance Brokers for more information on covering more than one home with homeowner’s insurance.

Recreational Insurance for Beginners

When you think of recreational insurance, you may think solely of RVs. However, recreational insurance covers a much larger variety of vehicles than just RVs. Other vehicles like ATVs and vehicles designed for off-roading are covered under recreational insurance. If you own any vehicle that fits that description, then learn how you can stay covered with Central Lakes Insurance Brokers. 

What Does Recreational Insurance Cover?

Recreational insurance provides you coverage for your recreational vehicles the same way auto insurance covers your standard vehicles. Here are some areas in which recreational insurance provides coverage: 

  • Injury 
  • Property damage
  • Liability
  • Medical payments 
  • Personal injury

These are just some of the areas for which recreational insurance provides coverage. To find out what coverage type would be best for you, feel free to seek a consultation from Central Lakes Insurance Brokers.  

Why Get Recreational Insurance?

Your recreational vehicles are designed to go places standard cars can’t. While it can be fun to traverse the backroads, vehicles can be more prone to sustain damage going off the road. That’s why you need to have the proper coverage as repairs or replacements can be expensive. 

Just like you would want to protect your car from damage done in an accident, you want to protect your recreational vehicle from damage done off-roading. You may think nothing bad could happen on the backroads due to the lower amount of traffic and possible animals. However, rough and unfamiliar terrain can be dangerous at times and accidents can be extreme. 

Stay Covered with Central Lakes Insurance Brokers

When you need coverage you can rely on, visit Central Lakes Insurance Brokers. Their office is located in Edina, MN. You can contact them online to get a consultation on what type of recreational coverage would be best for your vehicle and driving habits. Get the coverage you need with Central Lakes Insurance Brokers.