Should You Update Your Home Insurance Coverage?

If you own a home, you should review your insurance annually to make sure you still have the coverage you need. If your home’s gone up in value, your current coverage may be insufficient to replace it if it’s destroyed in a disaster. An agent from Calhoun Risk Management in Minneapolis, MN can help you determine if and when you should update your coverage. Here are a few reasons why an update may be needed.

Major Renovations

If you made major renovations to your home last year, you need to add them to your insurance coverage so that they’re protected against unforeseen disasters. This requires an update to your policy.

Increased Home Value

Renovations like a new roof or kitchen remodel could raise the value of your home. If so, you may need to raise the limits on your coverage to fully protect your property. Ideally, you should have enough dwelling insurance coverage to replace your home, if necessary, due to a disaster. Without adequate coverage, you may need to dip into your savings to help cover home repair or replacement costs.

Pricey Gifts or Purchases

If you purchased expensive goods or received pricey gifts such as jewelry, fur coat or fine art over Christmas, you need to confirm that they’re fully covered under your personal property coverage. The value of these goods may go beyond the limits of your standard homeowner’s policy. If your current policy doesn’t provide sufficient coverage to replace these goods in the event of theft or loss, you can obtain an endorsement or floater to protect these valuables.

To ensure your home and personal goods have the protection they need, contact Calhoun Risk Management in Minneapolis, MN. We’ll provide you with quality home insurance coverage at a reasonable cost. 

Is full coverage better than liability only?

All drivers in Minneapolis, MN need to carry at least a certain amount of insurance. Every driver must be able to prove 

  • at least $30,000 per person and $60,000 per accident for Bodily Injury Liability and
  • at least $10,000 in Property Damage Liability

This means that if you are in an accident and it is deemed your fault, that is the maximum amount your insurance is required to pay on any claims. If you think about it, there are a lot of other losses you could suffer, and the damages could far exceed those minimal amounts.

When you got your original policy at Calhoun Risk Management, there are a lot of reasons you may have gotten the smallest amount of coverage. Maybe you were in a hurry or really didn’t have extra money at the time. Maybe you didn’t know the right questions to ask.

The "extras" you may get with full coverage

Depending on your policy, here are some of the extra kinds of protection you may get with full coverage:

  1. Collision coverage — This will cover your own vehicle’s damages after an accident. 
  2. Comprehension coverage — This adds extra coverage for your vehicle, for claims related to, for instance, weather or theft.
  3. Vehicle rental reimbursement — If you only have minimum coverage, you are on your own while you are waiting to have your car repaired after an accident. Coverage usually starts the next day.
  4. Roadside assistance — Being stuck because of car problems isn’t just inconvenient; it can be dangerous. Your vehicle insurance can provide roadside assistance, including towing, help with a flat and other important aid.

Driving in Minneapolis, MN comes with risks, but you can protect yourself with broader coverage. If you have any questions about the difference between full and liability coverage, please feel free to call Calhoun Risk Management today.

How Can Flood Insurance Help Me?

If you own a home, it is important that you make sure that your property is properly covered by insurance. One type of risk that you may need to consider getting additional coverage for is flood damage. If you live in an area that is prone to floods, you are running the risk that you’re properly could be significantly damaged if a flood occurs. Getting flood insurance in place could provide you with the protection that you need.

Gives Protection for Flood Damage

Having a property that is damaged by a flood could be a very significant loss. Between the costs of removing water, replacing damaged fixtures, and making all necessary repairs, you could easily spend tens of thousands of dollars to repair your home. If your base home insurance policy does not provide coverage for flood water damage, you will need to have additional flood insurance policies in place at all times. 

Ensures Loan Compliance

Another advantage of getting flood insurance is that it will help to ensure loan compliance for you. For people that live in a flood zone in the Minneapolis MN area, having flood insurance in place is often a requirement. This is especially true if you live in a FEMA-designated flood zone and have an FHA mortgage. In these situations, the lender will undoubtedly require that you carry flood insurance at all times.

When you are looking for flood insurance in the Minneapolis, MN area, meeting with the team at Calhoun Risk Management is a necessary first step. Determining what your exposure to flood damage risk is can be hard to do. The team at Calhoun Risk Management will have all of the most current information about flood risks and can help you to determine what your flood insurance needs are. 

How a Prompt Life Insurance Policy Payout Can Help Your Family

Life insurance provides your family with continued security after you have passed in more ways than one. In addition to the peace of mind that comes with knowing that they will be able to remain in the family home, it is another reminder of your love and dedication to providing a safe and secure lifestyle. Calhoun Risk Management is proud to serve the greater Minneapolis, MN area and help you provide your family with a happy and comfortable life, even after you are gone. The death of a parent or spouse is already a stressful event, and without the death benefit that your life insurance provides it can be even more so. Life insurance can help to ease their version and help them to adjust to life without you.

Life Insurance Helps Your Family Continue Living

When you are gone your family will feel an emotional loss from which you cannot protect them. However, by holding an appropriate life insurance policy you will be able to continue providing for them. If your life insurance has been in place for several years or has not been updated to reflect new family members or changes in your financial situation, now is the perfect time to review your policy. Your family will appreciate your care and thoughtfulness, and prompt payment of a death benefit can help them manage a heartbreaking situation with less stress.

Now is the perfect time for a life insurance policy review to ensure that your current level of coverage is sufficient to protect your family after you are gone. Contact the team at Calhoun Risk Management today and schedule an appointment with one of our professional agents; we are proud to serve the greater Minneapolis, MN and look forward to working with you.

Is A Detached Garage Included In Home Insurance Coverage?

When you buy home insurance coverage in Minneapolis, MN, it’s important to look at what is and is not included. The structure of your home is covered. However, anything that is detached would not be covered by the standard policy. By working closely with Calhoun Risk Management, you can learn how to cover everything on your property.

Things such as detached garages, sheds, and other structures on your property are not encompassed within the standard policy. However, that does not mean that you cannot get the coverage that you need. You will simply want to talk to an insurance agent about adding a rider to your policy.

It is always a good idea to review your home insurance coverage on an annual basis. For example, if you decided to add the detached garage several years after buying your home, your home insurance policy would not be written to include a detached garage. However, once you add it to your property, you want to make sure that it is covered along with everything else.

Riders will help you to have the necessary coverage. This way, if the detached garage is damaged as a result of a natural disaster, a fire, or something else, you can be sure that it is included within your claim. It can end up saving you a significant amount of money over time.

Whenever you have “additional” items on your property, you will want to talk to an independent insurance agent to protect your home in Minneapolis, MN.

At Calhoun Risk Management, we have professional, experienced independent insurance agents to help you find the right home insurance coverage for your property. We can help you conduct a home inventory and ensure that you have all of the necessary riders to go above and beyond a traditional policy.

 

 

Who Should Get Commercial Insurance?

Among the various types of insurance available, you are probably familiar with many. But you might not know as much about commercial insurance. Like other types of insurance, there are numerous key facts to know and understand. And you need to know who should get commercial insurance. Here is that information, courtesy of Calhoun Risk Management serving Minneapolis, MN.

Types of companies

Basically, commercial insurance is for a vehicle that is driven for business, or commercial, purposes. It covers things like accidents that occur when the vehicle is being used for business purposes. So there are similarities and differences between commercial and personal auto insurance. Some of the types of companies that would need commercial insurance are companies that have vehicles being driven by sales staff, delivery companies that have trucks, and appliance repair companies. In addition to those, there are many other companies that should obtain commercial insurance on their vehicles.

More specific details

It is not just companies that have numerous vehicles being used for business purposes that need commercial insurance. Even if only one vehicle is used by an organization for business purposes, commercial insurance is typically needed. And if a person is running a business solo and uses a vehicle for business-related driving, it is a wise idea to have commercial insurance on that vehicle. Commercial insurance changes over time when it comes to who needs to get it. For example, with the introduction of car-sharing and ride services like Uber, the realm of commercial insurance has had to change and adapt.

You likely have more questions and need additional details about commercial insurance, so please feel free to contact Calhoun Risk Management serving Minneapolis, MN.

How much auto insurance do you need in Minneapolis?

Minneapolis, MN is best known for its lakes and parks that create a balance between city life and nature. The Mall of America is another attraction that draws thousands of tourists to the city every year. 

With so many newcomers and short-term visitors, you may begin to wonder if your insurance policy is enough to accommodate the steady flow of people. Calhoun Risk Management can help you figure out a few things. 

Minnesota Auto Insurance Requirements

The state of Minnesota requires all residents operating a motor vehicle to have auto insurance. The specific requirements of the rule are as follows:

  • Auto owners should have coverage that pays at least $30,000 for bodily injuries in an accident;
  • Insurance holders must have enough coverage to pay for at least $10,000 worth of property damage; 
  • An overall policy limit must be for at least $60,000 for damages in an automobile accident. 

Of course, if you are fully responsible finance-wise for all damages incurred by yourself and the victims if you are found at-fault for an auto accident. The above stipulations should be considered as the bare minimum for drivers. 

Should You Go Beyond The Minimum?

Some drivers find that they do not have enough insurance to cover an incident after the catastrophe has occurred. Imagine yourself thinking that your indemnity policy will be enough to pay for you rear-ending someone only to learn that you must come up with thousands to cover the portion of the cost that your assurance company did not pay out. 

After an accident is not the time to discover that you are underinsured. You should speak with a representative at Calhoun Risk Management today to learn about the policies and procedures regarding auto insurance so that you can find the policy that is right for your lifestyle. Speak with an agent today!

Minimizing Your Life Insurance Premium

Life insurance is an increasingly popular option for a growing number of people in Minneapolis, MN. Therefore, it is critical to ensure that you purchase the best policy for your needs from Calhoun Risk Management or another provider and to take several steps to minimize your premiums. These actions consist in making healthier choices in your life and are, therefore, doubly beneficial for your life. 

Quit Your Worst Habits

Your life insurance policy is going to be heavily affected by any bad habits you possess. For example, smokers and drinkers automatically get higher premiums because they are at a higher risk for many types of diseases. Therefore, it is critical to put away your cigarettes and to minimize your alcohol intake. This step will slowly, but surely, decrease your life insurance premiums. Usually, you need to have quit smoking for at least five years to get the best results.

Treat Common Health Problems

Persistent pre-existing conditions will bother your life insurance provider and make it more likely that they’ll increase your premiums. Get these problems under control by treating them properly. Schedule regular doctor appointments to let your provider know that you are taking this problem seriously and are working to manage it.

Avoid Dangerous Hobbies

If you enjoy hunting, deep sea diving, racing, and skydiving, you are greatly increasing your risk of higher premiums. That’s because life insurance companies consider you a dangerous individual and may even refuse to sell you insurance. Cutting out these activities can be a major bummer but, as you age, it may be time to find less problematic things to do.

Get the Best Life Insurance Policy You Can Afford

So if you need high-quality life insurance in Minneapolis, MN and are worried about your premiums, contact us at Calhoun Risk Management today. We can assess your case, let you know why your premiums are set at a certain level, and advise you on the best ways to decrease the cost. 

Does My Homeowners Insurance Policy Cover My Dog?

A home is an asset and it needs to be protected. Homeowners insurance policies cover different policies depending on the needs of a home and its owner. Insurance agencies such as Calhoun Risk Management help you analyze different homeowners insurance policies and settle for those that suit your Minneapolis, MN home the best. Home insurance policies do not cover dogs or any pets but there are circumstances under which you may file a claim.

Homeowners Insurance When Your Dog Bites Someone

Your dogs can bite people out of agitation or provocation. If your dog bites a visitor without provocation, you as the dog owner have to pay for their medical charges. If the incident happens inside your property, and your home insurance coverage includes it, you may get compensation from your homeowner’s liability insurance coverage. The compensation will help you pay for the injured person’s medical charges, loss of wages, pain and pain and suffering. If they sue you, it may pay for the legal fees. However, the policy will only pay if the person is not you or a member of your household.

According to the laws of Minnesota, you are only liable if your dog attacks the injured party without provocation. The general behavior of your dog does not really matter. Even if your homeowner’s insurance covers dog bites to other people, you can only make a claim if you are legally liable.

Dog Injuries

Even though your homeowner’s insurance policy may pay for bodily injury liability, it does not help pay for injuries or illnesses of your dog whether or not it was injured in your property. You need to get a separate policy for that.

Contact Calhoun Risk Management in Minneapolis, MN at 952 746 2416 to discuss your new quote for homeowners insurance.

Are Commercial and Property Insurance the Same Thing?

When it comes to understanding insurance there are dozens of different policy types to keep in mind. It is always helpful when you are looking for a policy of any kind that you consider what some of the benefits and individual characteristics of each policy are. Though some policies may seem similar, like a commercial and property policy, they may be less alike than you imagine. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can shed a bit more light.

Commercial and property insurance do seem very similar when you look at the individual aspects of each. Though they do look similar, they are also inherently different. For starters, commercial policies are only applicable to businesses while property policies can be added to any property that you own. Another difference is that commercial policies cover things like an injury to workers and theft of merchandise where a property policy would not.

It is important that if you are looking into either type of policy you take the time to figure out what is going to work best for your individual needs. What might seem like a great policy may not cover all the bases and taking the time to speak with an agent can mean the difference between a policy that covers well and one that has holes. Property policies as a whole are going to be more inclusive in terms of what they cover but they may also be lacking if you do have a business that has employees, a physical location, and inventory. You are always going to want to make sure the policy you choose is specific to the property or business that is being protected so that you can ensure your property is fully covered. For those in the Minneapolis, MN area, the agents with Calhoun Risk Management can help.