Three reasons why flood insurance is essential for you

As a homeowner, you might be unsure of what the best option to take is when it comes to flood insurance. When deciding whether to purchase flood insurance, you should be aware of the most important reasons for purchasing flood insurance.

At Calhoun Risk Management, we recommend flood insurance to residents of the Minneapolis, MN area for the following three reasons. 

Flood insurance is not included in a typical home insurance policy.

Homeowners need to be aware of the fact that a typical home insurance policy won’t provide coverage for flood damage. Flood insurance needs to be bought separately. 

Read the fine print of your home insurance policy. Flood insurance almost always requires at least an add-on to a home insurance policy if it is available from a home insurance provider. Fortunately, flood insurance is usually not excessively expensive and tends to be affordable for the vast majority of homeowners. 

Flood damage can completely destroy property.

Homeowners need to be aware of how thoroughly a severe flood can destroy a property. If a flood creates several inches of standing water within a home, the resulting water damage can be so devastating that the home cannot be safely lived in. In fact, a home could be condemned because of issues like black mold growth and structural damage that severely compromise safety and are often caused by floods.

Flood insurance is essential to protect one’s finances and the investment homeowners make in their properties. 

Floods are the most frequently seen natural disaster in the country.

Even those who don’t live in flood zones could still experience damage to their homes caused by floods. It’s important to realize just how common flood damage is. Flooding is the most common natural disaster in the United States. 

If you’d like to explore your options for flood insurance at Minneapolis, MN, contact us at Calhoun Risk Management to learn more. 

Do I Need Flood Insurance?

Floods are actually the most common natural disaster in the United States. At Calhoun Risk Management in Minneapolis, MN, we offer flood insurance so you can protect your investment.

What About My Homeowners Policy?

You may assume your homeowner’s policy will protect you from natural disasters, including floods. However, most homeowner’s policies do not cover floods. Even if you have regular homeowners or renters insurance, flood coverage is still a good idea.

Am I Required to Have Flood Insurance?

If you have a mortgage, your lender may require you to have a flood policy. This is often the case if you live in a high flood risk area. Some lenders may require flood insurance even if you live in a low flood risk area. 

Do I Really Need Flood Insurance?

A flood can happen anywhere, at any time. People often assume if they don’t live near a body of water, they aren’t at risk for flooding. However, spring thaws, heavy rains, storms, and hurricanes can all cause flooding. Floods are unpredictable and often unexpected. 

You should also keep in mind that a little water can do a lot of damage. According to FEMA, one inch of water can cause thousands of dollars worth of damage.

Why It’s Worth It

Your risk of flooding in these areas is much higher than most people realize. In fact, 20% of flood insurance claims come from homes in low to moderate risk areas. This means that one out of every five homes damaged by flooding is in an area where flooding is not an expected risk.

Flood insurance for low to moderate risk areas is relatively inexpensive. It is well worth the cost of a flood insurance policy for your peace of mind. 

Protect yourself from the potential financial damage that floods can bring. Contact Calhoun Risk Management in Minneapolis, MN today. 

5 Tips for Choosing a Beneficiary for Your Life Insurance

The next step after purchasing life insurance is choosing a beneficiary. Designating a beneficiary ensures your insurance benefits go to the individual(s) you want to help most after you’re gone. The following tips from Calhoun Risk Management in Minneapolis, MN can help you make wise decisions in this matter. 

Consider Your Immediate Family

If you have a spouse and children, consider how they would fare if you were to suddenly pass on. Life benefits can provide much-needed financial support for these loved ones, so they’ll be well taken care of after you’re gone.

Make Provision for Minor Children

Another way to make provision for your children is to set up a trust and have benefits placed in the trust specifically for your children’s needs. If you choose this route, you’ll need to name a guardian for the trust and specify how funds will be dispersed to meet your children’s immediate or future needs.

Review Your Options

If your spouse and children are well provided for, review your options for who else you can support after you’re gone. Younger siblings, aging parents, a business partner or a favorite charity all make good beneficiary options. You could even divide benefits among several of these options. 

Select a Backup Beneficiary

Choose a contingent beneficiary to receive policy benefits in case your primary choice passes on before you do. This saves you time and trouble in repeating the process.  

Update Your Beneficiary Choice When Necessary

Update your choice of a beneficiary to reflect major changes in your life. Singles may want to change their beneficiary from their parents to their spouse after getting married. A divorce could prompt you to change your beneficiary from your ex-wife to your children or another member (s) of your family.

For more information about life insurance coverage, choice of beneficiaries and cost, contact Calhoun Risk Management in Minneapolis, MN. 

The Number One Way to Protect Your Business

Running your own business requires a great deal of skill and creativity. But no matter how skilled or creative you are, there are things that are difficult to prepare for. These unexpected obstacles can be some of the most damaging to your business and to your profits. There are ways to protect yourself from these unforeseen events, though. At Calhoun Risk Management, we help business owners like you in Minneapolis, MN and surrounding areas, to better understand their risks. We also help those business owners better prepare for these risks so that they can protect their assets and future success. 

Commercial Insurance

Commercial insurance is one of the best ways that business owners can protect their investment. You have put a lot of time and money into your business. You can’t allow obstacles to ruin your success. Commercial insurance is there to make sure that you are protected during these obstacles. 

What Does Commercial Insurance Do?

Commercial insurance covers a variety of aspects of your business which can be at risk during regular operation. Commercial insurance can cover things like injuries on your property to both employees as well as customer or clients. Vehicles which are used in the course of your business can also be covered. Even things people do not often think of such as data breaches and the legal consequences of such can be protected under a comprehensive commercial insurance policy. 

The best way to ensure that you are getting the coverage you need is to speak with a trained insurance specialist at Calhoun Risk Management. We can look at your specific business needs and customize a commercial policy that will perfectly fit your specific business. We are now serving business owners in  Minneapolis, MN and in surrounding areas. 

What is flood insurance and do I need it?

According to FEMA floods are the most common natural disasters in the United States and the most costly. Major flooding has occurred in all 50 states so if you are thinking you are safe, you may not be. Record flooding is occurring on a more regular basis and it may be time to start thinking about how a flood could affect you. If you live in the Minneapolis, MN area, the experienced staff at Calhoun Risk Management can help you to understand the coverage you need. 

Flooding can cause an extreme amount of damage to your home. You may be thinking that your home, condo or renters insurance provides coverage for flooding, you are wrong. Floods are not covered on any of these policies. Imagine the amount of damage that several feet of water pouring into your home can cause. Then ask yourself if you are willing to take that risk of not having insurance coverage. 

Flood insurance policies are issued by the federal government through the National Flood Insurance Program. While the program is federal, you can’t buy the policy from FEMA, you purchase it through your local insurance agent. It covers much of the damage that your home could receive from a flood. It doesn’t, however, cover everything and it is important that you read your policy carefully so that you understand what you can do to minimize your loss. 

Minneapolis, MN has some really great lakes and rivers. They offer the opportunity to enjoy the great outdoors but when they are running over their banks, they are a danger to you, your home and your possessions. Give the experienced agents at  Calhoun Risk Management a call at  952-746-2416 with any questions you may have. They will give you a no-obligation quote and some peace of mind. 

 

3 Tips for Buying Life Insurance in Minneapolis, MN

As a responsible adult, it’s essential for you to protect those who depend on you. While it may not be pleasant to think about your own mortality, it’s a fact of life. This means it’s a good idea to purchase a life insurance policy sooner rather than later. If you need some tips for buying life insurance in Minneapolis, MN, you should reach out to the team at Calhoun Risk Management who serves this area. You can also use the tips and information here to ensure you get the policy that’s right for you.

1. Compare Various Quotes

When shopping for life insurance, one of the first things you have to figure out is if you want term or whole life insurance.

  • Term insurance: Designed to last for a certain period of time, and once it expires the benefits are no longer available.

  • Whole life insurance: Designed to last your entire life, this insurance costs more because the benefits never expire as long as you pay your policy premium.

Once you determine the type of insurance you want to purchase, you should compare quotes to determine what option provides you with the most value.

2. Consider Bundling Your Policies

Buying life insurance can seem a bit overwhelming and expensive. A great way to save time and money is by working with your existing insurance company. They can help you get the right policy and for a lower price when you bundle your other insurance policies under the same insurance carrier– it’s a win-win situation.

3. Find a Reputable Agent for Help

Finding the right agent for help with your life insurance purchase is essential. Be sure to keep this in mind when shopping around.

Additional information about life insurance in Minneapolis, MN can be found by contacting the professional team at Calhoun Risk Management. Being informed and using the tips here is the best way to get the coverage needed.

 

Do Independent Contractors Need Commercial Insurance?

When starting out on your own as an independent contractor in Minneapolis, MN, it is important that you assess all of the risks that you might face as your own boss. It would be terrible if all of your blood, sweat, and tears were destroyed by an incident that could have been covered with the right type of insurance. As an independent contractor, the only person you will have to blame is yourself. If you are interested in protecting your business, you should seriously consider some form of commercial insurance.

In a nutshell, commercial insurance is designed to cover the business and the owner. Since there are different options available to you, it is important that you do some research to find out which policies are best for you. The process can be a bit overwhelming, so it might be a good idea to contact Calhoun Risk Management to get some insight on the path that best suits your needs. In the meantime, here is some basic information on commercial insurance for independent contractors. 

Types of Insurance Plans for Independent Contractors

Commercial insurance plans can consist of a variety of different types of insurances plans. In general, independent contractors carry the following:

  • Professional Liability Insurance (e.g., coverage for injuries while on the job or if your equipment breaks, etc.)
  • Commercial Auto Insurance (e.g., coverage for car accidents while driving on the job, etc.)
  • Disability Insurance (i.e., coverage if you are unable to work because of a disability)
  • Performance Bond (i.e., if you can’t finish a project or it is done poorly, the bond will be released to complete the job or fix it)

Contact Calhoun Risk Management in Minneapolis, MN

Be sure to contact Calhoun Risk Management, if you need any further help in choosing the right policy for you. The company’s trained professionals will be able to answer any questions you may have. It always helps to have a guiding hand throughout the process of purchasing a plan for those who are not quite sure how to go about it. 

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.