3 Things to Consider Before Buying Flood Insurance

Owning a home can be a wonderful accomplishment in life. Making sure that home is protected from danger and disaster is an important consideration. Homeowners want to know that in the event their home is damaged they can afford the repairs or replacement of their residence. Flood insurance is often an afterthought which falls behind regular home owner’s insurance. At Calhoun Risk Management, serving Minneapolis, MN, we know the importance of education on these topics. Keep reading to learn 3 things you should consider before buying flood insurance. 

Flood Insurance Is Not Included in Home Owner’s Insurance

Many homeowners are not aware that flood damage is often not included in their regular homeowner’s insurance policy. Flood insurance is almost always an additional policy. The reason flood insurance is not often included in regular home owner’s insurance is that flood risks vary greatly from state to state and even region to region within a state. This makes it difficult for insurance companies to create universal policies. 

Risk Factors

In order to get a flood insurance policy that is right for you, you will need to speak with an insurance representative knowledgeable in flood insurance. You do not want to purchase a policy that provides more coverage, and thus a higher premium than you actually need. Your flood risk can be assessed through tools that evaluate and record flood events for the entire country. Your location will be used to assess your risk and therefore estimate the amount of flood insurance you need. 

Pay Attention to What Is Not Covered

A flood can have a devastating impact on your home and property. Even with flood insurance in place, there can be damage that is not covered. Be sure to read your prospective policy carefully so that you understand what is and is not covered. 

If you would like to learn more about flood insurance, please contact our friendly staff at Calhoun Risk Management, serving Minneapolis, MN today. 

5 Reasons You Need Life Insurance

Our life is unpredictable and is changing all the time. We all get older, establish families, get married, and have children. This helps us to realize life insurance is a necessity rather than a luxury. If you are still thinking of skipping it, Calhoun Risk Management in Minneapolis, MN recommends you to take a look at these 5 reasons why getting life insurance is important

To Protect Your Loved Ones

If your family members depend on your financial support, then life insurance is a must because it will replace your income when you pass away. It is especially important for parents of younger children or those who have family members relying solely on their income. 

To Leave Inheritance

Life insurance allows you to leave an inheritance to your beneficiaries. It is a great way to leave your kids with a substantial amount of money after your death that they can use for paying for college, buying a house, or anything else. 

To Pay Off Your Debts

In addition to covering living expenses, like food and bills, your dependents might need financial support for paying off your debts, including car loans. mortgage, and credit cards. Life insurance is a guarantee that your loved ones will not have to struggle by paying off the debts after you die. 

To Pay for Your Funerals

Unfortunately, funerals are quite pricey,  even if it is a traditional and small ceremony. The average cost of funerals is between $7000 and $10,000. However, if you have life insurance, your family members do not have to worry because an insurance company will cover all these expenses.

To Provide You With Peace of Mind

Having life insurance provides you and your family members with peace of mind and protection for the unknown in life. It helps you to ensure that your heirs will be financially taken care of. It is great to be prepared and know that you have secured the future of those who you love. 

Before getting a life insurance policy, it is important to know which one is right for you depending on your financial goal, family situation, and your budget. If you need help and guidance, Calhoun Risk Management in Minneapolis, MN is here for you. Visit our website or give us a call to know more about life insurance options. 

How commercial insurance can save your business

As a business owner in Minnesota, you have lots of things to consider. You have to think about your employees and also about the financial state of your business. No matter how big or small your business is, you need a long term plan to make sure that your business can thrive and survive no matter what gets thrown at it. At Calhoun Risk Management in Minneapolis, MN our team understands businesses of all sizes and we will recommend the types of commercial insurance that make sense for your business. Every business has different commercial insurance needs. Three of the most popular types of commercial insurance are property, liability, and workers’ compensation. 

Property insurance is an important coverage option for every business.  If you own the building where your business is located then it covers the physical building but even if you are a renter, you still have lots of property that needs to be covered. You have your equipment, your inventory, and all the things that make it possible for you to do business. Things happen including fires, storms, and theft and without this coverage, you could lose your business. 

Liability insurance protects you from lawsuits and judgments against you. It could be a customer who was injured on your property or by a product that you produce. It can also protect you from cases brought by employees for wrongful termination or harassment. A judgment against you could cost you a lot of money that could damage your business beyond repair. 

Workers’ compensation is mandatory in Minnesota. It protects your employees in the event they are injured on the job and it is an important part of commercial insurance.  

When you are ready to discuss your commercial insurance needs Calhoun Risk Management in Minneapolis, MN  is here for you. Give us a call or stop by our office and let our team of agents work with you to create a perfect plan. 

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.