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.
You consistently protect your home and business with the appropriate insurance policies to ensure against fire, theft and other damage. As a home or business owner, you know that this is the responsible action to take. While these policies will protect your assets from unknown threats, you should be aware that they do not cover flood events. Homeowners and commercial policies do protect property during significant weather events, but they do so to the exclusion of flooding. That is why Congress created the National Flood Insurance Program in 1968 to assist citizens impacted by these types of events. If you are concerned that your home or business is at risk from a flood event, call the team at Calhoun Risk Management. They understand the needs and challenges that homeowners and businesses face in the Minneapolis, MN area.
For homes or businesses located in areas deemed to be “high risk” for flooding, owners may be required to purchase flood insurance by their lender. Those located in areas deemed to be “moderate” or “low” risk areas can also purchase flood insurance if desired. They will often be able to purchase the coverage for a lower premium. Regardless of where the property is located, the coverage ensures the building and its contents up to a certain dollar amount. Coverage for a building’s contents is also available for renters.
Having insurance for your home and business is important. If you think that you might need additional flood insurance, call the team at Calhoun Risk Management. They work with businesses and homeowners in the Minneapolis, MN and can help assess your risk level. Then they will work to get you the coverage you need. Your property is important. Get the coverage you need today!
It is never too early to start protecting your child’s future, and a life insurance policy is one way which will help you build up protection over the years. If you have a new baby in Minneapolis, MN, you should contact Calhoun Risk Management as soon as possible to start making decisions about what kind of insurance will fit your needs best. But what kind of life insurance is the best for someone just starting out in life?
There are two main kinds of insurance: term life and permanent life. Term life is much less expensive, but it is over at the end of the term and pays nothing if you are still alive. It does become more expensive as you get older, especially after the age of 50. Term life only pays out death benefits. Once the term is over, you don’t get any of the money back.
Permanent life insurance is basically the opposite. You can get a policy that will cover you for life, and you can lock in the price of the premium at the beginning. The older you get, the more expensive the premium is likely to be. You could also be asked to have a health exam and then pay more if your results aren’t good.
A whole life or permanent insurance policy will pay out death benefits, but the premiums also accumulate and have a cash value. It can take about 15 years to build up a decent amount of money, but part of the cash can be withdrawn or borrowed by the owner of the policy.
Because of the advantages of both kinds of life insurance, it may be better to start with both kinds and only have permanent life insurance later. If you live in Minneapolis, MN, contact Calhoun Risk Management today to see how a policy could help you and your family.
Calhoun Risk Management in Minneapolis, MN are experts in homeowners insurance. Homeowner’s insurance protects both the owner and the lender from significant financial losses as a result of any damages and protects your homes’ value. A mortgage lender will, in most cases, require home owner’s insurance policy. The cost of a homeowners insurance policy is affected by the home’s age and any of its features or characteristics, its location, whether the home has devices for protection such as smoke detectors or sprinkler system, any personal factors such as credit history and any claim history.
The policies coverage under the standard HO2 broad coverage form includes:
a. damage to the home, any structures attached such as a garage, b. Loss of any living expenses,
c. If the home needs repair, protection against lawsuits for any third party injuries on your property,
d. Which includes medical expenses,
e. Protects against any property stolen,
f. Damage related to water backups such as discharges from a sump pump.
g. Damages caused by lightning
h. Accidental losses
There are exclusions for damages that are not typically not covered such as:
c. Upgrades as a result of building codes
d. Nuisance property such as a prison built in your area
e. Radiation from a nuclear accident from a power plant.
f. House falling down a cliff is considered earth movement
g. Sinkholes are recognized as earth movement
h. Landslides or mudflows
Insurers will require additional hazard insurance covered by the HO3 form, to address the exclusions. A lender will require additional hazard coverage for homes in areas prone to those types of disasters, especially in disaster zones. Calhoun Risk Management in Minneapolis, MN will explain what is covered for all damages related to your home and property. Please call!
If you are a single parent or divorced, you may want to leave any life insurance money to your minor child. However, since the child is a minor, you may be unsure as to whether this is something you can do or whether you have to leave the money to the person who is in charge of caring for your minor child. This is a question that we are frequently asked at Calhoun Risk Management, serving Minneapolis, MN. Here is the answer to whether you can have a minor listed as the beneficiary for your life insurance policy.
It is not recommended that you list a minor as the beneficiary to your life insurance policy. If you do list a child, they will be ineligible to receive the money until they reach the age of maturity, which is either 18 or 21, depending on local laws in the county and city you resided in at the time of your death or the city and county your child currently resides in.
If you want to leave your life insurance proceeds to a child, it is strongly recommended that you create a trust or make other legal arrangements for the money and your child in the event you pass away before your child reaches adulthood. This helps to designate where the money goes, who looks after it, and when, if ever, your child will have access to it before they reach the age of maturity.
If you are looking to obtain a new life insurance policy, contact Calhoun Risk Management, serving the greater Minneapolis, MN area. We can help you designate beneficiaries and set up the policy to benefit those who you want to benefit.
Most people are uncomfortable thinking about their own death. Whole life policies usually include death benefits that cover your burial costs. This is a great tool to protect your loved ones from a heavy financial burden while they are grieving your death. Talk to the knowledgeable agents at Calhoun Risk Management in Minneapolis, MN to find out more about your coverage options.
What is Burial Insurance?
Burial insurance is part of a comprehensive whole life policy that pays for funeral and final arrangement expenses. As its name implies, it covers your burial costs so that your family doesn’t have to. It doesn’t require a medical exam, just the answers to a few questions about your health.
You pay premiums monthly, or sometimes weekly, and they’re typically very reasonable. The death benefit is determined by your age when you get the policy and the amount of premium collected. Most burial policies are flexible and may even cover the whole family. Ask your representative at Calhoun Risk Management in Minneapolis, MN about plans that cover yourself and family members to make the policy even more affordable.
Another approach is coverage that lets you pick out the funeral home, casket or cremation preferences and even the type of flowers. Your premium is adjusted to cover the actual costs.
Don’t be paralyzed by a fear of the unknown. Let Calhoun Risk Management help you get the peace of mind that comes with knowing your final arrangements are taken care of in Minneapolis, MN. Call an experienced Calhoun agent today to set up an appointment for all your life insurance needs.
The biggest asset that most people will ever own is their home. For those that are in the Minneapolis, MN area, making sure that they have adequate home insurance is extremely important. One type of additional home insurance that many people may need to have in the area is flood insurance. There are several situations in which you should have additional flood insurance on your home policy.
Those that are Required to Carry It
One situation in which you should have flood insurance is if it is required for your mortgage documents. If you have an FHA guaranteed loan, the federal government will require you to have flood insurance if you are home is situated in a designated area set forth by FEMA. In these situations, your mortgage lender will likely require you to have your flood insurance payments escrowed each month to make sure there is not a lapse in coverage.
Those with Flood Concerns
While you may not technically live in a designated flood zone, or you may not be required to have it under a mortgage document, you should still have flood insurance if you are concerned about floods in your area. If your area is susceptible to floods and water damage, you should have flood insurance as an extra precaution. In many cases, your standard home insurance policy will not cover flood damage so an extra flood policy would be very beneficial.
For those that are in the Minneapolis, MN area and may need to have flood insurance, meeting with the Calhoun Risk Management company will be a good idea. The Calhoun Risk Management company will be able to provide you with insight into your flood insurance needs and make sure you get the right policy to provide you with necessary coverage.
If you are like most people, the last thing you want to do is sit around and think about your own mortality. Unfortunately, death is one of those things that are guaranteed in life. If you fail to purchase life insurance from Calhoun Risk Management serving Minneapolis, MN then you may leave your family with a huge burden.
The good news is, buying life insurance is actually a pretty easy and painless process. Find out three reasons why you should make this investment.
Pay for Your Funeral
Did you know that on average, a funeral costs between $7,000 and $10,000? Unfortunately, this is money that most people don’t have lying around. However, if you pass away with no life insurance, your family members are going to have to figure out how to cover these huge costs. While there may be some ways to reduce the cost some, this is something most people won’t want to do when lying a loved one to rest. If you have life insurance, you can ensure that your funeral costs are covered and that you don’t put this extra burden on your loved one’s shoulders.
Pay off Outstanding Debt
Another reason to invest in life insurance is to pay off your outstanding debt. In some cases, if you don’t have any funds set aside to do this, creditors may petition the court to sell off parts of your estate to recoup their losses. This may leave your family members without items you wanted them to have.
Help Family Members Cover Other Related Costs
Unfortunately, it can cost quite a bit to die. Between unpaid medical bills, the loss of your income and more, many families face serious hardships after someone passes away. The funds provided by a life insurance policy can help to reduce this burden while a family grieves.
If you are ready to buy life insurance, contact the staff at Calhoun Risk Management serving Minneapolis, MN to learn more about the life insurance policy options available.
What Types of Coverage Do I Need to Protect My Business?
Businesses need to ensure that their operations, employees and equipment are adequately protected. It is important that business owners in the Minneapolis, MN area contact their agent at Calhoun Risk Management about their operations and discover the types of policies needed. There are several different types of coverage, some of which can be used individually or as part of a package.
These are some of the potential policies your agent may discuss with you. Commercial General Liability coverage provides liability coverage in a variety of circumstances. If a consumer is injured while at your location or by your product, the policy may cover the business. It also may protect the business if there is a libel or slander case. Commercial auto insurance will provide protection for the business’ fleet. Talk with your agent for an appropriate coverage level for the type of vehicle and how it will be used. Commercial property insurance protects the business’ facility, as well as, products and materials. Some policies will also cover the equipment and tools. Workers compensation protects the business if employees are injured during the performance of their job. An additional employee practices liability policy protects the business in several legal situations such as wrongful termination or workplace discrimination cases. Legal costs and damages from these situations can significantly impact a business’ assets. In recent years, cyber risk insurance has become more important. These policies protect if there is a breach of corporate or consumer information. Unfortunately, this happens frequently today. The board of directors can also be protected with an appropriate policy.
Call the agents at Calhoun Risk Management to discuss the many types of commercial policies to protect your business. For businesses in the Minneapolis MN area, coverage is that important.
One of the biggest misconceptions about flooding is that your home insurance policy will protect you if your home floods. Unfortunately, this is not true. The majority of homeowners insurance policies preclude flooding unless you carry a separate flood insurance policy. If you have recently purchased your home, or have refinanced it, you may wonder if the mortgage company can require you to carry flood insurance. This is a question that we at Calhoun Risk Management, serving the greater Minneapolis, MN area, are often asked. Here is the answer to that question.
If you have a federally regulated mortgage, such as an FHA and/or you live in a high-risk flood zone, a mortgage lender can require you to purchase flood insurance as part of your loan agreement. However, this information has to be disclosed to you when you are taking out the loan. It can not be added onto the requirements later on. As such, you will have to read your loan documents to determine if this is required of you.
If you do not have a federally regulated mortgage and you do not live in a high-risk flood zone, a lender cannot require you to obtain flood insurance. However, it is highly recommended you do. If you do not have flood insurance, and the home floods, you will be required to pay for the damage yourself. If you are unable to do so, or the home is gone, you can still be on the hook for the mortgage until it is paid off.
If you are required by your lender to purchase flood insurance, it is important to understand that you are able to purchase any flood insurance policy of your choosing. You do not have to purchase the flood insurance they offer you. When you are in this situation, let Calhoun Risk Management, serving the greater Minneapolis, MN area help. Call us today to get a free estimate.