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.

How Flood Insurance Protects Your Home and Business

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!

What kind of policy should I get for my new baby?

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. 

What Is Not Covered By Home Insurance?

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:
a.  Floods
b.  Earthquakes
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!

Can I Have a Minor as My Life Insurance Beneficiary?

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. 

How Whole Life Insurance Can Relieve the Burden of Final Arrangements

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.

Other Options

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.