Life has many uncertainties that could emerge at any time. These include a car accident, damage to your property, or unfortunate death. Digging into your pocket to cover these unexpected expenses can take a toll on you financially. This is why you need insurance for financial support. Here are some of the essential insurance policies in Minnesota.
While often overlooked and viewed as a necessary evil, insurance is a critical piece to any financial plan whether you are an individual, family, or business. It is a guarantee against financial hardship when things don’t go as planned.
Personal Insurance
Personal insurance consists of coverage protecting you against the physical loss of property such as the case of a windstorm or car accident, as well as the financial setback you would otherwise experience in the case of being sued by another for damages. The most well-known forms of coverage are those for your cars and your home. These forms are quite common and most everyone that owns a car, or a home has these coverages. However, there are also lesser-known coverages that are very important as well and should not be overlooked. These include renters, watercraft, coverage for your ATV or UTV, as well as newer forms of coverage such as cyber-liability and identity theft.
If you’re confused by all of the different forms available and are not confident you are properly covered, give us a call and we’d be glad to provide you with a free insurance review.
Personal Auto Insurance
Car insurance is central to your personal insurance package. Minnesota requires minimum auto coverage limits necessary to protect yourself and other drivers.
According to Minnesota state law, drivers should carry personal injury protection (PIP), uninsured/underinsured motorist coverage, and liability coverage. The limits of personal auto coverage in Minnesota are as follows:
- Personal Injury Protection (PIP): The minimum is $40,000 per person per accident
- Uninsured Motorist: The minimum is $25,000 per person and $50,000 per accident
- Underinsured Motorist: The minimum is $25,000 per person and $50,000 per accident
- Bodily Injury Liability: The minimum is $30,000 per accident and $60,000 per accident
- Property Damage Liability: The minimum is $10,000 per accident
While these limits are the minimum amount of coverage required, I can help you choose the limits that are best for you.
While not required by law, you will likely want to protect yourself from financial loss should you damage your car or truck in an accident or damaged by fire, vandalism, or hit a deer. Let us compare car insurance quotes from multiple companies to determine the best policy for you.
Home Insurance
Home insurance policies vary depending on the insurance company and each homeowner’s needs. Factors include where you live, the value of your home, and the method of construction.
Many homeowners’ insurance policies in Minnesota provide:
- Dwelling Coverage: This covers your home and the structures attached to it against loss caused by a covered peril such as wind or fire.
- Personal Property Coverage: This helps protect your personal belongings, including your appliances, furniture, and clothing, from damage or theft.
- Other Structures: This protects structures not attached to your house, like fences, detached garages, or sheds.
- Loss of Use: This coverage will pay for the additional living expenses you incur while your home is being repaired.
- Liability Coverage: This coverage addresses claims arising when someone who is not a resident of your home sues you for causing property damage or injury.
- Medical Payments Coverage: This helps pay medical bills if a person sustains injuries on your property.
There are also dozens of endorsements that might apply to your home, such as having a home office, coverage for water backup, or identity theft.
We can compare multiple home insurance quotes to determine which is the best one for you.
Renters Insurance
If you are leasing or renting your home, you should have renters insurance. Your landlord will insure their interests with a policy that covers physical damage and the liability they are responsible for.
It is your responsibility to insure your liability and provide coverage to protect your personal property.
Condo Insurance
Insurance coverage for a condo is similar but different from the coverage you purchase if you own a single-family home. There are two primary coverages for condos. One is to protect your personal property and any upgrades you make to the unit. The other policy protects your interests in the shared property like the walking paths, lobbies, gyms, elevators, and parking areas.
Watercraft Insurance
Many people tend to underestimate the importance of insuring their watercraft. When you consider the fact that you can easily damage your boat or injure someone while you are having fun on the lake, having the right coverage is critical.
Whether you have a Personal Watercraft (jet skis), pontoon, speed boat, fishing boat, or even a yacht, you should carry Watercraft Insurance that includes coverage for collision, liability, towing and assistance costs, and possibly other coverages as well.
Motorcycle Insurance
In Minnesota, all motorcyclists are required to have liability coverage. Liability insurance provides compensation to victims who are injured in an accident.
In addition to liability, most motorcyclists purchase additional coverages as well, including:
Medical payments or medpay. This coverage is for medical bills.
Uninsured motorist coverage. This will protect you and your passenger if you are in an accident with a not insured driver.
Optional physical damage coverage. Collision compensates you for damages to your motorbike if you get into an accident with another driver. It also compensates you if you hit a stationary object such as a tree, sign, or parked car. Comprehensive insurance provides coverage for physical damage incurred in other ways, such as accidents caused by animals or from losses related to a fire or vandalism.
ATV/UTV & Side by Side Insurance
Minnesota law requires that anyone operating an ATV must have an automobile operating license. Additionally, all ATVs should be registered with the Minnesota Department of Natural Resources. Like vehicles, you should consider insuring your ATV/UTV as well. In Minnesota, ATV insurance mainly covers liability, collision, uninsured and underinsured motorists.
Camper/Trailer RV Insurance
Minnesota is a beautiful state to explore with a recreational vehicle, commonly referred to as an “RV.” And like all recreational adventures, risks abound. Just as you insure your home and auto, you should insure your RV as well. Like other types of coverage, we can compare coverage and cost from multiple insurance companies to ensure you are receiving the best value.
Umbrella Insurance
This policy is an extra layer of protection and kicks in when other policies are not enough. You should consider an umbrella policy for commercial or personal insurance protection. Personal umbrella limits begin with 1,000,000 of coverage and is very affordable.
Flood Insurance
Flood insurance can save your financial well-being. And fortunately, in Minnesota, the Minnesota Department of Commerce helps consumers. Minnesotans pay for flood insurance through the National Flood Insurance Program (NFIP).
Insurance varies depending on one’s specific circumstances. Therefore, it is necessary to purchase insurance for your personal and business interests.
Life Insurance
Protect the people you love with insurance that provides financial benefits both now and in the future. We offer term life insurance for individuals who need high-limit death benefits that provide financial support to dependents after death, as well as permanent life insurance that never expires or increases in price, regardless of age or changes in health. We can even offer living benefits to individuals who want policies that accumulate cash value and offer flexible investing and borrowing opportunities. We will help you choose which type of life insurance may be right for you.
Business Insurance
Business needs can be even more complex. The most common forms for small businesses start with a Business Owners Policy. A Business Owners Policy, or often referred to as a BOP, usually includes Commercial Property Coverage, Business Interruption Coverage, and Commercial Liability Coverage. Beyond that many businesses also need Workers Compensation, Commercial Auto, and other coverages specific to the type of business being operated.
Summary
In addition to the common coverages outlined above, there are many others. Contact our office today to schedule a review of your current coverage and talk about your particular needs. To make the whole process as simple and convenient as possible, we can meet in person or take care of everything via email or over the phone.
