Both personal and business endeavors necessitate comprehensive liability protection of umbrella insurance. At Anchor Insurance Agency LLP, we emphasize the importance of obtaining this type of secondary liability insurance while underlining the need for two distinct policies for individual and commercial protection.

Personal Umbrella Coverage: Extra Layer of Protection

An umbrella policy added to your personal insurance plan bolsters the existing liability protection. This additional layer of coverage forms a key element of any principal policy, including home, renter, auto, and boat insurance. Securing a personal umbrella policy, offering coverage upwards of a million dollars, is surprisingly affordable, costing only a small premium every month.

In the unfortunate event of an accident occurring on your property, for instance, an incident involving your trampoline or a guest slipping in your bathroom, the umbrella policy extends beyond the limits of your primary liability insurance. If your vehicle insurance is deemed as the primary policy and you are proven culpable for an accident, your policy will cover the settlement. Hence, should vast medical bills emerge, the umbrella policy will cover expenses exceeding the range of your vehicle insurance.

Umbrella Policy for Business: Comprehensive Liability Coverage

Businesses, like individuals, can invest in an umbrella policy. A company qualifies for umbrella coverage if it holds general liability insurance in its commercial insurance portfolio. Professional practitioners like doctors and nurses can also obtain umbrella coverage through their malpractice insurance. Umbrella coverage can prevent companies from dipping into profits or emergency funds to make settlements.

Contact Anchor Insurance Agency LLP to Know More about Umbrella Insurance

Reach out to us at Anchor Insurance Agency LLP for additional information on umbrella insurance and how it can benefit you personally and commercially in Plymouth, MN. Please note that two different umbrella insurance policies are necessary for individual and business protection.

When you purchase a Plymouth, MN condo, your lender requires you to purchase condo insurance and carry a policy for the life of the loan. Once you own your condo outright, you may be able to cancel your condo insurance unless your homeowners association requires it.

However, canceling your policy will leave you without important protection. Anchor Insurance Agency LLP can help you make sure you have the coverage you need.

What Does Your Condo Insurance Cover?

Your condo insurance is basically the same as homeowners insurance, except it probably doesn’t cover the building. Condo insurance protects your belongings, such as furniture, appliances, carpeting and rugs, curtains, clothing, electronics, and other personal items.

Condo insurance also offers other protections, such as liability coverage. If someone is injured inside your home, they may be able to sue for negligence, and your condo insurance would step up to protect you.

What Does The Condo Association Insurance Cover?

Your condo insurance will have its own policy covered by homeowners association fees. That insurance only covers shared areas and public amenities like hallways and swimming pools. That policy will also cover the physical building when there are multiple units in one building.

The homeowners association policy does not protect anything within your home. You are solely responsible for protecting your belongings.

Contact Us Today for Your Options

Plymouth, MN, is a beautiful place to live and a great place to have a condo. Unfortunately, you cannot always predict when something bad will happen. Condo insurance can protect you and your family. Call Anchor Insurance Agency LLP if you have questions about condo insurance or want to discuss your policy.

Personal liability risk is something that everyone needs to properly consider if they are in the Plymouth, MN area. Many people are going to have some level of liability insurance through their home and auto insurance plans. However, it is almost always beneficial to have additional personal liability coverage through an umbrella plan. There are various reasons why standard insurance plans might not be enough, and you should obtain this additional insurance.

Standard Plans Have Coverage Limits

A reason that you should consider having umbrella insurance is that standard plans have coverage limits. No matter what type of insurance plan you enter into, you will receive only a certain level of coverage. There are situations in which an accident could exhaust the insurance plan limits. Because of this, having an umbrella plan that offers coverage on top of the other policies can prove to be very helpful. 

Unexpected Situations

You also should consider getting umbrella insurance because it will give you coverage for unexpected situations. While home and auto plans will provide you with coverage for accidents on the road and at home, there’s always a risk you could be held liable for another situation not covered by the other plans. Umbrella insurance is beneficial as it provides blanket coverage to protect against more unforeseen risks.

You should always ensure you are correctly reducing your personal liability risk exposure. For those in the Plymouth, MN area, a great way to do this is by calling our team with Anchor Insurance Agency LLP. Our professionals with Anchor Insurance Agency LLP know the value of this coverage and will help ensure you select a plan that meets your needs and offers appropriate support. 

Living in a condominium in and around Plymouth, MN, often involves being part of a homeowners’ association (HOA) responsible for managing shared spaces and addressing community issues. Condo owners need to be aware of the potential for HOA lawsuits and how condo insurance protects their interests.

Condo Insurance as a Safeguard

Condo insurance, or HO-6 insurance, is crucial in protecting individual condo owners in the event of HOA-related legal matters. Key aspects of condo insurance include:

• Property Coverage: Protects the condo’s interior, including personal belongings, against covered perils such as fire, theft, or vandalism.
• Liability Coverage: Protects if a condo owner is responsible for injuries or property damage within the condo or common areas.
• Loss Assessment Coverage: If a covered loss exceeds the HOA’s insurance limits, condo owners may be subject to additional assessments. Loss assessment coverage helps cover these unexpected expenses.
• Legal Expense Coverage: Some condo insurance policies may offer coverage for legal costs incurred by the condo owner in certain situations, including disputes with the HOA.

Risk Mitigation Strategies for Condo Owners

To minimize the impact of HOA lawsuits on their interests, condo owners can consider the following:

• Active Participation in HOA: Engaging in HOA meetings and discussions can help condo owners stay informed about potential issues and contribute to resolving disputes before they escalate into legal action.
• Reviewing HOA Documents: Understanding the HOA’s bylaws, rules, and regulations can empower condo owners to navigate potential conflicts more effectively.
• Reviewing Condo Insurance Regularly: Periodically reviewing and updating condo insurance ensures that coverage aligns with the current value of the property and the individual’s needs.

Anchor Insurance Agency LLP Can Help You

At Anchor Insurance Agency LLP, we can help answer questions concerning condo insurance. We serve the Plymouth, MN area. Contact us today. 

Children are precious, and many parents care deeply about their children’s well-being. One crucial step parents should take to safeguard their kids is to take out the appropriate life insurance plan. Should a parent pass away due to an illness, accident, or other event, the right insurance policies could ensure your children are financially secure. Visit the Anchor Insurance Agency LLP, serving Plymouth, MN, to discuss options.

Death is a Fact of Life

Everyone reaches the end of life at some point. Unfortunately, some people will pass away before they reach their golden years. Often, they leave behind a spouse as well as children. In such cases, life insurance may prove crucial.

When a parent dies, the household often loses a stream of income. For stay-at-home parents, the care they provide may need to be replaced by hired help, daycare centers, and the like. Either way, the financial burden on the surviving family members can be immense.

The right life insurance policies can provide financial security. The funds might be used to pay for childcare, tuition, mortgage payments, car payments, health insurance, and everything else a family requires. The payouts can soften the blow of lost income, thus safeguarding your family.

The surviving family members may also have to pay for burial costs. Life insurance can ease the financial burden of such expenses. This allows families to focus on mourning their loss.

Sadly, death is all too common. According to Statista, over 325 people per 100,000 aged 35-44 died in 2020. This number topped 600 for those aged between 45 and 54. Many of these folks were parents with dependent children and spouses. 

If you’d like to explore life insurance policies to protect your children, contact the Anchor Insurance Agency LLP, serving Plymouth, MN.

If you’re living in a condo in Plymouth, MN, it’s essential to understand what exactly condo insurance is and why you need it. Many residents believe they’re already covered by the master policy held by their homeowner’s association. Unfortunately, this is not the case.

Typically, this policy only covers the structure and any common areas, meaning you’ll need your own plan for everything else. Here at Anchor Insurance Agency LLP, we work hard to help condo owners just like you find the right insurance coverage so you have the protection you deserve.

Personal Property Coverage

One benefit to having your own insurance policy is personal property coverage. The HOA’s master policy is unlikely to cover items within your condo, so your belongings, such as your furniture, electronics, clothing, and other valuables, will need to be replaced out-of-pocket. With this type of coverage, you can rest easy knowing that your personal belongings are protected in the event of a disaster.

Liability Coverage

You could be held responsible if a guest sustained an injury while in your condo. With liability coverage, you can be sure that if you are found to be at fault, you aren’t left paying medical bills and other costs on your own. Most condo insurance policies you purchase will automatically come with this type of coverage. However, if you frequently have visitors, you’ll want to ensure that liability coverage is part of your policy.

Living Expense Coverage

If there’s damage to your condo that requires you to find alternate accommodations, living expense coverage ensures you won’t have to pay for the cost on your own. This type of coverage can include the cost of your hotel stay, food, and more.

Find the Right Condo Insurance for You Today!

When you need to insure your Plymouth, MN condo, contact the Anchor Insurance Agency LLP team today. We can help you make sure that you have the coverage you need.

Clients seeking renters insurance sometimes ask whether they can share their policy with a roommate. Of course, the answer is "Yes." Many companies offer shared renters insurance policies for roommates. However, just because you can do something does not mean you should. The Anchor Insurance Agency LLP team, serving Plymouth, MN, can discuss the issues and your options to find the best renters insurance for your needs.

Considerations for Sharing Renters Insurance Among Roommates

Renters’ insurance in Minnesota averages less than $10 per month. While you may be able to save money in the short term by sharing renters insurance, doing so may cost you more in the long run. For example, consider the following issues.

• Suppose your roommate suffers a loss and makes a claim. Since you share the policy, the claim will be part of your seven-year insurance record and may increase your insurance premiums long after you no longer live together.
• Roommates can relocate for new career opportunities or other reasons. However, if your roommate relocates while the policy remains in force, the entire premium still needs to be paid.
• Roommates sometimes own possessions with different values, leading to disagreements about the portion of the premium each should pay.
• How well do you know your roommate? Have you known one another for years or recently found one another online?

These issues may or may not apply to your situation, but they are worth considering when thinking about shared renters insurance,

Working with Anchor Insurance Agency LLP

Anchor Insurance Agency LLP, serving Plymouth, MN, provides renters insurance for many clients. We will work with you to find a policy that meets your needs. So call us today for a renters insurance policy to protect you and your possessions.