If you are a homeowner, you have likely had the experience of purchasing homeowners insurance, but not always being clear on all the details. Some terminology may be vague or unfamiliar and may leave you feeling uncertain of what is in your policy.
At Kriener Insurance of Woodbury, MN, we take the time to listen to our customer’s needs and explain the different policy options available to them.
Understanding Homeowners Insurance
There are many different terms used in homeowner’s insurance, but there are some common ones. Some key terms you may have heard when discussing homeowners insurance are:
- Liability – If someone is injured on your property, this will help protect your finances during any lawsuit.
- Actual-Cash-Value – This means you are paid what your items were worth before they were destroyed instead of the replacement cost.
- Full Replacement Cost – This term may come up with a comprehensive homeowner’s coverage. Items must be replaced at full replacement cost if they are destroyed or stolen.
- Declarations page – These will explain your annual premium and outline your coverage.
- Rider – Extra policies to cover particular personal property. Usually separate from your original policy.
- Replacement cost – This is an easy term. It merely means you will get reimbursement for new items, not the original cost. It doesn’t matter the age; you will receive a new item.
An Insurance Company on Your Side
Contact Kriener Insurance of Woodbury, MN today to speak with one of our agents. We are happy to schedule an appointment to discuss various homeowner policy options and explain all the details. We have years of experience helping our customers know what kind of insurance they need and to get the best coverage possible.
Based in Woodbury, MN, Kriener Insurance assists the community by helping residents find the insurance coverage that they need. We understand that each of our clients has a unique situation, which is why we are committed to making sure that they find coverage specifically designed to help their case.
Renters insurance ensures that you will be protected if something happens to your property. The policy covers all of your belongings inside of the property. You can amend the policy so that any guest items stolen while located at your home are also covered. If your property is damaged and needs to be repaired, the policy will cover you while you are lodging somewhere else. The policy also includes liability coverage to protect you if someone gets injured while visiting your property.
Renters Insurance Myths
While you are researching different policies, beware of some common renters insurance myths.
I Don’t Need Insurance.
Many renters believe that they don’t have items that are classified as valuable, so they don’t need insurance. That is a mistake. All of your belongings hold some value. In the event that your electronics are stolen, renters insurance provides a safety net.
I’m Covered Through My Landlord
Your landlord’s policy covers the physical property but does not cover your personal items. Therefore, it’s vital that you have a renters insurance policy to make sure that your items are protected in the event of a natural disaster.
I’m Careful With My Stuff, So I Don’t Need It.
You never know when circumstances happen that you can’t prepare for. There could be an accidental flood or fire. It’s crucial that you have coverage so that your property will be protected regardless of any situation.
Consult With Kriener Insurance
For more information on rental insurance policies, please stop by our office in Woodbury, MN.
If you don’t think that your primary insurance policies (auto, home & business) are sufficient to protect the totality of your assets, then an umbrella policy is something to consider. In short, an umbrella policy kicks in once your existing coverage amounts have been exhausted and is designed to protect your assets like home, business, cars, properties, and more from being seized if you are sued. At Kriener Insurance in Woodbury, MN, our team of insurance professionals can work with you to determine the value of your assets and compare it to your current insurance coverages. If your assets exceed your insurance coverages, then we’ll work tirelessly to find you and umbrella insurance that ensures your peace of mind.
1. Teen Drivers
If you already have or will soon have a teen driver in your household, then you’ll want to consider an umbrella insurance policy. With the risk of accidents by new drivers significantly higher than for any other demographic, it is crucial to ensure that the totality of your assets be protected in case you are sued due to an accident. If your teenage driver is found at fault, the additional coverage from your umbrella policy can be applied towards the cost of a lawyer for legal defense.
2. Dog Bites
We all love our furry friends, but the reality is that one biting incident can cause a headache for you and your dog that may result in the pet being seized. If your dog bites another animal or person, you could be on the hook for paying the other person’s medical bills, lost wages from missed work due to the injury, and even pain & suffering damages.
3. Community Volunteering
You might be doing the right thing by helping others in your community. However, even if you volunteer through a charitable organization or church, someone could still sue you for inappropriate behavior or negligence. Some charities may help you pay for any costs associated with the lawsuit, but the individual who made the allegations could still come after you for slander. Having an umbrella insurance policy will help protect your assets in a case like this.
One of the most common questions when it comes to life insurance is how much life insurance you need. There are all kinds of numbers tossed around, and some of these numbers might sound big, but when it comes to paying for your family after you are gone, what is a number you should consider? Here at Kriener Insurance, we want to make sure you know all the ins and outs when taking out life insurance while living around greater Woodbury, MN.
How Much Life Insurance
First, you need to add up all your current long-term expenses (such as a mortgage, college tuition, car payments, and other bills). You need life insurance to cover this. However, you’ll also want money to cover living expenses. Some choose to multiply their current income by six or even ten. Others will consider how many years they have left until retirement, which they will then multiply by their income.
There are several mathematical formulas available for helping you determine how much life insurance is right. Ultimately it depends not only on your age but on how many children you have, plus the amount of debt and current financial obligations you have. Our expert team can help perform all of these calculations for you.
Find Life Insurance For Your Needs
Life insurance is one of the most important investments you can take out for your family. There will be a time where you are unable to provide for the members of your family, which is why life insurance is so valuable an investment. You likely have questions about which coverage is right for you, which is why our staff here at Kriener Insurance is ready to address all your needs while living in or around Woodbury, MN.
Driving a car is one of the most dangerous daily activities. No matter how well you drive and how carefully you obey traffic rules, you are not immune to car accidents. Anything can happen on the road, and the only way to protect yourself and your vehicle is to have auto insurance. If you decide not to carry car insurance, there are certain risks you should be aware of.
Risk of Being Ticketed or Arrested
If you are a car owner from Woodbury, MN, or anywhere else in Minnesota, you should know that driving without insurance is considered a misdemeanor offense that is punishable by a fine ranging between $200 and $1,000. In some cases, a driver with no insurance is punished by imprisonment for up to 90 days.
Risk of License Suspension
44 of the 50 states, including Minnesota, will suspend your driving license if you are caught driving without auto insurance. This punishment is most likely coupled with a hefty fine.
Risk of Being Liable for Cost of Repairs in Case of Accident
If you are at fault for causing a car accident and you do not have insurance, then you will have to pay for all the repairs yourself. Depending on the amount of damage, it might be a lot of money. Other drivers and passengers could also sue you for damages and physical injuries.
Risking Other People’s Lives
If you decide to drive with no insurance, you put at risk not only on yourself but other passengers as well. If an accident occurs and you and other passengers in your car need medical help, you will have to pay for them out of your pocket.
At Kriener Insurance in Woodbury, MN, we believe it is better to be safe than sorry. Driving without insurance is risky and not worth it. If you are still thinking whether you should get auto insurance, call Kriener Insurance today to go over available options.
St. Paul and Woodbury, MN are very popular areas for anyone that want a community that has a robust local economy. While this can make it a great place to live, it is also a great place to start a business. Anyone that is looking to start a business in this area of Minnesota needs to make sure that they are adequately covered by insurance. There are several reasons why a company should invest in a commercial insurance policy.
Protects Company Assets
One reason why a company owner in Minnesota needs to have commercial insurance is that it will protect your company assets. Business owners will have to invest in some assets to keep their company moving. If you are going to invest in multiple assets, you should make sure that they are protected. A commercial insurance policy will give you the coverage that you need to ensure they are protected.
Ensures Liability Coverage
A business owner is going to take on risk when they sell a product or service. If you are found liable for any type of accident, it could lead to a significant liability concern. When you are going to start a company, making sure that you are protected from this liability is very important. The best way that you can do this is by getting a commercial insurance policy, as it will include a liability insurance policy.
If you are a business owner in the St. Paul or Woodbury, MN area and are in need of commercial insurance, you should reach out to the team at Kriener Insurance. The insurance team at Kriener Insurance can help you to determine all of the risks that your business is facing. We can then help you find a policy that mitigates these as much as possible.
The biggest asset that someone in the Woodbury, MN area will likely ever own is their home. Those that own a property in this area will enjoy the great community and benefits that could make it a great investment. If you do own a property in this area, it is important that you get insurance in place. A quality home insurance policy could protect you and your home in several different ways.
Ensures the Property is Protected
One way that your home insurance policy can protect you is by protecting your assets. While a home can be built very well, there is still a risk that a bad storm or fire could cause a lot of damage. When you have home insurance, you can receive the financial support that you need to make these repairs. This could also give you coverage to find a place to live while repairs are being made.
While a home insurance policy is important to protect the asset, a property owner also needs to consider their liability risk. Guests that come over to your home are your responsibility to a certain extend. If someone is hurt or becomes ill while they are at your home, you could be deemed liable. This could end up leading to a liability claim. Your home insurance policy will give you protection if this were to occur.
There are a lot of different ways that home insurance can protect you and your property. If you are looking for a policy for your home in the Woodbury, MN area, you should call Kriener Insurance as soon as you can. The Kriener Insurance team will evaluate your situation to make sure that you and your home are fully covered and that you have the appropriate level of insurance in place.