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Minnesota Insurance Blog

Understanding Umbrella Insurance

When you have home and auto insurance policies, you have some protection, but you might not have as much as you thought. Many home and auto policies are lacking in one key area of coverage, and that can leave people vulnerable to lawsuits and overages when the coverage isn’t enough. Getting umbrella insurance is a great way to get more coverage without a major cost increase.

If you are interested in umbrella insurance, give us a call today at Kriener Insurance in Woodbury, MN.

Get More Liability Coverage

Your home and auto policies each have some coverage for liability, which pays for medical bills and certain other expenses when an accident happens. This is an accident in your home with home insurance and an auto accident that you cause for your auto insurance. The problem is that these policies often come with very little liability coverage when you consider the high cost of medical bills, lost wages, etc.

Umbrella insurance is a way to add more liability coverage to both of these policies at the same time. And, it costs much less to get umbrella insurance than it does to add more liability coverage onto your home and auto policies. 

How It Works After an Accident

When there is an accident that you caused with a vehicle or that happens to a third party in your home, your auto or home insurance weighs in first. It pays what it can toward the medical bills and other costs until it reaches its maximum. After this, when there is an overage left to pay, your umbrella insurance comes in to pay that overage. This can save you thousands on medical bills after your home or auto coverage has maxed out. 

Get Your Umbrella Policy

To get started with an umbrella insurance policy, call us at Kriener Insurance in Woodbury, MN. 

How to Choose the Right Life Insurance Coverage

Choosing the right life insurance coverage is integral to protecting your family and their future. If you should pass away, you want to be sure you have a policy that will give them what they need. That could mean updating your policy or changing it from time to time, but the main area of focus is understanding how to choose the right policy. If you’re in the Woodbury, MN area, Kriener Insurance can help.

When you start looking for a policy, there are two things to consider. The first is what you want to leave to your family and how much help and support they may need if you’re not around. The second is whether you want a term life or whole life policy because they can vary in what they provide and the level of coverage that may be easily obtained. The more you know about the differences, the easier your choice will be. Working with a trusted insurance agent is the best way to make that choice.

Asking questions about the right insurance for your needs is important. Agents who typically work with life insurance can answer those questions for you. That allows you to make an informed choice, which means more security for your family, and fewer worries about how they would keep important assets if you were to pass away. While not everyone has a life policy, it’s a convenient way to leave something behind for the people you care about.

Contact us today at Kriener Insurance if you’re in the Woodbury, MN area and need a good life insurance policy. Our knowledgeable agents can help you find the right coverage for your needs. That can help you protect your family and increase your peace of mind.

Common Auto Insurance Exclusions

Every motorist understands that a car insurance policy protects their vehicle when accidents happen. However, most don’t understand that car insurance has exclusions. We understand because what is covered is usually in bold, but exclusions are found in fine print and often in jargon difficult for a layperson to understand.

If you don’t understand your policy document, consult with Kriener Insurance in Woodbury, MN. In most cases, your car insurance may not cover the below:

Personal items

If your laptop is lost or damaged while inside your car, it will be wrong to assume that your car insurance will cover the loss. You have to claim using your home or renters insurance for lost or damaged personal items.

Commercial use

You started a small business, and suddenly, your client base is expanding. You use your car to run business operations since you don’t have the capital to buy a business vehicle. While there is nothing wrong with this, all you need to do is upgrade your personal auto insurance to commercial. Otherwise, you will be walking a tightrope if you are still using personal auto insurance to run business errands.

Normal wear and tear

Like most things, your car will wear down over the years due to use. When your paint starts chipping away, or your suspension starts caving in, don’t expect your insurer to cover the damage. Your insurer expects you to take proper care of your car to derail wear and tear.

Accidents outside the geographical area of operation

Most car insurance policies will cover you within the borders of America. If you travel abroad, always purchase an add-on because your standard auto insurance won’t cover damage and injuries outside American borders.

Want to learn more about car insurance? Please get in touch with Kriener Insurance for more information. We will also help you get an affordable car insurance policy.

What commercial insurance is required in Minnesota

Business owners in Minnesota have certain requirements when it comes to commercial insurance. It doesn’t matter whether you are a small business owner or a large business owner; when it comes to commercial insurance you are all businesses. At Kriener Insurance in Woodbury, MN, we know just how risky it is to own a business and how many businesses fail. We work with our customers to make sure they have the right commercial insurance so that they can survive no matter what hazard hits them.

Commercial Insurance Requirements

In Minnesota, the only mandated commercial insurance is workers’ compensation. If your business has any employees, they need to be covered by workers comp either through an insurance policy or through self-insurance. This protects your employees but it also protects you from being sued by an injured employee. 

Businesses are required just as any vehicle owner is in the state of Minnesota to have the mandated amount of auto insurance. 

There are other types of commercial insurance that are not required but are a very good idea for any business to have. Commercial liability and property insurance are both very helpful in the event your business runs into any covered issues. 

Commercial property insurance will protect the business building if you own it but it also protects the content of the building, which may include things like machinery, office equipment, electronics, raw materials, tools, inventory, and display units. Basically, the things you use to run your business. 

Commercial liability insurance will help protect your business from the results of legal action against you. You may not want to think about it, but up to 35% of businesses get sued in any given year, which means the risk to you is real. 

Contact Kriener Insurance in Woodbury, MN when you have questions or are in the market for new commercial insurance. 

How Much Home Insurance Do You Need?

Most people have no idea how much home insurance they need. Many people don’t even know what it is. Home insurance is a type of insurance that covers damage to your house and its contents in a disaster, such as fire or theft. It’s essential to have the proper insurance in place if anything happens to your home.

The first thing you need to know about home insurance is that it’s not one-size-fits-all. It would be best if you got a plan that matches your needs. How much insurance do you need? It depends on the value of the home and its contents. The cost of rebuilding your home, plus the price of replacing personal property like furniture, clothing, and appliances, should be factored into the equation.

Homeowners’ policies offer three different types of insurance: Actual Cash Value (ACV), Replacement Cost Coverage (RCC), and Extended Replacement Cost Coverage (ERCC).

Actual Cash Value (ACV)

This type of insurance is the cheapest, but it covers only what your home and possessions are currently worth. With this coverage, your insurer subtracts depreciation from the replacement cost to arrive at a dollar amount for reimbursement.

Replacement Cost Coverage (RCC)

This type of policy insures your home and possessions for their replacement value. Replacement cost coverage doesn’t consider depreciation, so it costs more than ACV insurance.

Extended Replacement Cost Coverage (ERCC)

This is the most expensive policy, but it offers the best protection. An ERCC policy will pay to replace your home and possessions even if it costs more than the original value.

Understanding How Much Home Insurance You Need

Insurance comes down to two basic numbers: the replacement value of your home and its contents and the deductible. Your insurance agent can help you determine how much insurance you need to keep your home, possessions, family, and future intact.

Home insurance is something that every homeowner should have. Kriener Insurance offers an array of home insurance options in Woodbury, MN. Call us today for a free quote.

A Brief Guide to Renters Insurance

Whether you are getting your first place of your own, or you are downsizing and need to rent for a little while, you want to ensure that you consider renters insurance in the midst of everything else you need to do. Some view renters insurance as unnecessary, but if there is an unexpected disaster that crops up, this type of insurance can save you from financial hardship. Kriener Insurance, serving Woodbury, MN, wants to share a few things you need to know about renters insurance.

How It Works

Renters insurance offers a bit of a safety net for you when you are living in a property you must pay monthly rent on. Renters insurance covers primarily structural damage, but it may also pay out for the damage or theft of some of your personal belongings.  

What It Covers

Basically, a renters’ insurance policy will offer coverage to repair/replace your belongings if they are damaged by a covered peril or stolen. As a general rule, renters insurance will pay to put you up in a temporary home in the event that a covered peril leaves your home inhabitable. This coverage also covers medical and legal expenses if an individual injures themselves on your property. 

Is It Required?

More often than not, renters insurance is not mandatory. However, a landlord has the right to require renter’s insurance from their tenants. Even if it is not required, you may want to consider purchasing a renters’ insurance policy. Your personal possessions, from clothes and furniture to appliances and electronics, hold a lot more value than you think. 

If you are renting and would like to obtain your own renters’ insurance policy or learn more about how you can benefit from this type of coverage in Woodbury, MN, contact Kriener Insurance.

How Can Umbrella Insurance Protect Me in Minnesota?

Many people think umbrella insurance is a waste of money and just a way for insurance agents to sell a little more – but hear us out! There are so many financial benefits to having umbrella insurance; you just have to find the right coverage. The team at Kriener Insurance is here to help. 

Residents of Woodbury, MN and the surrounding areas are typically homeowners, who drive vehicles and many of them have other investments. These may include rental properties, a small business, or life insurance. Umbrella insurance exists as an add-on to the insurance policies you already hold on these valuable investments. 

While your coverage may be good for your home insurance or commercial insurance, umbrella insurance can offer that next step of protection that becomes so valuable when you need it the most.

Particularly if you have additional assets, like other properties, a life insurance policy, a boat, or an RV… these are all valuable assets that umbrella insurance can protect if your coverage runs out. 

The team at Kriener Insurance are well experienced at assessing the value of any current assets and determining if your coverage lines up appropriately. If coverage falls short, there are various recommendations we can make to relieve your financial responsibility. Umbrella insurance is one of these options. 

Before you write umbrella insurance off as a fluffy insurance add-on, do some research and determine whether or not you think it may be a good fit for your financial protection in Woodbury, MN. 

If you have any questions or want to learn more about how umbrella insurance can provide peace of mind for your family, contact the team at Kriener Insurance today. We’re here to help! 

Do You Lose Life Insurance Coverage If Your Policy Lapses?

You missed a payment on your life insurance policy, and you’re afraid that it’s going to lapse. We’ve seen this happen many times at Kriener Insurance and help Woodbury, MN, residents through this challenging period. 

Most Companies Provide A Grace Period 

If you miss a payment, your insurance company usually provides a grace period that allows you to catch up with your payment before they cancel your policy. These periods vary but typically last about a month. In this way, you can catch up with your payments and keep your policy strong. 

If you miss your grace period, your company will cancel your life insurance policy. Some companies may have another grace period during which you can reinstate the policy and avoid any loss. However, this situation can often be hard to handle and require working directly with your insurance provider. 

Reinstating Your Policy 

Once your life insurance policy is canceled, your loved ones won’t get any payment if you pass, and you might be much harder to insure in their eyes. In addition, they may require you to pay more money for your policy or decrease the value of the procedures available to you. 

These steps are not to “punish” you for missing a payment. Instead, they’re away for the insurance company to protect its investment. When you miss payments and allow your policy to get canceled, you show that you’re a risk and need to prove that you’re a good investment again.

Get the Policy You Need 

As you can see, you need to avoid letting your policy lapse to ensure that you don’t run into any issues. Contact us at Kriener Insurance if you live in or near Woodbury, MN, and we’ll do what we can to help you out here.

Is auto insurance a necessity?

Are you a car owner or aspiring to buy a new or second-hand car in Woodbury, MN? It’s imperative to understand that auto insurance is not only vital for your vehicle but also for your financial liability as well. If you are involved in an accident, you could plunge yourself into paying hundreds of dollars if not thousands for resulting damages and injuries out of pocket. Therefore, it’s paramount to buy prolific auto insurance in Woodbury, MN because it helps you cater to damage to your vehicle or any overall medical costs for you or your passengers sustained after an accident. Please feel free to speak to our dedicated agents at Kriener Insurance, and they will assist you in designing a customizable auto insurance quote that matches your lifestyle and budget.

Is auto insurance a necessity?

The versatile benefits of auto insurance are plentiful, particularly when you are involved in an accident. Devoid of magnificent insurance in Woodbury, MN you will be required to pay for injuries and damages out-of-pocket and navigate the aftermath on your own. Auto insurance harbors the following benefits.

It safeguards you against lawsuits.

Did you know that you could lose your assets after causing a significant accident propagating massive injuries and damage to the other party’s properties? Luckily, with auto insurance, you get assistance with claims that third parties file against you after an accident. That encompasses legal defense if you require it.

It’s a legal requirement.

Many states, including Minnesota, advocate for all drivers to carry a car insurance policy to drive on their roads to guarantee their protection. Minnesota is also a no-fault insurance state. Driving without the minimum requirements mandated by the state may attract dire consequences such as losing driving privileges and sometimes being sent to jail.

Liability protection

Liability protection is a legal requirement in many states to drive a car. Liability coverage helps you cater to expenses emanating from injuries and property damage you inflict on other parties after being deemed responsible for an accident.

Asset protection

Owning a car is a significant milestone for any Woodbury, MN, resident. Therefore, it warrants formidable protection from imminent perils like theft and other calamities. Comprehensive coverage repairs or replaces your vehicle after being stolen or damaged by non-collision events like fire. Additionally, collision coverage repairs or replaces your car if it gets physically damaged through collision with other vehicles or stationary objects.

Do you have auto insurance in Woodbury, MN? If not, you need to get one as soon as possible to guarantee your protection and that for your car. Please call or visit us at Kriener Insurance and get detailed information about auto insurance.

Which coverages should freelancers buy to protect their businesses?

Many people are choosing freelancing due to its innumerable self-employment benefits. It gives you the right freedom to explore the world, spend time with family and earn your income as you want. However, if you’re planning to start your own freelancing business in Woodbury, MN; you need to get the right commercial insurance coverages to protect your business. At Kriener Insurance, we recommend learning about different business insurance policies to determine which ones work best for you. Here are a few examples to get you started.

General liability insurance

Every business owner, including freelancers, should have general liability insurance, which helps protect people from liability claims and other common accidents in the workplace. Even if you work from home, accidents happen everywhere, which can leave you dealing with deadly and expensive lawsuits.

Professional liability insurance

While general liability protects your liability claim for personal injuries and damage, professional liability or errors and omissions help cover legal bills for lawsuits related to your professional services. For instance, if you are a freelance writer and a client decides to sue you for delivering poor quality work, professional liability insurance can help pay the legal fees.

Cyber liability insurance

Cyber liability is critical, especially if your freelance work involves working or managing jobs online, which most freelancers do. Data breaches, fraud, and other cybercrimes can be very expensive to deal with, but if you have cyber liability insurance, your finances and business will keep running smoothly.

Commercial property insurance

Even if you’re a freelancer who mainly works from Woodbury, MN home, it’s essential that you have commercial property insurance to protect your office. Remember, home or renters insurance does not cover damages related to your business property. Whether you own a small apartment, office or simply use your living room as your office, this coverage may help pay for any accidents that could happen to your workspace.

Need to get several business policies for your freelancing business? You are in the right place. Kriener Insurance helps you choose the most appropriate coverages and take you through the entire purchase process. Feel free to call us to book an appointment.

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