Every year in the United States there are court cases that involve personal lawsuits against people for various reasons. In some cases the lawsuit will involve some kind of insurance payout or involvement. If you are concerned about the possibility of being sued as a result of an accident or liability claim, then you may want to consider a personal umbrella insurance policy.

The Importance of Having an Umbrella Policy

• An umbrella policy, also known as a PELP policy, extends the coverage of insurance policies already owned by the individual.
• Your current policies will only pay up to the limits that are set and once they are maxed out the umbrella policy will pay out the rest of the claim.
• Without an umbrella policy you will have to pay the difference of the judgment and what the insurance company will cover. In some cases the amount you are stuck with can cause a lot of financial hardship.
• An umbrella policy does not cost a lot of money to buy. For as little as a few dollars per day you can have the added protection of a PELP policy.
• A PELP policy will not only protect you but it will also cover any drivers and people living in your home. It also extends to your home policy, car policies and any other insurance products that you may own.

If you live in the Albertville, Minnesota area and are considering buying an umbrella policy, then there are some things that you may be asking questions about. As your independent agent we can help put your mind at ease about the importance of an umbrella policy. Give us a call today and let us help you get a policy that is right for you.

Frankly speaking, the best term life insurance policy is the one that you actually have in place to provide financial security for your loved ones in the event that you pass away unexpectedly. While Minnesota residents lead the nation in life expectancy, according to a recent statement by Governor Mark Dayton, accidents and illnesses do take away the lives of too many people before they reach their golden years. When a family’s primary breadwinner unexpectedly passes away without life insurance, many financial troubles ensue causing unnecessary stress in addition to the grief. This is why it’s essential for those who aren’t financially secure to have a policy in place.

Term life insurance provides coverage for a set number of years so that if you pass away, your family can go through the grieving process without worrying about finances. The money from a policy allows your partner to provide a proper funeral and burial and take off time from work while the kids continue their activities and the bills stay current.

Most term life insurance policies come in 10, 15 or 20 year increments so that you can get coverage for the appropriate length of time. If you’ve just started a family, having a 20 year policy is best so that it will cover you until the kids are adults. On the other hand, if you’re nearing the empty nest stage of life, a 10 year policy may be more suitable since your expenses should decrease as the kids venture out into the world.

One of the best things about term life is that it’s very affordable. You can compare quotes from various insurance companies to find the best rates. As your independent agent in Wayzata , we’re here to help you decipher any jargon you find in the policies and give you advice on selecting the term length that’s best for you. Give us a call today!

Minnesota motorcyclists often find that it is necessary to obtain bodily injury insurance. Albertville motorcyclists will find that it provides peace of mind in case an accident occurs and it is necessary to seek medical attention. The challenge is determining the right type of coverage to meet personal needs and provide a feeling of security while enjoying a motorcycle.

Insurance Legalities

In the state of Minnesota, every motorcyclist is required to obtain basic liability coverage. The liability coverage will only provide payments for property damage or injuries to other motorists and passengers if a motorcyclist caused the accident.

Although the state requires a minimum of $10,000 for property damage and $30,000 for one individual who is injured or $60,000 for two injured individuals, it does not have any bodily injury requirements for the motorcyclist. Liability coverage is only the minimum state requirement so it is necessary to purchase further coverage for personal injuries if an accident occurs.

Additional Protection

Bodily injury coverage is an additional solution to protect the motorcyclist. It is additional insurance and generally it is best to obtain at least $30,000 or more in case an accident results in medical expenses. The cost of medical needs will vary based on the exact nature of the injuries, but ultimately it is better to seek the same amount as the state liability requirements or more for personal peace of mind.

The state of Minnesota has minimum insurance laws, but it does not impact the decision to protect personal finances in case an injury occurs. When it is hard to determine the right policy for personal needs, an independent agent can help. To gain assistance in your search for a new policy or speak to an independent agent, contact us today.