Is Home Insurance Legally Required?

The Legality of Homeowner’s Insurance in Minnesota

The law and various categories of insurance often have a complicated relationship. With state and federal laws and regulations to follow, it can seem difficult to assess the condition of insurance laws. Another obstacle to overcome when looking into this is that there is simply so much information to dig through that finding an answer to a specific question can prove challenging.

Homeowner’s insurance is no exception to this rule. In the state of Minnesota, there are certain rules and regulations about life insurance are important to know when you are investigating your homeowner’s insurance policy. One critical point needs to be stated first and foremost, however.

It is not legally necessary to obtain homeowner’s insurance in Minnesota. Neither the state nor the federal government mandates that citizens must obtain home insurance. It is certainly encouraged, but not mandatory. However, homeowner’s insurance is likely a good idea so that your residence and belongings are protected in case of theft, a natural disaster, or a fire. An important fact to know in this vein is that state law forbids insurance companies from insuring a home for more than its replacement value.

For example, if your home’s replacement value is $200,000, then the insurance company cannot insure it for $300,000. This is illegal in Minneapolis, MN. Additionally, there are many more rules and regulations that insurance companies in the aforementioned state have to follow.

Considering all this, you may be wondering how you can make sure you are getting a policy with a reliable insurance company. Well, Calhoun Risk Management is an independent agency that has a lengthy track record of serving its customers well and providing them with policies they can afford. Whether it is homeowner’s or auto insurance, you can rest assured that Calhoun Risk Management will leave you totally satisfied. They have agents serving Minneapolis, MN.

Preparing Your Home for Winter in Minneapolis, MN

There are many things that you should keep in mind in terms of home insurance in Minneapolis, MN. Because this is an area where it gets very cold in the winter, and the seasonal changes are fairly extreme, you should keep in mind the effects that that could have on your home and potentially your home insurance. However, you can minimize any negative effects by taking care of your home appropriately for each seasonal change. The following are a few of the things that you can do to prepare your home for the autumn and winter seasons in the state of Minnesota.

One thing you should do is make sure to get rid of any accumulated leaves and other dead vegetation. This could end up clogging your drainage systems if you have a rainy autumn, and it can be a risk for fire if you have a dry autumn. You should also prepare for pest control, considering that with the cooler months, insects and animals from outside will be looking for warm places of shelter. These are both things that could cause serious damage in your home that could actually end up not being covered by your home insurance policy. Preventing the damage from occurring in the first place could end up saving you a lot of money.

If you have any questions about what you should be doing to prepare your home for fall or any other season, you can contact the professionals at Calhoun Risk Management LLC. The agents at Calhoun Risk Management LLC can advise you as to how you should be taking care of your home in the fall in Minnesota. As such, if you are a resident of Minneapolis, MN, you can expect these agents to be able to tell you what you need to know in order to be as safe as possible financially when it comes to hazards in the home.

Checklist for Homes in the Fall

Here at Calhoun Risk Management in Minneapolis, MN, we know how important it is to get your home ready for winter.  For that reason, we have put together this short checklist for you so that you won’t forget anything.

If you have any window air conditioning units, go ahead and take them out of the windows.  If you have to leave them in the windows, it is important to remember to cover the entirety of the outside of the unit to keep the internal components from freezing.  You also might want to vacuum out the interior of the unit.

Clean out your dryer vents.  Lint can and does get built up in dryer vents…it is a fact of life.  Not only can this lead to your dryer working less efficiently, it can also cause fires…especially in the winter because cooler weather causes an increase in static electricity…which can spark those fires.  You can do this on your own or hire a professional to do it for you.

Clean out the down spouts and gutters.  While you are doing this, check them for any issues.  Repair the issues or replace the equipment as necessary.

This is also a great time to give your kitchen a good deep clean.  This not only makes it look great, it also keeps everything working efficiently.  You can degrease your range filter and hood, clean out the over, clean the small appliances, vacuum your refrigerator coils, wash the recycling and garbage cans, scrub the grout and tile, wash the backsplash and walls, and even clean the light fixtures.

Conduct an audit of energy.  You can call in a trained auditor who can assess the energy efficiency of your home.  Once they do this, they will provide you with a list of improvements to make that can include anything from getting new Energy Star appliances to beefing up your weather stripping or insulating the attic.

Choosing the Right Commercial Coverages Could Save You Big

For business owners, deciding on the right insurance coverages can seem more like an art than a science. After all, no one ever knows exactly which hazards will result in a claim, how much such claims may be, or when or if they will happen. But despite the uncertainties, considering the fact that insurance coverage is both an expense and a business protection mechanism, choosing business insurance coverages wisely could save your company big.

Below we will take a look at some ways your company can save by choosing the right insurance coverages:

Insure valuables – Every company has valuable property which helps the company function. For example, delivery companies may own vehicles, and companies with offices may own valuable office equipment. By properly covering your company’s property you can save big should any of the property become damaged by a covered event. Depending on the kind of property involved, the savings could reach into the thousands or hundreds of thousands of dollars.

Protect against personal injury claims – Personal injury and wrongful death claims can be some of the most expensive situations a company can face, both to defend against and to settle. Payouts in personal injury and wrongful death cases can easily reach into the millions. By carrying adequate insurance your company can help protect against the potentially devastating consequences of personal injury claims.  

Unnecessary coverage – One of the best reasons to work with a qualified Minneapolis, MN insurance agent a Calhoun Risk Management is to review your current insurance coverage needs and compare these needs with your current coverages. It could be argued that there is no such thing as too much insurance, and in general this may be a reasonable maxim. But every business has its specific hazards and risks and your insurance coverages should correspond with these risks. If you are carrying too much insurance you could save by restructuring your insurance coverages to reflect your company’s true needs.

At Calhoun Risk Management we have extensive experience in helping our commercial insurance clients properly insure their businesses for every likely possibility. Contact us today for more information.

 

Is life insurance important: Why life insurance is not up for debate

When you are living a beautiful life with your family, spouse, friends, and loved ones, it can be difficult to consider preparing for the end of your life or an unforeseen incident that can take you away from them. The truth is, though, is that we can’t predict the future and it is critical that you prepare as much as possible for the success of your family in your absence. Much like car and home insurance that is there for you when a disaster hits and is truly not debatable, life insurance is the safety net your family will need.

Our agents at Calhoun Risk Management understand that life insurance can, at times, feel like an unaffordable luxury that you can’t squeeze into your budget. However, when thinking about life insurance, it is helpful to view it as an absolutely necessary part of life. Currently, your family has you and your earned income to help out with bills, expenses, and the success of their future. From your kids to your spouse to your aging parents that you may help out, your income is important. However, if you were tragically taken from your family and the income was no longer coming in, your family might be thrown into a tailspin that can truly have devastating effects. Life insurance can provide the funds your family needs to continue their lifestyle, planning for the future, and securing their financial well being. 

Here at Calhoun Risk Management, our mission is to help you find the life insurance that will ensure your family’s financial future in the event that you are no longer with them. They will have the peace of mind through their grieving that they will be able to thrive.

How Much Life Insurance Do You Need in Minneapolis, MN?

Trying to figure out exactly how much life insurance can be a tricky matter. Fortunately, there are ways that you can determine a great ballpark figure without stressing too much. It is a task of simply answering some questions about your life and what you will need if you were to pass. Answer these easy questions to get you on the right path.

  • Do you have any debt? If you currently have debt that will need to be paid after you pass, you do not want that debt to fall on another family member. Instead, you will want to make sure you can pay for the debt. One way of doing that is by making sure you have enough in your life insurance policy to cover the remaining balances. The last thing you want to do is leave a family member with a bill they have to pay for you so make sure you calculate all of your debt for your life insurance amount.
  • Have you set aside money for the funeral? Funerals can be very costly, and if you have not yet planned for the funeral to be paid another way, you may want to set aside some of your life insurance funds for it. This is another thing you do not want to financially leave to family members.
  • Are you financially responsible for anyone? If you have a child, spouse, or parent that you financially care for, you likely will want to make sure they are taken care of after you are gone. Make sure you get enough to cover their expenses for as long as they need it. 

If you are interested in getting a quote or still have some questions about life insurance, feel free to contact us at Calhoun Risk Management of Minneapolis, MN today.

 

What Does Flood Insurance Cover?

If you live in an area that may be prone to flooding, purchasing flood insurance is important. However, many people don’t realize what is and is not covered by flood insurance. Learning what is covered can help you learn what to expect if your home floods. Here are a few things that you should know about flood insurance and coverage.

Your Home

If you purchase building property flood insurance, your flood insurance will cover your home. This includes the foundation, electrical systems, plumbing systems, kitchen appliances, flooring and other permanently installed fixtures, such as cabinets. However, it is important to note that the value that is covered varies based on the value of the policy you buy. Ensure the policy covers the entire value of your home or you could find yourself underwater if your home is damaged by a flood and the repairs are more than the value of your policy.

Your Personal Property

If you purchase personal property flood insurance, your flood insurance will cover the personal property in your home. This includes furniture, electronics, dishes, clothing, toys, and artwork. Once again, it is important to ensure the value of your policy covers the value of your personal property.

Your Land

Flood insurance does not cover your land. This is important to point out as floods can damage your land, and you may need to replant or flatten land following a flood. Knowing that your land is not covered can help ensure that you have money set aside for the cost to restore your land after a flood if you live in an area prone to flooding.

If you are in the market for new flood insurance or are interested in learning more, contact Calhoun Risk Management. They serve the greater Minneapolis, MN area and can help you find the right flood insurance for your home.

 

Understanding Road Rage and How You Can Avoid It

Road rage is aggressive driving. Some behaviors associated with road rage include tailgating, driving through yellow and red lights, and speeding. It’s important to note, anyone can have road rage at any given moment while driving, so it’s important to recognize when you are driving aggressively and back off. The following are a few ways you can avoid road rage.

Tip #1. Relax when you are driving.

One of the main components of road rage is anger or an irritated state of being. With an increasing amount of angst behind the wheel, you are more inclined to be aggressive towards other drivers. Instead of giving into your emotions, our team at Calhoun Risk Management suggests you try to relax behind the wheel. One easy relaxation technique you can use is taking deep breaths. By breathing deeply, you can help your muscles relax and ease your mind.

Tip #2. Pull over and calm down.

If you find that you are getting increasingly agitated while driving, you may find it fitting to pull over. You can stop at a park, grocery store, or a gas station while you wait for traffic to thin out. Pulling over is similar to relaxing behind the while, but pulling over gets you out of traffic immediately.

Tip #3. Plan ahead ,so you are not running late.

Another major contributor to road rage is lateness. When you are running late for work or an appointment, you feel a sense of urgency to get there. Set your schedules earlier than your actual appointment so that you are always on time. In doing so, you increase the chances that you make it to the appointment safe and without injuring others.

At Calhoun Risk Management, we value your safety. Give us a call to inquire about how we can protect you further with driving tips and auto insurance solutions.

Be Prepared on Your ATV

ATV trips can be eye-opening, exciting, and even life-affirming. However, they can also be life-threatening if something goes wrong in the wild. This is no reason to reduce ride time, but it is a great reason to apply ingenuity when it comes to preparing for disaster to strike. From a flat tire, to a bodily injury to be prepared means getting out of a jam can be as simple as pulling out the right supplies. 

How to Get Creative and Be Prepared For Anything on Your ATV

  • When it comes to enjoying a ride on your ATV, it should be looked at much like a hikers bag, or a wagon cart. Fit as much in and on it as possible, without hindering comfort or design. This means every use of space is used, and every thing that is chosen to come along is chosen with much thought as to its value vs. space. 
  • Think of bodily and vehicular emergencies. A very useful first aid kit can be stored in a container as small as a pill bottle. Obviously, you would want as much first aid material as possible, so you would probably choose something larger, the point is do not leave out materials for a medical emergency. A basic tool kit to make minor repairs to the ATV, can mean not walking out of the deeps woods? But what if you do have to stay the night? A survival blanket folded and taped under the seat and bottled water can mean life or death. Plan for any eventuality. 

Calhoun Risk Management can help you get great insurance for your ATV, so you have on extra thing to provide piece of mind while exploring the beauty of the rugged country side. 

Feel Great When You Give Back to Your Community: 3 Ways to Help

Moving to a new community is often very exciting, but it can also be stressful if you’re not familiar with the area or you don’t know anyone there. One of the best ways to get to know people and start making friends is to give back to your community. That shows you care about your new location and the people in it, and it also shows that you want to be a part of making that community great. Here are three ways you can really help.

1). Give blood – Donating blood is an easy thing to do. It doesn’t cost anything except a little bit of time, and you’ll have the knowledge that you could be saving lives right there, in your local area. What a great way to show the community you care about it.

2). Work with the homeless – Homelessness is everywhere, and working with people who don’t have a home to go to is a very humbling experience. That can provide you with a better understanding of your community, and give you some direction as to how you might help the most people. You can also network with others who are concerned about the local people, helping you get to know neighbors and make friends.

3). Feed the hungry – Meals on Wheels and related types of programs can take much-needed food to people who can’t easily leave their homes. It’s a wonderful way to get to know the locals, and to brighten someone’s day.

Another way to help is to make sure you’re insured by someone in your community, like Calhoun Risk Management. Working with companies that are local to Minneapolis, MN is a great way to help smaller businesses thrive, which allows them to give back to the community, too.