Frequently Asked Questions

Home insurance covers damage caused by storms or severe weather resulting in damage to the exterior of your property, such as damage to the roof, walls, or foundation. These are the most common damages to the home. To make sure your Auto insurance also covers storm damage, it has to be a comprehensive policy. These policies work to protect against events beyond your control like fire, floods, and other natural disasters. If you are worried about flooding, it's vital that you add flood coverage since this is a separate policy not included in the original plan.

Regarding home protection, 'deductible' refers to the amount of money you would like to pay towards an insured item before the insurance company steps in. The deductible can be a set amount or a percentage of the full policy cost, depending on the provider. Usually, the higher your deductible, the cheaper your home insurance policy is.

Anyone who owns an Airbnb or rental property needs the proper insurance for owners to cover all accidents and incidents. Consider purchasing commercial property coverage for rental properties. This type of insurance protects against liability, which means any damages can be written off as a business expense and provides peace of mind overall. There are many options as to what kind of policies you can select. There are basics, such as the physical building and the contents, and add-on packages, such as protecting against vandalism. Be sure to check that your rental insurance covers the building, contents, any loss of rental income, and liability.

Yes, exterior damage to your home can be covered by our policies. For example, if something happens to your windows, the home's foundation, and of course, the roof, you will be covered. Homeowner's insurance can cover everything from damage to the inside of your home to its outside to personal assets. It can even cover you – protecting you in case of a personal injury.

Yes, The Insurance Services Office (ISO) rating of your local fire department will affect the cost of your homeowner's insurance. The ISO analyzes how your fire department is prepared to protect the local community and, therefore, your home.

Yes, home insurance covers damage from fallen trees. It covers damage to the inside and the outside of your property. Fallen trees from storms are some of the most common types of damage to happen to your home, and your home insurance policy should cover it. If you find any parts of your home—such as the siding, roof, walls, or foundation—have been damaged, then you can use your home insurance to cover the cost of repairs or new installation. You'll find this included in the Exterior Damage section.

Renters insurance is similar to homeowners insurance, except it covers your possessions, not the building itself. If you find any loss, damage, or theft occurs to the contents of your home, a renters' policy can cover the cost of those items. Your policy should include Personal Property Coverage to be sure of this coverage. It protects all your contents in terms of expense to repair or replace your items, should there be fire, theft, or another incident. Many landlords will ask tenants to sign up for renters coverage, so failing to do so could mean you end up paying for all the expenses in case of an incident.

Your policy might increase after making a claim. The rate depends on various factors, such as your claim history, the type of claim, the extent of the damage, and where you live. It may also increase based on the number of claims in your area. For example, after a hurricane with many homeowners filing claims near you, the higher volume of filings might make your policy increase. Keep in mind that an increase does not always mean a permanent rise. After making a claim, you may experience an increase, but generally speaking, this will balance after five years. It is still crucial that you have home insurance if you own a home.

Homeowner's insurance does not cover everyday damage or wear. So if your belongings, electronics, or appliances stop working because they are old or poorly maintained, they will not be covered by your policy. Home insurance policies are usually for emergencies only, such as flooding, theft, or fire. Similarly, most policies do not cover your valuables when you take them out of the house. For most providers, these valuables need to be specifically outlined in advance or separately insured.

Usually yes, but certain items such as heirlooms may need a separate policy. Homeowner's insurance covers the interior and exterior of your home, your personal belongings, and other assets in the house. In most homes, these policies cover all of your valuables. However, if you own valuables such as art, antiques, designer items, or fine jewelry, you may have to pay a premium, or they may need to be separately insured. We can help as we provide special Valuable Items coverage.

Window repair coverage in your policy will count as part of the exterior damage protection, which protects all exterior damage such as sidings, windows, and roofing repairs. Windows can require repairs after heavy storms or fallen trees, and it should be covered by your policy. If you have concerns about natural disasters occurring or flooding more frequently, then do check and see if you want to add additional policies to your basic policy.

We recommend you invest in homeowner's insurance to protect your property and yourself. To help, we offer specially designed rental property protection.

As with RVs, car insurance doesn't cover an ATV. However, affordable policies for ATVs are available and protect against hazards that your auto policy would not An ATV faces significantly different risks from a vehicle that only drives on roads. These added risks mean that insurers need to use a different calculation to estimate the chance of damage.

Pothole damage to your vehicle is more than a nuisance — it can leave you with a large repair bill for something that shouldn't be there in the first place. While we agree that the state of some of our roads needs to be addressed, it's important to remember that many policies won't cover you for pothole damage. Full coverage or a policy including collision coverage will protect you from expensive repair bills, but a third-party damage policy (the minimum coverage required in most states) will not.

Full coverage car insurance describes a combination of policies. Some are mandated by state law — this typically includes things like bodily injury liability, which covers injuries or deaths resulting from an accident that was your fault. Property damage you cause in an at-fault accident is frequently compulsory. Full coverage also includes repair costs to your vehicle from random accidents or if your car is stolen. Full coverage auto insurance isn't required by law on a vehicle you own but might be necessary on a car with a loan— check out our guide on car insurance or contact us today.

Purchasing an RV is exciting, but drivers often assume that regular auto insurance will cover the RV. Specialist policies are available for RVs but must be negotiated separately from standard auto coverage. Likewise, home insurance doesn't cover an RV even if you live in it — you must still obtain specialist RV coverage. Lake Region has many years of experience providing advice on RVs, and the best idea is to get in touch to learn more before you purchase an RV.

Each time you set up or renew an auto insurance policy, your insurance carrier will estimate the total worth of the vehicle. When your vehicle has been in an accident, the insurers will call in experts to assess the vehicle and offer an estimate for the cost of repairs. If the cost of repairs exceeds the worth of the vehicle, it will be declared a total loss. Instead of repairs, you will receive a sum equal to the vehicle's last valuation when a total loss is declared.

The short answer is yes — but it depends on the insurer and will typically be more expensive. It's important to remember that "high-risk driver" isn't a definitive assessment. The level of risk can change over a person's lifetime. Insurance companies consider drivers on a sliding scale of risk management, from very low (no-fault crashes, no record of speeding or risky behavior, etc.) to very high (multiple DUIs or speeding tickets, multiple at-fault crashes, etc.).

There are two periods when you may be able to sign up for a new health insurance plan: during a major life event or the open enrollment period. Qualifying life events include aging out of your parent's plan, getting married/divorced, or losing your job. You can sign up for a new plan or change the terms of your existing one during these events. If there's no major life event preventing you from continuing with your current plan, you'll need to wait for the open enrollment window. This period is in November and early December of each year. Contact Lake Region Agency today, so you can learn more about whether it's time to sign up for a new health insurance plan.

A deductible is what you'll pay for medical services out of pocket. Once you meet the deductible amount, your insurance provider will cover expenses. Some plans will have low deductibles, while others will be pretty high. Then there are plans with no deductible. Here, your provider will begin covering expenses immediately. It may seem like a no-brainer that you'd want no deductible. But the lower your deductible, the more you'll typically pay monthly. For those with no deductible, the monthly premium may be pretty high. You can get a quote on what plans are available to you, and an agent can help you weigh the pros and cons.

Once you apply for coverage, someone will review your application. The review ensures that you're eligible for the policy you choose and qualify for any deductions you're claiming. Application reviewers may also check your dependents. Depending on the plan you're enrolling in and your application, approval could take up to a month. If you apply for health care coverage by the December 15th enrollment date, you will be covered by January 1st as long as there aren't any problems with your application. For those who enroll after the December 15th deadline, your coverage will begin February 1st. So the timeline also depends on when you apply. Your insurer also may pro-rate you, so you could have coverage if you need to visit a medical provider during the waiting period.

All health plans must now accept those with pre-existing conditions. Not only that, but companies can't charge exorbitant prices for those with pre-existing conditions. They must also provide coverage for illnesses that the pre-existing condition may cause. Before the Affordable Care Act, those with pre-existing conditions faced denial of coverage and even higher premiums. But with the ACA in place, this is now an illegal practice. Contact an agent to review your coverage options if you believe you're experiencing discrimination due to your pre-existing conditions or currently in a grandfathered policy that doesn't face the same legal requirements.

When offered employer health insurance, make sure you don't accept it blindly. The employer's insurance can be the best and most affordable option for many. However, that's not always the case. Depending on your situation, you may find a health plan that has better benefits than your employer offers while also being more affordable. When you receive a new plan offer from your employer, take all the details to an agent and ask about your other options. They will compare the benefits and prices and present you with all your options. From there, you can make the best choice for yourself.

Lake Region Agency Insurance offers three categories of health insurance plans: group plans, individual disability insurance, and individual & family health insurance. The number of available options within each category will depend on your specific situation. For example, you may be eligible for a Medicare plan based on your age. Based on your income, you may qualify for Medicaid. You won't qualify for every option we have to offer. But that's why we're here. We let you know every plan you'd be eligible for, help you decide what's best for you, and then get you through the application process.

The difference is that health insurance helps pay for medical expenses such as doctor visits and necessary procedures. Unlike health insurance, life insurance covers the expense of premature death. These expenses include funeral costs and debts for the insured, college funds, and retirement years for loved ones. Life insurance will help ease the financial burden on loved ones after your death, especially if you have a significant other, children, or grandchildren who depend on you.

You do not need a mortgage to qualify for a life insurance policy. Instead, you can use your policy to help pay your mortgage in the event of your untimely death, either by borrowing against it or having it paid out. Using your funds in this way ensures your loved ones will have the necessary provisions. Your policy can cover the mortgage cost or help make payments more manageable in your absence.

Most insurance policies require a medical exam before being issued. The medical exam is essential for assessing your overall health and what you may be at risk for, short-term and long-term. The information from the medical exam is what insurers use to set the premium for your policy, meaning it is in your best interest to get a medical exam to ensure you get the best applicable rate. If you have a serious pre-existing medical condition, you may fear you will be unable to get a policy or that your premium will be higher than most. Rest assured that this is not the case, and options are available for these specific scenarios.

There is no minimum age for a life insurance policy, so a better question is when should you get one? If you are an adult with responsibilities and dependents, you should consider taking out a life insurance policy to ensure your loved ones are provided in the event of an untimely death. Plans vary in affordability, so do not stress taking out a particular policy and instead focus on getting coverage to protect your loved ones.

Yes, you can still get coverage if you are diagnosed with a critical/terminal illness. However, the policy will be different. A policy, under those circumstances, is usually granted accelerated benefits, also referred to as living benefits, which allow the funds to pay out before the insured dies. Depending on the policy, a person can claim anywhere between 25 to 100 percent of the policy as early payment. However, you should note that receiving accelerated death benefits may affect your Medicaid eligibility.

The best type of life insurance depends on what kind of coverage term, the extent of coverage you want to pass on to your beneficiaries, and the premiums. Term life insurance is best for affordability, covering the policyholder for a specified number of years. Premiums don't increase during the policy period, which is a benefit. However, the policy pays out if the insured dies during the covered term. Permanent life insurance carries cash value, so you can borrow against it to cover necessary expenses throughout your life. Universal coverage options are some of the most flexible policies, allowing you to set the frequency of payments and decide how much the payments will be as the rates change. Whole coverage options do not have fluctuating rates, but you will be paying premiums throughout your policy.

Business insurance is not required by law in the state of Minnesota. Still, it is highly recommended to protect you and your property from damage caused to the property because of an accident or unforeseen disaster. Covering all of your bases prevents you from financial burden. The two types of policy required by Minnesota state law are: Worker's compensation insurance Commercial auto insurance These two policies are required to keep employees safe while on the job. General liability and commercial property are not required but help protect owners and employees from the cost of damage done to the company or customer property.

Business insurance does not automatically transfer to a new owner. Instead, you'll need to follow policy stipulations and let your carrier know. The carrier must receive notification of the switch and how much coverage the original owner intends to pass on to the new owner. The new owner is now responsible for all claims, including those made by the original owner in the past. Retroactive coverage with documentation of the switch will protect the new owner during the policy switch that includes continuous coverage. To legally transfer the policy to another party, the insurer must have written consent.

Yes, business insurance will cover looting, along with fire, theft, and vandalism that takes place on the property under Commercial Property Insurance. This coverage protects your building and physical investments from the cost of loss or damage from destructive events. The insurance covers more than just the physical location where your business resides. It will cover any damage done by civilians and public safety officers during the event. Your commercial property policy will protect: Computers and digital technologies Furniture and storage Documents and materials stored at the property Inventory and merchandise Outside signage Fences and structures Lost income due to building damage

A Business Owners policy protects your company in the event of a fire, vandalism, theft, and other disasters. This policy covers claims for injuries and damage that affects employees and customers This type of plan can be combined with a couple of other vital coverages into one policy package for extra coverage to create a custom Business Owners Package (BOP). Policies are customizable to suit the specific needs of your business. Some companies require additional policies to protect against data breaches or other special situations that may not apply to all businesses.

The type of business insurance that covers employees while driving customer vehicles is general liability insurance. General liability policies cover third-party property damage for events when you or an employee damages the property of someone else. General liability will pay for any damage done while a team member works. It protects the company and employee in the event of a lawsuit by providing funds that would otherwise come from out of pocket. Commercial auto policies cannot cover this type of situation because commercial auto only covers vehicles registered for use exclusively by the company.

Minnesota does not legally require business owners' insurance for general liability, commercial property, or BOP, but it is highly advisable to protect your company's property and assets. Not having insurance puts you and your business at risk of shutting down and going into debt to cover the costs of unforeseen circumstances. The risk includes the event of a lawsuit or injury sustained either on the property or on company time. The most significant risk of operating without insurance is losing a substantial sum of money because of a disaster. All business owners should prepare for the worst with robust coverage.