Renters Insurance

Tips to Help Merge Your Insurance After Marriage

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Tips to Help Merge Your Insurance After Marriage

January 10th, 2019 :: Martinson Agency LLC :: Chaska, MN

Congratulations — you’re getting married!

Whether your new life together will begin in an apartment, condo or starter home, there are many decisions you will need to make. In addition to combining your furniture and household items, you’ll need to merge your insurance coverage. Here are some key questions to ask and steps to take in order to ensure a smooth transition.

  • Who are your current insurance agents and companies?
  • How do the prices and limits on these policies compare? If you and your soon to be spouse already have renters or homeowners insurance be sure to put the policies side by side. DO NOT ASSUME COVERAGE IS THE SAME!!
  • Contact each of your auto insurers and find out the cost to add each other. Please keep in mind that cost should not be the number one factor when making the change however.
  • What property coverage do you need? The answer to this will be shaped in part by whether you own or rent and by the personal property that you collectively own. Take an inventory, and don’t forget to include newly acquired property such as wedding gifts.
  • Do you need special coverage? Wedding rings and jewelry are best covered by a special property endorsement designed specifically for this purpose.

Once you’ve made a decision, contact the agent of the policy you wish to keep, make the switch, then cancel any other policies. Be sure that you are both in agreement on what is important when it comes to making your insurance purchase. Remember, the lowest price is not always the best option and working with an independent agency gives you options that are not available everywhere.

Keep in mind it is good to review your policies at each renewal to ensure you are protected as your life changes. Also remember that Martinson Agency in Chaska, MN is a great resource to help guide you through the process!

Don’t leave your insurance to luck! Call today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

Website: www.martinsonagency.com

How to Create a Home Inventory

Posted on by Martinson Agency

How to Create a Home Inventory

December 13th, 2018 :: Martinson Agency LLC :: Chaska, MN

The idea of creating a home inventory can be daunting. According to the National Association of Insurance Commissioners (NAIC), 59% of consumers do not have an inventory list of their possessions, 27% do not have photos of their property, 28% do not have a backup copy in a secure location and 59% have not updated their inventories in over a year. 

There are many reasons why homeowners and renters should spend time creating an inventory. First, you can be more confident that you have the proper amount of coverage by having a list of what you own and how much it might cost to replace. Second, if you need to file a claim, having a properly documented inventory will make the process much simpler. Finally, if you are a victim of a burglary an inventory can greatly increase your chances of recovering your belongings.

Tips For Creating Your Home Inventory
The main thing to remember when creating your home inventory is to take your time and not get overwhelmed. Being detailed and accurate is far more important than speed.

Here are some tips to help you start — and finish — your home inventory.

  • Instead of looking at your entire home at once, cut the job into manageable sections. Start with one area of your home, such as your kitchen or a single closet.
  • Break belongings down into categories. For example: List your clothes as shirts, skirts, pants ect. Categorize appliances by their function, like cooking or entertainment. This will help you track what you have and haven’t listed.
  • Be descriptive and list details for each item. Color, make, model and price paid are all important if you are trying to replace items that are destroyed or stolen.
  • Record serial numbers on any appliances, firearms, watches or other items.
  • If you own big ticket items such as artwork, jewelry or collectibles consider having them appraised. You can then list the values in your home inventory. Values can vary greatly over time and establishing current worth will help you avoid being underinsured. Some items (such as a diamond ring) may require a special rider to improve coverage limits.
  • Be sure to take pictures or shoot video of the items as you create your inventory. The higher the value of the item the more detailed you should be. 
  • Keep your list updated. You should be actively removing old items that have been discarded and adding new purchases or gifts that you have received.
  • Make sure that you have a copy of your list backed up securely. Using a mobile app or a website is a great way to make sure it won’t be lost or destroyed.

It can be a little time consuming to create initially but once you have your inventory complete it is a simple matter of keeping it updated. At minimum review your inventory annually. Be sure to consult with a licensed independent insurance agent at Martinson Agency in Chaska, MN!

Don’t leave your insurance to luck! Call today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

Website: www.martinsonagency.com

The Importance of Renter’s Insurance

Posted on by Martinson Agency

The Importance of Renter’s Insurance

July 7th, 2017 — Martinson Agency LLC — Chaska, MN

Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.”

That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect? You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides:

Personal Property Coverage:

Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.

Personal Liability Protection:

If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they could file a law suit as well. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)

Loss of Use Coverage:

What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, for weeks or even months in some cases — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.

Call your local independent agent at the Martinson Agency in Chaska, MN today to compare current coverage options and get all of your questions answered!

Martinson Agency LLC – Chaska, MN

Phone: (952) 314-4400

Email: jphagen@aibme.com

Taking Inventory of Your Possessions

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Taking Inventory of Your Possessions

September 22nd, 2016 — Martinson Agency LLC — Chaska, MN

Individuals who have an accurate and available record of all personal assets will often be able to help mitigate the disruption and stress associated with a loss. While you could certainly do little more than write all of your items down on a piece of paper, you might want to go a bit further than that to have a more useful point of reference for your possessions and to help protect you in the event of a loss.

Notably, the National Association of Insurance Commissioners, a group devoted to insurance research and information dissemination, points out only about 40 percent of consumers actually keep a proper inventory of their assets.

Setting Yourself Up For Success

Before taking inventory, you will need to have the right information about your assets. Consider holding on to receipts, especially for more expensive, prized and longer-lasting items like your furniture, antiques, artwork, jewelry and electronics. Also, try to keep your accounting for new possessions categorized. For example, if you have a computer that you use for work and a television for entertainment, keep those items separate.

Property Management Insider, a publication that focuses on asset management, suggests also keeping track of makes and models from manufacturers, and also label the inventory record for where the item resides at any given moment. More obviously, the news source recommends immediately crossing items off of the list when you sell, dispose of or otherwise eradicate assets.

You can then check your inventory once a month or whenever you add or remove an item to ensure it is timely and accurate on a rolling basis.

Easing The Task

You do not necessarily need to find a big ledger and keep all of your inventory on paper. In fact, this will not be the safest, nor most efficient, way to keep up. It’s a better idea to keep inventory information safe outside of your premises, particularly in digital form. Consider one of these apps for personal property inventory management:

“Sortly”: An organization app specifically built for inventory, and several notable publications such as Forbes and Fast Company praise it.

“Know Your Stuff”: The Know Your Stuff app was made by the Insurance Information Institute. It was created as a free app, which offers a range of special capabilities that improve the visibility of your possessions.

As always, part of maintaining protection for your inventory of assets is the right insurance coverage. For more information on the options that are available to you contact your independent agent in Chaska, MN today!

Don’t leave your insurance to luck! Call today us today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

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Do College Students Need Renters Insurance?

Posted on by Martinson Agency

Do College Students Need Renters Insurance?

September 15th, 2016 — Martinson Agency LLC — Chaska, MN

Parents will face plenty of stress when sending their kids off to college. The safety and security of college students’ personal items – including bicycles, computers and other, more expensive belongings – will likely come to mind, begging the question of whether or not to purchase a renters insurance policy.

It is worth noting that most home owner’s policies extend some contents and liability coverage to family members away at school. However, the types of smaller, more likely losses that happen at college may also be less than many homeowners policy deductibles, potentially leaving families to self-insure such property. In addition, what might be covered in a college dorm might not be covered in an off-campus apartment rental. Your independent agent can help you navigate all the questions and options to ensure you have the information necessary to make the right decision.

If possessions and personal liability are not going to be fully covered by your home owner’s policy, you will need to weigh the cost of renters insurance against the benefits.

Let’s break down the facts to help you to decide how to proceed:

  • The National Center for Education Statistics, a government agency tracking higher education trends, recorded 27,600 incidents of crime at universities in 2013. Roughly 15,500 of those – or 56 percent – were burglaries.
  • Citing FBI data, news publication USA Today reports bicycle thefts are the leading crime at college campuses, with an average loss of $250 per incident and annual damages adding up to $350 million. As noted below, most basic renter’s policies are fairly inexpensive, so it may be hard to imagine the yearly cost of renters insurance being higher than a potential theft or loss.

Consider the following information:

  • The National Association of Insurance Commissioners, a trade organization for insurance regulatory professionals, estimates the average monthly premium for renter’s insurance falls between $15 and $30.
  • Computers, textbooks, bicycles and other common items kept in dorm rooms and college apartments can be easily valued in the thousands of dollars.
  • CNN Money noted renters insurance can cover liability and extra living expenses in addition to personal property.

At the end of the day, you might want to reach out to a professional to figure out if renters insurance is right for your student. Contact the Martinson Agency in Chaska, MN today to gather more information.

Don’t leave your insurance to luck! Call today us today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

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Insurance 101: Renters Insurance

Posted on by Martinson Agency

Insurance 101: Renters Insurance

July 23rd, 2015 — Martinson Agency LLC — Chaska, MN

Renters insurance is important. However, understanding your renters insurance policy and the coverage it provides is just as important. There are a few coverage options that could end up saving you thousands of dollars in the event of a loss. Make sure that when you purchase a renters insurance policy you know exactly what you’re signing up for!

There are two types of renters insurance policies that you can purchase. The first is Actual Cash Value, often referred to as ACV. In the event of a loss, ACV coverage will consider the depreciation and usage of your items while determining their value. This means that while you will pay a lower premium, you will not receive enough money to go out and purchase that item brand new. The second option is Replacement Cost (RC). Replacement cost coverage, does not consider depreciation or usage when determining the value of your damaged items. In other words, you will receive the amount of money it costs to actually replace your item with a brand new one.

Another form of coverage that can be extremely helpful is “Loss of Use.” This coverage can reimburse you for expenses that arise if you happen to be displaced from your home while it is being repaired. This coverage is often included in your renters policy but is limited to either a specific dollar amount or time frame.

Be sure to keep an inventory list of all your belongings and take pictures of them as well. (NOTE: People often only consider valuable items when making these lists. Don’t forget about simple items that may need to be replaced as well!) Doing this will make your claims process much easier and will also help to get your belongings replaced faster. Also, be aware of the specific limits that your policy may carry. If you are unsure of the limits on your current policy, make it a point to contact your agent as soon as possible.

If you have questions regarding renters insurance or are ready for an insurance quote, give the Martinson Agency in Chaska, MN a call today!

Don’t leave your insurance to luck! Call today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

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