Homes are not all created equally and as such each home requires a unique policy that caters to every nuance. As our homes age they become more and more likely to experience damage and other issues, does this mean we need larger policies for older homes? If you live in the Little Falls, MN area the agents with Hanneken Insurance Agency Inc. can help answer this question in great detail.
For starters, older homes are built with materials that might not be considered fire safe or fire resistant, this makes them more susceptible to fire. Another issue is that older homes are more likely to withstand in natural events like ice storms, wind storms, and even normal thunderstorms or seasonal storms. Older homes are also going to cost far more to rebuild in this day and age than they did when they were first built.
In summation, older homes are likely going to need a larger policy than you might imagine but that does not mean that they are going to need a larger policy than a new state of the art home that was just built. Rather, it means that your home is going to need very specific coverage based entirely on the home that you have. You should take the time to have an adjuster come to your home and tell you just what your home needs in terms of coverage.
Adjusters are able to tell you your home’s weak points as well as tell you how much it would cost to build the same home back in this day and age. For those that live in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can help you find the perfect coverage each and every time.
When you suffer from a serious car accident in Little Falls, MN, it is possible that you may need to get your car totaled. When that happens, your insurance company may either refuse to pay the cost or cover only part of it. We at Hanneken Insurance Agency Inc. are here to help you understand why this happens and how to avoid it.
Coverage Is Affected By What You Owe
When your car is totaled in a car accident, the insurance company will pay the actual cash value for your vehicle. This amount is the market value of your vehicle before the crash. As a result, it is possible to end up getting less than you owe on the vehicle. For example, if you owe $10,000 on a vehicle that is worth only $7,000, your insurance company won’t make up the $3,000 difference.
Car Value Can Vary
The value of a car will change very quickly over the years. The longer that you own the car, the more quickly the value you will drop. It will also decrease as other types of damage occur on the vehicle. For example, if you suffer from a front-end collision that requires you to put in a new engine, the value of your car will decrease. As a result, you may end up either getting denied for totaled coverage or get caught picking up the slack.
How Gap Insurance Can Help
Gap insurance is designed to fill in the gaps when your insurance company won’t or can’t cover your totaled car. It will kick in to pay the rest of the money you owe on a totaled car and help you get the high-quality replacement that you deserve.
Covering Your Vehicle Successfully
If you are worried about the potential of a serious accident totaling your car, please contact us at Hanneken Insurance Agency Inc. to learn more. We can help Little Falls, MN get the gap insurance they need to keep their car fully insured.