Modified Auto Insurance Overview

Hanneken Insurance Agency Inc. is an independent insurance agency. We proudly serve the Little Falls, MN community. We have relationships with various carriers throughout the Midwest region. We are committed to helping our clients find the policies they need to protect their assets.

Modified Auto Insurance Overview

Operating a vehicle can be dangerous depending on the road conditions and other drivers. Auto insurance can help protect you as you travel around Little Falls, MN and beyond. You are covered if your vehicle is damaged in an accident. You are also covered if you are held responsible for injuring someone or causing property damage. Comprehensive coverage protects you if your vehicle is stolen or damaged due to a natural disaster. You are also covered if your vehicle hits an object or an animal.

Many people enjoy customizing their vehicles. If you have made any specifications to your vehicle, consider adding modified auto insurance. Modified vehicles often need unique parts if they are damaged. A traditional auto insurance policy isn’t enough to cover the replacement parts. Common examples of modifications to a vehicle include rims, a bumper, custom paint, and suspension changes. Consider having your modified vehicle appraised because the value of the vehicle has likely changed. Modified auto insurance covers your vehicle if you are having engine trouble, and you need urgent towing service. You can add uninsured motorist coverage to your policy, which covers you if you are involved in an accident with someone who does not have insurance.  Having a modified auto policy can give you peace of mind if something goes wrong with your custom vehicle. 

Hanneken Insurance Agency Inc. Will Help You Protect Your Investments

Visit our website to learn more information about auto insurance.

Minnesota’s Health Insurance Requirements

Every state has requirements for health insurance. In fact, all Americans are required to have some sort of health insurance. If you have questions about what kind of health insurance you are required to have, you are not alone.

Hanneken Insurance Agency Inc. helps the residents of Little Falls, MN find the health insurance they need. These are the health insurance requirements for Minnesota residents.

Health Insurance Must Cover More than Vision or Dental Care

Even if you already have a vision and dental care, it is not enough to meet the requirements. You need to have insurance that covers things like prescription medications and preventative care. You need to have a plan that is well-rounded, even if it has a low premium and a high deductible.

Health Insurance Must Be for General Health

Health insurance does not meet the requirements if it only covers some types of injuries or health conditions. For example, a policy cannot only cover emergency room visits.

Health Insurance Must Not Only Provide Discounts

Some people have health insurance that does not provide coverage for any procedures or exams but rather only offers discounts on treatment. Insurance must offer more than discounted pricing on exams and treatment options.

Learn More About Minnesota’s Health Insurance Requirements

Generally, anything you get through the marketplace will meet healthcare insurance requirements. A professional can help you choose the right policy for your needs.

Hanneken Insurance Agency Inc. serves Little Falls, MN, providing locals with the information they need to make good health insurance choices. If you are interested in changing your health insurance policy, now is a good time to take action. Contact an insurance professional to learn more.

Is Farm Insurance Mandatory?

If you are trying your hands in a niche sector like agriculture in Little Falls, MN, you might find that farm insurance is more suited for your industry as opposed to ordinary commercial insurance. Why? Farm insurance is more tailored to cover your agri-business against various perils.

But is farm insurance mandatory? The reality is that no law requires you to carry farm insurance. But as you will find out, farm insurance should be a must-have insurance policy, whether compulsory or not.

What does farm insurance cover?

Yes, farm insurance isn’t mandatory, but you need it to protect your agricultural business. Ultimately, farm insurance provides the below protection:

  • Home and contents coverage: Farm insurance protects your farm home and its contents from loss or damage by perils like theft, fire, and so on.
  • Farm machinery: If you want to protect farm equipment like tractors, combine harvesters, and other farming equipment, you must invest in farm insurance. Besides, farm insurance is a requirement if you want to lease your farm machinery.
  • Livestock protection: Farm insurance protects your animals from theft, severe weather changes, and accidents subject to your policy’s exclusions.
  • Farm loss protection: If severe weather, accident, theft, or any other covered peril decreases your yields, farm insurance compensates you for the loss.
  • Farm liability coverage: Just like your home insurance, farm insurance covers you against liabilities occurring on your farm. Whether it’s property damage, bodily injury, or legal suits, farm insurance got you covered.
  • Farm products: Farm insurance shields farm products like feeds and seeds while on storage.

Buy farm insurance today in Little Falls, MN

Would you like to protect your crops, farm equipment, and livestock with farm insurance? Why don’t you get in touch with Hanneken Insurance Agency Inc.? We offer customizable farm insurance coverage that suits your budget and other needs.

How Much Life Insurance Should I Have?

With so many life uncertainties, you may need to review your current life insurance to determine if it’s adequate. But how much life insurance do you need? To be fair, it’s not a straightforward answer. However, with the help of Hanneken Insurance Agency Inc. of Little Falls, MN, figuring how much life insurance you need should be easy.

Here are a few steps to guide you.

Figure out your financial picture

Are you about to invest in life insurance? Painting a picture of your financial plan would be a great place to start. Where are you financially, and where are you headed? Better yet, you can involve a financial advisor to identify gaps in your plan and figure out how life insurance can plug the holes. 

Why do people need life insurance?

If you are to determine the amount of life insurance you need, the first step is to determine why you need life insurance in the first place. Most people need life insurance to:

  • Finance final expenses
  • Transfer wealth to dependents
  • Pay for debts
  • Supplement retirement income
  • Ensure the success of their business

After identifying why you want life insurance, the next step is figuring how to calculate your life insurance. 

How to calculate the amount of life insurance you need

There are numerous methods to compute how much life insurance you need. Let’s look at some.

  • Multiply your income by 10: It’s an outdated model, but it can help estimate the life insurance you need.
  • The DIME method: This method considers your debts, income, mortgage, and education (DIME) in the computation. This method is better than the “10 times method,” but it ignores your current financial assets. 

While there are numerous life insurance calculation methods, the general rule is that the life insurance you need equals your financial obligations less your existing assets that can settle bills. 

Buy life insurance today!

If you are still unsure about calculating your life insurance, don’t hesitate to contact Hanneken Insurance Agency Inc., serving Little Falls, MN and its environs. Besides, we will help you choose a life insurance plan that fits your needs and budget.

The Different Types of Commercial Insurance

If you live in the Little Falls, MN area and want to start a business, it is crucial to invest in commercial insurance. Commercial insurance protects you from things such as property damage, theft, employee injury, and more. But, unlike traditional insurance, there are various types of commercial insurance that you must familiarize yourself with. Understanding each type of commercial insurance will help you pick the best policy and coverage for you and your business.

Here are the different types of commercial insurance.

Business liability insurance

Business liability or general business liability insurance is one of the most essential types of insurance for businesses of all types. Business liability protects you from being sued by a third party outside of your business. In addition, it helps cover legal fees, settlements, and awards.

Workers’ compensation insurance

Workers’ compensation covers medical care and partial wages if your employee gets injured on the job.

Property insurance

Property insurance is essential to protect your place of business from natural disasters, floods, and fire. Depending on your plan, you can cover everything from furniture, inventory, technology, and anything you deem necessary for your business in addition to your property.

Business auto insurance

Business auto insurance is crucial if your business relies on vehicle transportation. For example, if you or an employee get in an accident, your business auto insurance will cover the costs.

Umbrella policies

Umbrella policies are crucial if you’re a business that is prone to major losses and lawsuits. Umbrella policies work by covering whatever your original policies won’t.

If you’re looking to start a business in the Little Falls, MN area reach out to Hanneken Insurance Agency Inc. to discuss what commercial insurance would be right for you!

What Aspects Does Home Insurance Cover? Here’s What You Need to Know

Getting a home is one of the celebrated milestones one can achieve in life. A home is also a place where you go back to after a long day and find calm. For these reasons, you need to protect it as much as you can from unexpected occurrences. The most effective way of doing this is by getting home insurance cover. At Hanneken Insurance Agency Inc., serving Little Falls, MN, we offer home insurance covers. We are ready to take you through our offers and give you sound advice to ensure maximum coverage of your home. 

Below are some of the most common that home insurance covers.

Home Structure Damage

Under this aspect, insurance covers the physical structure of a house against damages. For example, if a roof leak is caused by hail or a storm, the policy may pay for repairs. Some policies also cover damages caused by trees, as long as it’s not out of negligence.

Fire

Standard home insurance offers coverage against fires. Mostly, the covers include rebuilding the structure and replacing the possessions destroyed by the ordeal. Some even offer accommodation coverage during the rebuilding period. 

Plumbing Issues

Some companies cover plumbing issues that don’t arise out of maintenance negligence. Flood insurance may not be offered in a standard policy but may be available at an additional cost. 

Loss Of Personal Property

Some insurance properties offer cover for personal property such as computers, air conditioners, and television sets. They can also cover expensive possessions, including jewelry. Insurance companies usually have a limit on their extent of coverage. That’s why you should read the policy properly before taking it. 

A home is a costly investment that needs to be protected against unforeseen calamities. At Hanneken Insurance Agency Inc. serving Little Falls, MN, we have various home insurance coverages you can choose from, according to your individual needs. Contact us to learn more.

7 Words and Phrases to Know Before You Get Auto Insurance

There are many terms that are used in the documents you get for your auto insurance policy. Wouldn’t it be great to know what some of the more common ones mean before you have to read over this paperwork and agree to it? Professionals at the Hanneken Insurance Agency Inc. of Little Falls, MN and beyond will discuss anything you want about your auto insurance policy and your questions about this area of insurance in general. 

Agreed Value Policy 

This is defined as coverage that pays the full insured amount of a vehicle (as well as other types of property) if it’s considered to be a covered total loss. 

Antique Automobile

When a private passenger automobile is at least 25 years old, and it’s been maintained, restored, or preserved by hobbyists, it’s an antique automobile. They may be covered under classic car insurance.

Comprehensive Coverage 

This is coverage for vehicle damage that was not caused by an upset or collision. Some of the instances that can lead to this include vandalism, contact with animals, theft, and weather events.

Gap Coverage 

Gap coverage usually is required if you have a new or financed vehicle. This covers the cost difference between the car’s value and what you’d owe if the car it totaled (determined to be a total loss situation). 

Limit 

The limit is the maximum amount that your policy will pay for events such as medical or liability. 

Medical Payments Coverage 

This is an element of the standard policy. It covers the medical expenses of those parties who are injured during an accident.

SR-22 Insurance Form 

This is the form that your insurance company files on your behalf with the state in which you reside. You’ll typically need it if you commit a serious traffic offense that includes a DUI conviction or driving with a suspended license. 

There are many other things you might not recognize in your insurance policy document. Be sure to speak up and ask someone at Hanneken Insurance Agency Inc. of the Little Falls, MN area if you’d like to know more. 

Should You and Your Spouse Carry Separate Health Insurance Policies?

In most cases, spouses tend to get health insurance coverage under the same policy. However, this is not always possible and sometimes having separate policies makes more sense. Spouses in Little Falls, MN should take the time to review their health insurance plans, determine who has the best policy, and decide if they should be under the same policy or carry individual ones. 

Those with questions about health insurance coverage for spouses should reach out to Hanneken Insurance Agency Inc. for additional information.

Out-of-Pocket Expenses

Health insurance plans have maximum out-of-pocket costs policyholders pay annually. The total out-of-pocket expenses vary based on the plan. However, the Affordable Care Act did impose a max limit of $8,550 for an individual and $17,100 for a family. If it is just you and your spouse, having separate policies may not be an issue for out-of-pocket expenses. However, if you have a family, having a policy together is beneficial when calculating max out-of-pocket costs. 

Healthcare Needs

If one of you has extensive healthcare needs, such as a significant medical condition, having two separate policies may be the best option for financial reasons. The spouse with the medical conditions can select a more expensive provider with higher coverage options. The other spouse can choose a less comprehensive policy and save money on premiums. 

Employer-Sponsored Health Insurance

Most employers offer health insurance options for their employees, which also provide coverage for spouses. If both spouses work and have access to employer-sponsored health insurance, they need to decide if they want to keep separate policies or pick the plan with the best coverage for both of them. If only one spouse has this option, it may be best to be on the same health insurance plan. Otherwise, it would be best if you shopped for insurance from a Little Falls, MN private provider. 

Call the agents at Hanneken Insurance Agency Inc. today for additional information about health insurance options for couples. 

How Is My Farm Protected Against Pollution With Farm Insurance?

Whether it’s a prominent concern or a minimal one, pollution should be a consideration for farmers in Little Falls, MN. Fortunately, Hanneken Insurance Agency Inc.’s insurance agents can help ease those concerns.

When you first think of farm insurance, pollution might not immediately spring to mind as something that needs to be part of your coverage, but in fact, it’s definitely something you’ll want to make sure is addressed in your policy. 

There are a variety of reasons why any farmer should make sure that there is adequate pollution coverage in your policy, which is that there are exposures to pollution that are completely unavoidable. Some of these potential losses include:

  • Water contamination (both groundwater and surface water)
  • Storage of pesticides and herbicides
  • Potential for fertilizer mishaps (such as spills or unintentional releases)
  • Bodily injury from exposure to bacteria (such as high levels of nitrates in drinking water)
  • Storage tanks for fuel related to operating the farm
  • Damage to natural resources on or near the farm
  • Odors from the items needed to run the farming business (manure, pesticides, fuels, fertilizer)

Additionally, with the rise of multiple farming locations being placed under one ownership, the risk of accidents has increased because of equipment and supplies being moved in between farming locations. Costs to clean up farming accidents can be substantial, particularly for accidents that are considered pollution related, so insurance in situations like that could mean the difference between the survival of a farm and debilitating costs to the farmer.

Let the team at Hanneken Insurance Agency Inc. serving Little Falls, MN assist with all your farm insurance questions today!

4 reasons you need to buy term life insurance

Life insurance comes in all shapes and sizes to fit different consumer needs. The policy is divided into major types–term and whole/permanent life insurance. In such a complex marketplace, it becomes difficult to choose the right plan. However, there is always a typical winner as most people in Little Falls, MN, choose term life insurance to keep things as simple as possible. If you’re wondering why you should go for term life insurance, Hanneken Insurance Agency Inc will share four reasons why you should.

1. Can pay for your debts

If you’re the breadwinner for your family, you may want to buy term life insurance to ensure that your family is provided for even after your death. If you have students loans, car loans, mortgage, and other debts, your policy can help clear all of them if you pass away without fully paying them.

2. You lock in low rates 

Many people in Little Falls MN, buy term life insurance due to its surprisingly low rates. Unlike whole life insurance, you’re likely to pay your premiums smoothly without hitches throughout the agreed duration. You can also opt for simplified term life insurance that fits your goals.

3. It’s more flexible

Term life insurance allows you to take charge of your financial needs and plan your future accordingly. If you are young and single, you can buy the policy and choose your duration–3, 5, 10, or even 30 years, depending on your lifestyle goals.

4. Rates remain the same throughout

Unlike permanent life insurance, which comes with maturity benefits, term life insurance does not have such privileges. However, rates remain the same throughout which makes it easier for you to plan your finances as you age.

Buying term life insurance soon? Hanneken Insurance Agency Inc. would like to be part of the process. Let us guide you through the process and make sure you’re adequately covered. Feel free to call or visit our offices in Little Falls.