3 Common Mistakes to Avoid When Buying Auto Insurance for Your Teen

For many parents in Little Falls MN, having a new teen driver in the house can be an exciting, yet stressful event. It’s only natural that you worry about their safety. As the parent of a teen driver, it is your responsibility to teach them how to be responsible and safe drivers. One of the most important things to do to ensure your teen is a responsible driver is to maintain auto insurance on their vehicle. To make sure you get the best coverage for your teen, here are 3 common mistakes to avoid when it comes to insurance for your teen driver.

Carrying a Low Deductible

The deductible is the amount paid before a claim with the insurance company will kick in. In most situations, carrying a higher deductible lowers your premium costs. The rates for teen drivers are generally higher, so having a high deductible also means high savings on the cost of your teen’s auto insurance premium.

Carrying a Policy Separate From Parents

One of the first options you will have when insuring your teen is whether or not to get a policy that is separate from yours. Many parents think that if they purchase a separate policy for their teen, the rates for their vehicles will not go up. While this is partially true, the rate for a teenager’s policy will be significantly higher for several reasons. First, they will have single policy coverage, which means there will not be a discount for multiply cars on the policy and in many situations; you will have to buy a high risk policy. In the long-run, it will cost more to purchase a separate policy than to include your teen on your policy.

Not Taking Advantage of Discounts for Teen Drivers

One of the most costly mistakes to avoid is by not doing your homework. By simply talking with your insurance provider about the discounts your teen may qualify for, you can have a significant amount of savings on the premium. Some of the discounts your teen may qualify for include:

  • Good student discount (for getting good grades)
  • Driving a vehicle with both driver and passenger air bags
  • Automatic seatbelts discount
  • Safe driver (no violations for a specific period of time)
  • Take a driver’s education class

When it’s time to insure your teen’s vehicle, be sure to take your time and compare your options. Talk with your current insurance provider about optional policies. Along with ensuring your teen is properly insured, it is also important to talk with your teen about the rules of road and being a safe driver.

Residents of Little Falls, MN who want to review or upgrade their current insurance policy should contact Hanneken Insurance Agency Inc.

 

Special Considerations for Valuable Items in a Home

Standard home insurance policies typically have limits for the coverage of expensive items in a home. Homeowners that have valuable items such as family heirlooms, jewelry, artwork, expensive electronics, home theater systems and more, benefit from getting extended coverage to protect them. Talk with your agent at Hanneken Insurance Agency Inc. serving Little Falls, MN and the surrounding area to better understand any limits under your existing home insurance or new insurance that you are considering.

Here are some tips about what to do to make sure valuable items have adequate protection and insurance coverage under a home insurance policy and/or extended coverage:

  • Make a Home Inventory: A home inventory is a list of all the valuable items in the home with any information that is available about the purchase price or replacement costs. Take photos of the items and record a video walkthrough of the home showing the placement of the valuable items in the home.
  • Appraisals: Have valuable items appraised by a qualified appraiser. Keep this information about the appraisal in a fireproof safe or off-site to avoid losing the information when it is most needed.
  • Install a Home Security System: Home security systems with video monitoring of the premises are a good deterrent to help prevent home burglaries.
  • Safeguard Valuables: Along with a home security system, having a home safe makes it more difficult for burglars to steal smaller personal items such as jewelry.
  • Update Coverage When Necessary: When things change and valuable personal items are acquired or sold, update insurance coverage appropriately. Often overlooked, are valuable items that are received from an estate as part of an inheritance.

The easiest way to make sure insurance coverage is adequate is to work with your agent at Hanneken Insurance Agency Inc. in Little Falls, MN. Make an appointment to go over the coverage offered by an existing home insurance policy and to add or update extra coverage for valuable personal items as needed.

The Basics of Farm Insurance

If you are in the agricultural sector, farm insurance is a coverage you can’t afford to ignore. Instead of getting an ordinary insurance plan, you need a policy that’s specifically designed to suit your crop, farm, and livestock protection needs. Hanneken Insurance Agency Inc. is one of the reliable Little Falls, MN insurers that you can contact when you need any farm insurance policy.

What will farm insurance cover?

Since no two farms are alike, your insurer can offer a coverage that’s designed to suit the activities you undertake in your farm. But, the main types of coverages in farm insurance include:

Farm liability coverage – It protects you from financial problems arising from liability claims, expenses related to damage to another person’s property, bodily injury to another person, legal defense bills, and medical expenses.

Dwelling coverage – It will protect your residence in case of weather disasters like lightning, tornadoes hail, or fires. This policy also covers vandalism.

Crop coverage – This policy protects valuable assets in your farm – the crops. So, if severe weather ruins your crops, you’ll be protected.

Equipment coverage – It protects your harvester, tractors, and refrigeration units, and other equipment you have on your farm.

Livestock coverage – This policy will protect all your livestock against catastrophic death caused by wildfire and tornadoes. The animals can be protected under one blanket policy for one overall value, or they could be scheduled individually.

Outbuilding coverage – It protects the structures on your property that serve a purpose in the farm. This may include barns and outhouses.

Those who farm for business purposes can consider other additional coverages like the commercial vehicle, worker’s compensation, loss of business income, and errors and omissions.

If you own a farm in Little Falls, MN, consider contacting us at Hanneken Insurance Agency Inc. and we’ll help you get the right coverage that suits your needs.

 

 

Do I Need Supplemental Health Insurance?

There are many different kinds of health insurance and health insurance policies. However, you’ve likely seen commercials on television for service providers offering supplemental health insurance. Supplemental health coverage goes beyond what your current policy provides. To some, this might seem unnecessary, but in reality, there are many benefits to supplemental health insurance. At Hanneken Insurance Agency Inc. there is a team member standing by who can help you determine whether or not supplemental coverage is right while living in and around Little Falls, MN. 

Extra Pay If You Can’t Make Work

If you are injured there is a good chance you’ll miss work. Now, even if you have regular health insurance, your policy may not pay you for the lost time. this means, while many of your medical bills are covered, your missed time isn’t. Here, supplemental insurance will help protect you from financial hardships. 

Picks Up Where Your Other Coverage Leaves Off

You may have a 60/40 or 70/30 insurance coverage policy, where the insurance company pays the larger amount and you’re required to pay the rest. Depending on the medical condition and the treatment you need this can still end up costing you hundreds, if not thousands of dollars. However, supplemental health insurance moves in and picks up where your other coverage left off. This will help ensure you’re not stuck footing a large medical bill. 

There are a number of major benefits available when it comes to supplemental health insurance. When living in Little Falls, MN it is a good idea to look into these benefits and see if it is a good fit. With the team at Hanneken Insurance Agency Inc., there is a team member standing by, ready to help you with all of your concerns and questions. 

Can I Buy My Cousin a Life Insurance Policy?

Many people go all of their lives and only think about buying a life insurance policy for themselves. They think if they buy this type of policy, they can leave money behind to their loved ones. And even though doing this is a great way to protect the financial future of those you love, you can also invest in policies for other people. Here at Hanneken Insurance Agency Inc. serving Little Falls, MN, we would like to discuss the benefits of buying life insurance for other people. 

Can I Buy My Cousin a Life Insurance Policy?

There are a lot of people who cannot afford to buy life insurance. If you have the financial capability, though, you can always buy a policy for them. And even if you don’t want to always pay the monthly premium, you can at least gift a person with a policy and make the first few years of payments on it. This is an excellent way to purchase coverage for the person and allow them time to get financially stable so that they can make the payments once you have stopped. So, yes, you can buy your cousin a life insurance policy. 

In fact, you can buy a policy for anyone that you choose. All you have to do is contact an insurance agent from the Hanneken Insurance Agency Inc. serving Little Falls, MN and ask about the requirements of buying a policy. You may find that you are able to secure discounts if you purchase multiple policies through the same carrier.

Contact one of our agents today and learn more about gifting a person with a life insurance policy. 

Does Commercial Insurance Cover Flooding?

If you are considering starting a new business, or are in the process of finding the right type of insurance for your company, then you may have questions about specifics which are outlined in the policy. For example, you may wonder if your commercial insurance policy offers protection from flooding. Knowing the terms and conditions of your insurance is the best way to make sure you have complete coverage without gaps that can cost you money.

Flooding Isn’t Included

Flooding is covered by flood insurance rather than commercial insurance. In order to provide protection from flooding, you will need to purchase separate flood insurance. Keep in mind that flooding of business vehicles is not covered in your flood insurance policy. Flooding of vehicles is covered by your car’s comprehensive insurance. Discuss finding the coverage you need to protect your business from damage incurred by flood waters with a knowledgeable insurance agent. 

Working With A Good Provider

The most important thing to keep in mind when looking for commercial insurance is finding a reputable provider. Companies like Hanneken Insurance Agency Inc. serving the businesses located in and around the Little Falls, MN area, can guide you through the process and offer solutions that are designed to give you protection without gaps that can cause financial losses. They work closely with prospective customers to help tailor their insurance products to fit their special set of circumstances. 

For more information about Hanneken Insurance Agency Inc. for businesses located in and around the Little Falls, MN area, call or stop by the office to speak with a representative. Let them give you the information you need to make an informed decision to protect the future of your company tomorrow. 

It is Time for Spring Cleaning. Do You Know How You Can Prolong the Life of Your Home?

Most people consider their home their greatest financial asset. For some it can be a financial strain, the balance is often in the shape of the home.  There are certain spring cleaning chores that will make sure that your home stays safe and attractive for many years to come because an ounce of prevention is worth gold. Hanneken Insurance Agency, Inc. serving Little Falls, MN and the surrounding areas know the true value of a home and can cover your greatest asset in home insurance year round. 

Ways to Prolong Life of Your Home Each Spring

  • Check for winter water damage. If a little water got in then froze it may have cause warped roofing or attic materials which can allow in more water and ice next season. Checking for winter water damage is a vital way to prolong the life of your roof and to prevent further damage and costs. 
  • Sweep roof and clean out gutters. This chore ensures that the debris is not rotting against roofing material, a rotting roof can spread damage throughout the attic quickly and mold or water damage can be hard to get rid of. 
  • Clean any debris away from the footing of home, trim any extra brush. These materials will naturally rot and this rot can spread the home depending on the building materials. The debris also encourages bugs to hang out near the home so clearing out any organic matter is vital. 

Contact us at Strack Insurance Services if you want to protect your home in case of unforeseen damage. We serve Little Falls, MN and the surrounding areas. 

What Kind of Health Insurance Plan Should I Pick?

Having a solid health insurance policy is essential. If you live in the Little Falls, MN area, Hanneken Insurance Agency, Inc. serves residents in the area and can help you find the right health insurance plan for you and your family.

Where do I Begin?

Consider what you need to think about first when you begin searching for a health insurance policy. Will you be picking a single, or a family-based health insurance policy? Then comes the cost. Cost often falls at the top of the list because you want something that will be affordable.  

When looking through policy options, it’s imperative to read the fine print. Be careful about hidden costs and out-of-pocket expenses. Some policies also require additional deductibles based on procedures that you are receiving, etc. Lastly, check for the out-of-pocket max, which is the maximum amount that you can pay before the insurance company becomes liable for 100% of the remaining costs.

How Much Will You Need?

Identifying your health insurance needs in Little Falls, MN can be tricky when you are healthy. Thus, you must consider factors like your health history- and that of your family- including sicknesses that you may be prone to based on your genetic makeup.

Health insurance plans typically fall under Bronze, Silver, Gold and Platinum categories. The lower the medal category, the higher your deductibles will be. Less will be covered by the insurance itself and there will be higher out-of-pocket premiums.

Bronze plans typically work for healthy, young and single individuals that don’t take prescription drugs or visit the doctor often outside of general checkups.

Silver policies cover more and work for families or single individuals with no ongoing health issues that want coverage for prescription drugs and unexpected illnesses. Silver plans are ideal for families.

Gold & Platinum policies have considerably higher monthly premiums, but much lower deductibles. These plans are ideal for those with ongoing health issues and frequently taking prescription drugs.

Hanneken Insurance Agency, Inc. can help you find an affordable health insurance policy. Contact us for a free quote.

 

 

 

Being Cost-Conscious, Minimal Auto Coverage is a Good Idea, Right?

Folks in Little Falls, MN who are really watching their dollars can be forgiven for being a bit reactive to costs. After all, if there is a way to squeeze a bit more out of an expense, it should be a followup. However, in the world of auto insurance, cheapest is not always best. In fact, it works the opposite. A low-cost policy more often than not means low coverage, and that could be a big financial mistake overall. The problem has to do with liability. Just because one has a low-cost policy doesn’t mean that liability goes away and gets taken care of entirely by an insurance provider. Where a party is responsible for an accident and his policy doesn’t cover all the costs of recovery, the party can still personally be held responsible for the outstanding difference. And that can translate into wage garnishments, liens and more ugly tools of the collection after a judgment is awarded in a Little Falls, MN court.

No surprise then, a more comprehensive policy that provides greater coverage overall actually can save a person money if liability is found and has to be addressed, according to Hanneken Insurance Agency, Inc. A larger policy may cost a bit more in premium, but if it fully addresses the costs of a recovery, than it actually helped a party avoid more out of pocket expenses from auto accident risk. To find out more about how comprehensive insurance helps solve accident problems better, given the expert staff at Hanneken Insurance Agency, Inc. a call. They can walk you through examples, showing why just focusing on cost isn’t the best approach overall with auto insurance.

Does Your Hobby Farm Need Farm Insurance?

Many people are beginning to enjoy back-to-nature lifestyles by buying several acres out in the country near Little Falls, MN and raising animals and garden produce. But, what kind of insurance does a farm need? When does a hobby farm become a "real farm"? What happens if your horse gets out and someone is injured? These tips from Hanneken Insurance Agency, Inc. can help you with these questions.

Homeowners or a Farm Policy?

For some hobby farms, like those with just a pony and a few chickens, homeowner’s insurance will probably cover your needs. If your hobby farm is simply something fun that you like to do on the weekends and evenings, or you just like raising food to feed your family, you probably don’t need anything more than a  homeowner’s policy. Keep in mind, though, that homeowner’s policies may not cover expensive improvements like large barns or expensive equipment. If your hobby farm begins to turn into a more extensive operation, it may be time to call the insurance company and adjust your coverage.

Are You Making Money?

If you’re a full-time farmer, then you definitely need a farm policy. But, there is a gray area where you’re still a farmer, but not necessarily in need of a farm policy. Some insurance companies offer hobby farm policies for those who may sell produce at farmer’s markets or offer baby chicks for sale a few times a year. These policies are generally for people who just use their farm to make small amounts of money to supplement their off-the-farm income. 

Farm Liability Insurance

Many of a farmer’s daily jobs come with an element of risk. Driving large, powerful tractors and handling animals that weigh a thousand pounds or more are a part of daily life for many who live on farms. Most farmers know the risks and work carefully, but when other non-farm people are exposed to these experiences, terrible things can happen. A farm liability policy will protect you from a lawsuit if someone is injured on your farm. Even trespassers may try to sue if they are injured on your property, so a liability policy can help you rest more easily at night.

If you have questions about farm policies in the Little Falls, MN area, contact Hanneken Insurance Agency, Inc.