PERSONAL INSURANCE PLANS

The biggest single investment most families ever make is the purchase of their home. This also usually involves the largest single debt for most families, in the form of a home mortgage, which must be repaid even if the home is destroyed or badly damaged.

Because of the importance of this investment, your agent should use great care to ensure adequate insurance coverage, so that the insured is fully protected against the many possible losses that might occur. 

The insurance producer can be of great assistance by surveying the valuation and exposures with the insured, and recommending appropriate amounts and types of insurance to provide this protection. When you're looking for a great homeowner's insurance plan, trust Agency 10 Insurance. Call us today at 763-551-1010 for a FREE quote.

Still, most individuals who own or hire cars obtain automobile insurance voluntarily and are willing to consider optional coverage and higher limits of liability if the need for them is clearly shown.

Usually, the need for optional coverage can be shown merely by revealing that the client has a particular exposure to loss not covered under the policy. Because the possible severity of auto loss exposures ranges widely, there is no set rule on when an optional coverage should be purchased. 

An uninsured physical damage loss, say to a collection of compact disks, may be insignificant to the client’s financial well-being, and so the client may choose not to buy insurance for that exposure. But an uninsured liability exposure, like a minor child’s moped that the client has not thought to insure, leaves the client open to damages that could far exceed his total wealth.

The need for higher limits of liability - or the appropriateness of higher or lower deductibles - must, of course, be considered on an individual basis, but the availability of those choices and their pros and cons should be discussed with your agent.

This is different from personal excess insurance, which only offers higher limits than provided on a primary policy. Personal umbrella policies seldom are alike, even though the Insurance Services Office (ISO) has developed a standard form. Most carriers had developed and filed their own forms prior to the ISO program, which is optional. 

Because of this, it is very important to review personal umbrella forms carefully. The primary consideration should be that the policy cover as many of the insured's specific exposures as possible