UMBRELLA | FARM | FLOOD
If you follow the news, you know that many lawsuits today wind up awarding huge settlements to claimants – settlements that may well exceed the limits of your standard liability coverage. Having additional liability coverage – called umbrella insurance – in place provides important protection in case a liability claim is filed against you and your business. Umbrella insurance kicks in once your other insurance policies – your home or auto policies, for example – have been exhausted. In essence, umbrella insurance offers an additional level of protection to keep your own personal assets, including your savings and your home, protected in the event of a lawsuit.
Farms and ranches have very unique needs when it comes to insurance, and at Insurance Group of Minnesota LLC, we have the skills and experience to analyze your property to identify the risks you’re facing. Your policy can be customized to include outbuildings, machinery, equipment, equine, animals, crops and other items so you feel confident you have the coverage you need to be protected in the event of a loss.
Whether you have a large operation or you’re managing a small family farm, we can help you find the coverage you need to protect your assets and your income. Farm insurance covers property damage to your buildings, equipment and inventory that you use in your operations, as well as providing important liability coverage.
The type of coverage options you need will be based on a comprehensive analysis of your farm and its risks. Don’t rely on an inexperienced agency: We have significant experience in helping farms identify risks and obtain customized coverage.
The National Flood Insurance Program (NIP) was begun in 1968 to help businesses, homeowners and renters protect themselves against losses that occur as the result of flooding. While most people consider flood insurance to be available only to those whose properties abut or are in close proximity to water, in fact, most of the U.S. is in a designated flood zone, as a result of the very real risks of flash flooding. NFIP insurance is available in communities who participate in the national program.
Flood insurance covers the building you or your business occupies as well as its contents, including the electrical and HVAC systems; appliances like stoves, refrigerators, microwaves and washer/dryer units; carpeting; clothing; furnishings and more. Both replacement cost value (RCV) and actual cash value (ACV) options are available. RCV is most commonly used to determine the damages associated with the loss of property, and it’s reimbursable to within 80% of replacement cost. ACV is typically used when assessing the loss of possessions, and is calculated as RCV minus depreciation costs.
Flooding can cause significant damage and substantial financial loss. Let us help you be prepared.