Come To The Great Summer Tailgate 2023
July 18, 2023
Friends and family arrive at 4pm
July 18, 2023
Friends and family arrive at 4pm
Auto insurance premiums have been on the rise in recent years, and there are a number of factors that are contributing to this trend. Some of the most common reasons for rising auto insurance premiums include:
Increased claims frequency and severity: The number of car accidents has been on the rise in recent years, and the severity of those accidents has also increased. This is due in part to factors such as distracted driving, drunk driving, and the aging population. As a result, insurers are paying out more in claims, which is driving up premiums.
Rising medical costs: The cost of medical care has been rising steadily for many years, and this is also having an impact on auto insurance premiums. When someone is injured in a car accident, their medical bills can be significant. Insurers must pay these bills, and this drives up the cost of premiums for everyone.
Changes in state laws: State laws can also have an impact on auto insurance premiums. For example, some states have passed laws that require drivers to carry higher levels of insurance coverage. This can lead to higher premiums for all drivers in those states.
Insurers moving out of state: Many quality insurers are leaving the state, which reduces competition and drives up costs. It is always a good idea to have your agent shop for the best possible combination of coverage, price and service.
Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.
Insurance is a necessary expense for many people. Whether it’s health insurance, car insurance, or home insurance, having coverage can give you peace of mind and protect you from financial ruin in the event of an accident or unexpected event. However, not all insurance policies are created equal, and opting for the cheapest option may not always be the best choice. In fact, cheaper insurance is often not better insurance. Here are some reasons why.
Lower Coverage Limits
One of the main ways insurance companies can offer cheaper rates is by offering lower coverage limits. Coverage limits are the maximum amount of money an insurance company will pay out for a claim. If you opt for cheaper insurance, you may be getting lower coverage limits, which means you may not be fully covered in the event of a major accident or unexpected event. This can leave you with significant out-of-pocket expenses that you may not be able to afford.
Higher Deductibles
Another way insurance companies can offer cheaper rates is by increasing the deductible – the amount of money you must pay out of pocket before your insurance coverage kicks in. While a higher deductible can lower your monthly premium, it also means you’ll have to pay more out of pocket before your insurance company starts covering the cost of damages. This can be a burden, especially if you’re already struggling to make ends meet.
Exclusions and Limitations
Cheaper insurance policies may also come with exclusions and limitations that can limit your coverage. For example, some health insurance policies may exclude coverage for pre-existing conditions or limit coverage for certain medical treatments. Car insurance policies may exclude coverage for certain types of accidents or limit coverage for damages to your vehicle. These exclusions and limitations can leave you with significant gaps in coverage that can leave you vulnerable to financial loss.
Poor Customer Service
Cheaper insurance policies may also come with poor customer service. Insurance companies that offer cheap rates often need more resources to invest in customer service, which can lead to long wait times, unhelpful representatives, and delayed claims processing. This can be frustrating and stressful, especially if you need to file a claim in a hurry.
In conclusion, while it may be tempting to opt for the cheapest insurance policy available, it’s important to consider the potential drawbacks of doing so. Cheaper insurance policies may offer lower coverage limits, higher deductibles, exclusions and limitations, poor customer service, and less comprehensive coverage. Instead, it’s important to shop around for insurance policies that offer the right balance of coverage and affordability. By doing so, you can ensure that you’re fully protected in the event of an accident or unexpected event without breaking the bank.
Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.
Renters insurance is a type of insurance policy that provides financial protection for individuals who are renting their living space, such as an apartment or house. Here are some reasons why buying renters insurance is a good idea:
Overall, renters insurance can provide valuable protection for renters and is often an affordable option for those who want to protect their personal belongings and financial well-being.
Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals
Comprehensive Insurance
Comprehensive insurance is a coverage that is part of your overall auto insurance program. Comprehensive is an optional coverage that protects you for losses that are not accident related. Some people opt to remove comprehensive coverage on old vehicles. While there may be some premium savings for doing this, we hope you will consider these points before making the decision to remove comprehensive coverage from your auto policy.
Comprehensive Insurance Covers Losses that Are “Other” Than Collision
You may not have thought of these losses that are covered under comprehensive insurance:
We have the ability to customize your insurance coverage. Collision, towing, and rental car coverage are a few additional coverage’s you might consider.
Comprehensive Car Insurance Doesn’t Cover It All…But It Does Cover A Lot.
If you have any concerns about hitting an animal, theft, vandalism, or glass damage, consider adding comprehensive coverage to your car insurance policy.
Take a look at these insurance buying tips for bundling your home and auto insurance policies to ensure you get the best deal!
When you have multiple types of insurance plans with the same insurance company, you have a “bundle” of policies. When you get a discount for bundling your policies with one insurance provider, it’s called an insurance bundle discount.
Policies You Might Bundle
Things To Consider When Bundling
Bundling your insurance could provide several advantages. Although these advantages will likely fluctuate by the carrier, the money you save on your policies and the time you save managing your policies are two of the most typical perks of bundling.
Getting numerous separate policies from the same insurer can save you a lot of money. While particular savings are dependent on the insurer as well as the types and number of insurance purchased.
Purchasing multiple policies (home, auto, or motorcycle) from the same insurer can be more convenient than purchasing multiple policies from other companies. Multiple policies can often be handled or obtained from the same insurance agent using the same online account.
How To Get Started
Contacting your insurance agent is an excellent place to start if you’re interested in bundling your coverage. Your agent should be able to assist you in finding the ideal policy combination to meet your coverage and financial requirements.
While saving money on insurance premiums is a desirable thing, the ultimate goal should be to find an insurer that delivers on that promise.
Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.
Cyber Liability Risk
Every business is at risk for a cyber breach. Even the White House has experienced a cyber breach. Cyber breaches are now a fact of life, and every state now has mandatory requirements for data breach notification. Statistics show 41% of all cyber incidents affect businesses with fewer than 100 employees. If you store data, including private information on computers, use e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk!
Best Practices For Cyber Risk
While cyber liability insurance should be considered by every business, in addition, we also recommend specific procedures and defensive programs to limit or reduce your risk.
Cyber Liability Insurance
Most business large and small now purchase cyber liability insurance which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure.
Spring is the time when many homeowners start to think about and plan for, various home remodeling projects. If you are thinking about updating your kitchen, putting on that new roof, or even landscape projects, it pays to do some pre-planning. Whatever the project, you need to protect yourself from the financial risks and hazards associated with a home remodel project.
If you plan on hiring a contractor, you should consider these tips to help make sure your project is completed the way you want.
When you buy insurance, whether it’s for your home, your car or your business, you want an advocate who will properly assess the risks you face and give you an objective analysis of the marketplace, it’s up to you to make the final choice.
Our team of agents continually pursues additional professional education and certifications. It is our goal to ‘wow’ you with the best service every time you call.
COVID-19 will impact the way we manage our lives through most of 2021. This includes your personal insurance. We understand that you may be struggling at this time.
Homeowners Insurance
COVID-19 should not impact your homeowner’s insurance too much, but there are a few coverages that could be impacted because of the temporary lifestyle change. The changing circumstances definitely highlight the need for existing components in your policy like liability coverage, in addition to coverage enhancements like a home business coverage endorsement if you moved your business to your house. You could be liable if someone gets COVID-19 while in your home.
Auto Insurance
U.S. insurers began to offer discounts and refunds on their customers’ auto insurance premiums. Now, despite the fact that drivers have returned to the roads in many parts of the country, the pandemic’s reverberations on vehicle usage and insurance cover will likely continue into the future.
Life insurance
There has been no evidence of life insurers pulling out of the market, premiums have remained steady, and COVID-related claims are already being paid. Your policy will cover you if you pass away due to COVID-19. Life insurance companies cannot change the terms of coverage for active policies, so anyone who was covered remains covered.
Oakwood Insurance operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals. Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace.
This information in to be considered general in nature. All claims will be settled based on your actual policy terms and conditions.
While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2021. According to a recent AMEX survey, 92% of businesses pivoted last year, and 76% of small businesses believe they will need to pivot again in 2021.
Employee Safety– Making sure your business follows all COIVD compliance protocols will be a top priority.
Remote workers– In 2021, remote working and safety measures should become more routine. How businesses recruit, onboard, train, and terminate employees has changed, some say permanently. How businesses are dealing with employee burnout, talent management, and allocating will need to be addressed.
IT security– Remote workers will require new IT protocols.
Slow economic recovery– Businesses will need to do planning to manage the recovery in 2021.
Government mandates and regulations – There continues to be increased oversight from the government in healthcare and financial reporting that creates new risk and liability for businesses.
Political and Civil Issues – As seen in 2020, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation.
Class actions and COVID-19 Cases- This year has also seen the first class-action lawsuits directly related to COVID-19. Examples include lawsuits against cruise lines that suffered coronavirus outbreaks,
Oakwood Insurance operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals. Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace.
2003 NW Northdale Blvd.
Coon Rapids, MN 55433
Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.