General Insurance

Navigating Rising Insurance Costs In 2025: A 5-Point Plan to Protect Your Home and Wallet

Prokop Team · February 17, 2025 ·

Rising Insurance Costs In 2025: A 5-Point Plan - Prokop Insurance Agency Minnesota

The Minnesota Star Tribune article just featured and article “Property insurance rates in Minnesota climbing fast with no end in sight“, as everyone is facing higher home insurance premiums. This increase is largely due to the financial toll that natural disasters, such as the recent L.A. wildfires, are taking on insurance providers. These events are part of a broader trend where natural disasters are driving up insurance expenses, impacting policyholders across Minnesota.

At Prokop Insurance Agency, we understand the challenges these rising costs present. With over 30 years in the business, acting as a fiduciary for my clients has always been my guiding principle. It’s one of the reasons why Prokop Insurance Agency is recognized as a top agency in Minnesota. To help you navigate these changes, I’ve developed a 5-point plan to help reduce your insurance costs while ensuring you have the coverage you need.

1. Conduct a Comprehensive Coverage Review

Regularly reviewing your insurance policy can uncover areas where you might be over-insured or under-insured. I am happy to re-quote your current policy to ensure it aligns with your current needs and budget.

2. Implement Risk Mitigation Strategies

Simple measures like installing smoke detectors, security systems, and storm shutters can significantly reduce your risk profile, potentially lowering your premiums.

3. Bundle Your Policies

Consider bundling your home and auto insurance policies. Many providers offer discounts for bundling, which can lead to substantial savings.

4. Increase Your Deductible

If you can afford a higher out-of-pocket expense in the event of a claim, increasing your deductible can lower your premium costs.

5. Shop Around for the Best Rates

As an independent agent, I represent multiple companies and can help you find the best mix of product, policy, and price. If you’re not currently a client, I’m happy to provide a quote and compare options for you.

At Prokop Insurance Agency, we’re committed to helping you protect what matters most while keeping your costs manageable. If you have any questions or would like to discuss your insurance needs, please don’t hesitate to reach out. Together, we can ensure you’re prepared for whatever the future holds.

Insurance Discounts In Minneapolis

Prokop Team · July 4, 2023 ·

Insurance companies offer various insurance discounts to policyholders based on several factors. As an independent insurance agent, I have the advantage of being able to search for and compare policies from multiple insurance companies. This allows me to find the best policy for my clients, with competitive rates and potential discounts, which may not be available to captive agents who work exclusively for a single insurance company or brokers.

Some common discounts include:

Safe driver discount:

This discount is offered to drivers who maintain a good driving record without any accidents or violations over a certain period of time.

Multi-car discount:

This discount is available to policyholders who insure multiple vehicles on the same policy.

Bundling discount:

Customers who buy multiple insurance products from the same company, such as home and auto insurance, may be eligible for a bundling discount.

Low mileage discount:

Drivers who drive less than a certain number of miles per year may be eligible for a low mileage discount.

Anti-theft discount:

Policyholders who install anti-theft devices in their vehicles may qualify for a discount.

Defensive driving discount:

Drivers who complete a defensive driving course may be eligible for a discount.

Loyalty discount:

Some insurance companies offer discounts to policyholders who have been with them for a certain number of years.

Good student discount:

This discount is typically available to full-time students who maintain a certain grade point average.

Keep in mind that not all insurance companies offer the same discounts and the availability and amount of discounts may vary depending on your location and other factors. It’s always a good idea to ask your insurance provider about the discounts they offer and how you can qualify for them.

Contact us today for a complimentary insurance review to see how we can lower your insurance. We are based out of Plymouth, Minnesota, but since opening, our office have clients all over the Minneapolis/St. Paul area, including Wayzata, Minnetonka, Maple Grove, New Hope, Crystal, Brooklyn Park, and customers across the state.

Who Are Insurance Brokers?

Prokop Team · March 16, 2023 ·

As you step into the world of insurance, you might encounter two key professionals: insurance brokers and insurance agents. While they both play vital roles in helping you secure coverage, they differ in fundamental ways.

The Role of Insurance Agents

Insurance agents act as representatives of one or more insurance companies. They have contractual agreements with these insurers to sell their products. There are two types of agents: captive agents, who represent a single insurer, and independent agents, who sell policies from several companies. The primary loyalty of an insurance agent lies with the insurance company they work for. Captive agents can offer in-depth knowledge of their specific company’s products, while independent agents provide a broader view with options from multiple insurers.

Agents earn a commission based on the policies they sell, and they handle the administrative work of maintaining your policy. They can be your point of contact for making changes to your policy or filing a claim.

The Expertise of Insurance Brokers

Insurance brokers, on the other hand, represent you, the insurance buyer. They do not have an allegiance to a specific insurance company. Instead, they use their professional knowledge to survey the insurance market to find the most suitable policy for your needs, taking into account coverage options and price.

Brokers are particularly valuable for individuals and businesses with more complex insurance needs, such as requiring bespoke or high-level coverage that isn’t readily available off-the-shelf. A broker’s duty is to their clients, offering tailored advice, advocating on their behalf, and ensuring their interests are protected.

Key Takeaways

The crucial difference lies in representation: agents represent insurers, and brokers represent clients. This distinction matters when you’re seeking personalized advice and solutions for your insurance needs. Whether you choose an agent or a broker, ensure they are licensed, reputable, and understand your requirements.

As your insurance professional, I am committed to guiding you through these choices, ensuring you have all the information to make the best decision for your coverage needs. Need help deciphering which path to take? Let’s talk and find the right protection for you.

Get in touch today, and let’s ensure your future is well-protected.

Will It Pay to Buy Travel Insurance This Summer?

Prokop Team · March 9, 2023 ·

With summer quickly approaching, you may ask yourself which expenses are worth the investment when planning vacations. Especially when it comes to travel insurance, you want to make sure you are not overpaying for protection that may not be 100 percent necessary. Depending on where you’re traveling and how long you’ll be there, taking a trip can eat up a substantial amount of your budget as it is. Add travel insurance, and you could quickly acquire more costs than planned.