Why Do You Need Boat Insurance?

If you’re in Michigan, having boat insurance is not a must. However, this does not mean that boat insurance is not important. If you are an avid boater, you’ll be making a huge mistake by ignoring this coverage.

Due to Michigan’s proximity to the Great Lakes, many people enjoy going into the waters using boats. However, boating is not a risk-free exercise. Accidents are likely to happen, and property can be damaged.

In light of the risks that come with boating and owning a boat, every boat owner in Detroit, MI, needs to know why boat insurance is necessary.

If you haven’t found a reason for purchasing boat insurance, Premier Insurance Agency is here to help you understand why it’s necessary.

Why is Boat Insurance Necessary?

If you acquired your boat through financing, you need to protect it with comprehensive and collision coverage. Your lender will want to know that their money is safe until you’ve cleared the payment.

Boat insurance might also be a requirement in some harbors and marinas. You’ll need to show liability coverage before you get a storage space.

The role of boat insurance is to protect you financially from any liability that may result from causing bodily injuries or property damage while boating. It will also protect your boat against damage or loss.

Like other insurance policies, you can opt for additional protection, such as underinsured/uninsured.

In summary, boat insurance will protect you against:

  • Damages and injuries to other
  • Uncontrolled events such as theft, fire, and weather
  • Collision with other boats or capsizing
  • Damage caused by underinsured/uninsured boater
  • Passenger medical expenses

You can also get total loss replacement of your boat and replacement of personal items lost from your boat.

Purchase Boat Insurance Today

Detroit, MI, is one of the areas with the largest concentration of boaters. However, not everyone likes the idea of purchasing boat insurance, and it’s a costly mistake.

You need to protect your asset at all costs by having sufficient insurance coverage.

If you’ve no idea how to go about purchasing boat insurance, Premier Insurance Agency is ready to help you out. Contact us today for every piece of information you need to know about this coverage.

How umbrella insurance protects property owners

Property owners are always finding ways of protecting their investments through insurance. Whether it’s your home, business premises, or residential properties, you are at risk of getting sued for damages or injuries sustained in your Detroit, MI property. For this reason, you may want to find a policy that extends beyond the standard policy. A great example is umbrella insurance. Here are a few ways umbrella insurance can protect property owners.

Protects you from property damage lawsuits

Property owners, particularly in the commercial sector, deal with many people, which puts them at risk of lawsuits. You could land yourself into hefty fines if your construction site workers dropped a heavy material on someone else’s compound, damaging their car or something else in the compound. You can also get sued if you allow water from your pool to enter your neighbor’s house and cause property damage. However, you are lucky to have umbrella insurance to cover the damage and pay the legal fees.

Cushions you when someone is injured on your property

If you are a property owner in Detroit, MI, the Chances are that someone in your property could get injured. It can be a slippery floor, a crack in the patio, uncovered electricity cable, fire, or any other injury. Whether it’s your fault or not, you might find yourself on the harsh side of the law, but umbrella insurance can help clean up the financial mess. At Premier insurance agency, we recommend buying enough umbrella insurance to protect your home and other properties under your name.

Protects you from the liability you may face as a landlord

Landlords have a lot in their hands. A tenant will sue you over anything that displeases them in your property. It could be a crack on the wall, a tenant’s dog biting a guest on your property, and many other accidents. While most landlords purchase insurance for their property, it is not always enough to cover all the damages and lawsuits. That’s why you need umbrella insurance to top-up.

For more information about umbrella insurance, feel free to visit or call Premier Insurance Agency today!

Do I need condo insurance in Detroit?

When you are looking for a fun city to move to, Detroit, MI is a great option. Those that live all over this area of Michigan will find that it offers a lot of opportunities and local amenities. For those that want to move to this area of Michigan, owning a condo can be a good choice. Condo owners here will benefit in several ways. Along with your Detroit condo purchase, you also need to choose a quality condo insurance plan.

Insurance is a Requirement

A reason that you will need to get a condo insurance plan is that it is a requirement for most condo owners. Those that purchase a condo are likely going to live in a condo building and may have taken out a mortgage. In most cases, anyone that has financing in place or that lives in a community with an association will need to maintain a full condo insurance plan.

Insurance Covers Investment

You will also want to get a condo insurance plan as it will protect your investment. Buying a condo always is a big purchase. The best way that you can protect this investment is by getting insurance for it. With condo insurance, you will have the coverage needed to repair your condo if it is damaged by a fire, storm, or other forms of loss. 

If you do want to get a condo insurance plan in the Detroit, MI area there are many decisions to make along the way. The team with the Premier Insurance Agency is a great group to contact as they can help you better assess your options. When you do call the Premier Insurance Agency for your condo insurance needs, it can help ensure you choose a policy that is ideal for your situation. 

Why Umbrella Policies Increase in Importance as You Near Retirement

As you near retirement, you need umbrella insurance more than ever. If you lost a court case that required a large settlement that your home owner’s insurance did not completely cover, you would have to take the remainder of the settlement out of your savings or retirement fund.

The closer you are to retirement, the less time you have to reimburse your retirement fund or savings. An umbrella policy from Premier Insurance Agency solves this problem by paying the remainder of the settlement. 

These policies cost little but provide priceless peace of mind. Any kind of slip and fall accident or another incident that injures a person or people at your Detroit, MI home or on your property requires you to pay for the damages. The typical home policy provides liability coverage in the amount of about ten percent of the home’s value or a flat rate, usually about $100,000. That may sound like a lot.

Consider the average medical costs and time away from work from a home accident and how commonly these incidents occur. Home and community accidents are the number three cause of death in the US. Accidental poisoning leads the list of how these home deaths occur, followed by falls and choking.

Before you say, “That cannot happen to me.” know that according to the National Safety Council, home and community accidents account for 37,600,000 medically treated injuries each year and 125,000 deaths. That costs the US $479.1 billion annually.

The average cost of a hospital stay per day in the US is $3,949. When you do the math, you quickly realize that one accident at your home that only injures a single person can wipe out the liability coverage on a home policy.

You need the secondary insurance that an umbrella policy provides. It kicks in once your home insurance pays out fully. You can purchase a million-dollar policy of umbrella coverage for a tiny premium, so it makes sense to add this to your insurance portfolio.

At Premier Insurance Agency of Detroit, MI, we believe in being safe, not sorry. Call us to learn more about umbrella insurance and add this coverage to your portfolio.

Should I get auto insurance in Detroit?

For most people that live in the Detroit, MI area, owning your own vehicle is practically a necessity. If you are going to invest in a vehicle, you will have a very important asset that needs to be properly protected and covered by insurance. There continue to be a variety of reasons that drivers need to have proper auto insurance in Michigan.

Insurance Will Keep in Legal Compliance

One of the reasons to get insurance for your vehicle is that you can stay in legal compliance. When you are going to drive a car in Michigan, you are going to be required by law to carry auto insurance at all times. State law mandates that you have liability insurance, which ensures you will be able to pay for accident damages you may cause. If you do not carry this, you could face penalization. 

Insurance Protects Vehicle

You will also want to get auto insurance because it can protect your vehicle. Anyone that buys a car here is going to be making a big investment that they will want to cover and protect as well as possible. With a full auto insurance policy, you will get the coverage needed to protect your car. 

As you are looking for auto insurance in the Detroit, MI area, you may find that there are a lot of options and choices that need to be made. When you are looking for a new policy here, you can get the guidance that is needed to understand your needs and options. A great option would be to reach out to the team at Premier Insurance Agency. If you do call the Premier Insurance Agency, you can get the support that is needed to know your needs and pick a policy that gives the right coverage. 

How to Prepare Your Car for Winter

With the colder weather upon us not only is it time to trade in your summer wardrobe for something a little warmer but also it’s time to give your vehicle a winter refresh to ensure it is safe and reliable for the coming months. Not only does winter-proofing your vehicle save you money by preventing costly repairs from popping up down the road, but also it ensures that you remain safe when the roads turn snowy and icy. 

Start by checking your vehicle’s batteries which tend to die sooner in the winter months because of the additional strain that the colder weather places on the various components by having to work harder. Your battery can be checked at home if you have the proper tools, but it may not be a bad idea to find a local dealership specializing in your car’s manufacturer because many will offer a complimentary multi-point inspection with every service appointment that helps pinpoint other potential issues. Next, check your tire pressure every week because they usually deflate with chilly weather and could leave you more susceptible to flats or spin-outs. Also, depending on where you live, it may be a prudent decision to explore purchasing a set of winter tires that can easily be removed once the snow melts. Other ke6 areas to check to include topping off all the fluids in the vehicle particularly your windshield washer fluid and swapping out your windshield wiper blades with a new set. 

Last but not least, you’ll want to make sure your auto insurance is current and that you have the appropriate coverage for your needs. At Premier Insurance Agency in Detroit, MI we can review your current policy or establish a new one all while looking to maximize your coverage at an affordable price. 

Do I Need Commercial Insurance in Michigan?

When it comes to owning a business in Michigan, it is important to stay on the right side of the state’s requirements – particularly insurance – to avoid any potential fines or shutdowns. With more and more small businesses opening throughout the state, business insurance can help protect your livelihood while giving your business the opportunity to strive and secure additional jobs for people in the workforce. Similar to most states, Michigan requires that businesses carry mandatory workers’ compensation insurance and commercial auto insurance. Workers’ compensation insurance is required for any business that employs at least one full-time employee and helps cover the medical bills for any injury or illness sustained while working. If you require an employee to utilize their personal vehicle for any business-related purpose, it is strongly recommended that the vehicle be covered by a hired and non-owned policy because personal auto insurance policies are unlikely to cover any damages associated with a business-related accident.

Outside of commercial auto and workers’ compensation insurance, there are no other requirements for small businesses in Michigan. However, depending on the size, scope of work, and many other factors additional coverage may be a good idea. For instance, data breach insurance helps cover the costs associated with items like legal fees, public relations, liability lawsuits, and identity protection services that are related to a cybersecurity incident. Additionally, business income insurance helps to cover the cost of items like payroll, rent, and other monthly bills if your business is unable to operate due to a covered incident like theft, wind, or fire. 

Shopping for a commercial insurance policy doesn’t have to be stressful and the team at Premier Insurance Agency in Detroit, MI is ready to assist. Our expert team knows the insurance industry inside out and will be able to customize the ideal policy for your needs so give us a call today to learn more. 

Do you have enough home insurance?

Your Detroit, MI home is your most valuable asset. It is not a good idea to let your biggest investment go without protection because you do not understand what makes a good policy. The agents at Premier Insurance Agency can help you find the indemnity plan that covers your property as well as possessions. Read on to learn about what the best home insurance plans have and to determine if you have enough coverage.

Is home insurance a requirement?

Home insurance is not required in Detroit MI unless you are paying a mortgage. In most cases, your lender mandates you have an insurance plan that covers the property in the instance of a fire or flood not related to natural disasters. Those who choose to go without insurance while having a mortgage may notice an increase in monthly home payments as lenders tend to secure third party insurance of their choosing to protect their investment portfolios. 

Home insurance is not required if you do not have a mortgage. You should still, however, consider purchasing a plan. 

The benefits of home insurance

Home insurance serves as a safety net when the unimaginable happens. A pipe that explodes in your wall can lead to thousands in repairs. You can avoid such high out-of-pocket costs by purchasing an indemnity plan that covers major plumbing issues. 

Home insurance may also be helpful when there is a natural disaster. You must, of course, purchase additional coverage for protection as a standard home insurance policy does not pay for flooding and fires caused by nature. 

Do you have enough insurance?

A tragedy is not the right time to discover your lack of proper insurance. Your home indemnity plan should: 

  • Provide payment to cover a significant portion, if not all, of your losses;
  • Pay for relocation fees if you must temporarily move out of your home while repairs are conducted;
  • Cover RVs and ATVs damaged or destroyed while on your property. 

The agents at Premier Insurance Agency can help you find the home insurance policy that suits your lifestyle in Detroit, MI. Call today to get started with a quote for coverage.

What are the Benefits of Classic Car Insurance?

Detroit Michigan is known as the car capital of the world. At Premier Insurance Agency in Detroit, MI, we have an appreciation for all types of vehicles. We offer the classic car insurance our customers need to keep their investment safe. 

Agreed Value

One of the major benefits of a classic car insurance policy is they are usually agreed value policies. Standard insurance policies are often actual cash value, which means the insurance company will only pay the current blue book value of the vehicle. An agreed value policy means that you and the insurer agree upon the value of the vehicle. This value remains the same unless you renegotiate the policy. It doesn’t decrease due to depreciation, and it is a better reflection of the value or investment of your vehicle. 

Towing Coverage

It’s suggested that you choose roadside assistance and towing coverage for your classic car. Classic cars are six times more likely to break down on the highway. Older vehicles are more prone to mechanical failure, so it’s a good idea to be prepared for the possibility it will stop on the road. The policy should include specifically flatbed towing with soft straps to avoid damaging your classic car.

Usage Impact on Premiums

With a standard auto policy, it’s assumed that you will be driving your car daily. Classic car coverage is often used for “Sunday drivers”, or vehicles that are driven for fun more than getting from place to place. Since they aren’t driven as often, they are often eligible for lower premiums because the risk to the insurer is lower. 

If you need classic car insurance in Detroit, MI, contact us at Premier Insurance Agency. We believe you shouldn’t have to settle for a standard policy for an exceptional car. We can provide you with a policy that gives you the benefits of a classic car policy. 

Three reasons why recreational insurance is essential

One of the most important decisions you make as a recreational vehicle owner is which recreational insurance policy to purchase. At Premier Insurance Agency, we offer numerous options for recreational insurance in Detroit, MI. 

The following are three reasons why it’s so important to have recreational insurance. 

You need liability coverage to legally drive on the road.

The most important reason to have recreational insurance is that it is required by law if you want to take your vehicle on public roads. You need to meet liability insurance coverage requirements or you could be ticketed or worse. 

The state of Michigan has various minimum liability coverage requirements you need to meet. You need to carry bodily injury coverage of at least $20,000 per individual per accident. You need at least $40,000 in maximum coverage per accident. 

Your recreational vehicle is a valuable possession you need to protect.

You are not required by law to carry collision coverage for your recreational vehicle. However, it’s a good idea to invest in collision coverage anyway.

Collision coverage will compensate you for damages to your own recreational vehicle in the event of an accident. If you don’t purchase collision coverage, you will have to pay out of pocket to have your recreational vehicle repaired if it is damaged in an accident. 

You want to enjoy peace of mind when traveling in your recreational vehicle. 

You take a huge risk whenever you drive a recreational vehicle without insurance coverage. Even if you are only using your recreational vehicle on private roads, it’s still important to buy insurance coverage. Otherwise, you could be held liable for accident damages. This could destroy you financially because the costs of an accident can add up quickly, especially if they involve physical injury and resulting medical bills. 

Are you on the market for a recreational insurance policy? We’re here to assist recreational vehicle owners in Detroit, MI. Get in touch with us at Premier Insurance Agency to explore our policy options.