detroit

Will Condo Insurance Apply if I Rent My Condo to a Tenant?

Posted on by admin

Renting out a condo to a tenant can provide an additional stream of income. However, becoming a landlord also comes with potential challenges, including insurance implications. Does renting out a condo to a tenant affect your condo insurance? Let’s explore the details with Premier Insurance Agency in Detroit, MI.

Insurance When Renting a Condo to a Tenant

If you decide to rent your condo to a tenant, it’s important to understand the potential impact on your insurance coverage. Whether the rental is short-term or long-term, it may alter or even void certain aspects of your condo insurance policy. The specifics depend on your insurer and your policy terms.

Failing to notify your condo insurance provider about the rental could complicate the claims process if an issue arises. Transparency is key to avoiding unnecessary financial risks.

By informing your insurer that you’ve decided to rent out your condo, you can ensure your coverage is adjusted appropriately, giving you peace of mind.

Why Renting a Condo Changes Insurance

Condo insurance is designed to protect you, the condo owner. When you rent out the property, it is no longer occupied by the owner, which changes the risk profile of the property and may require modifications to your policy.

Renting a condo to a tenant increases the property’s potential risks, which is why coverage often needs to be updated. However, if the rental is a one-time occurrence or lasts only a day or two, the impact on your insurance policy may be minimal.

For extended rental periods, your policy will likely need to be modified to address the risks posed by tenants. In some cases, your insurer may offer the option to revise your policy to include rental activities, ensuring adequate coverage.

Get Your Quote Today

Premier Insurance Agency proudly serves Detroit, MI, and the surrounding areas. If you’re considering condo insurance or need guidance on coverage for rental properties, call us at 866-680-7283 for more information and a personalized quote.

How Umbrella Insurance Benefits Middle Class Households

Posted on by admin

Middle class families often assume umbrella insurance is only for the wealthy, but this misconception could cost you everything you’ve worked to build. When you own a home, have kids in sports, or drive multiple vehicles, your liability exposure increases dramatically. Premier Insurance Agency, serving Detroit, MI, wants to show you why umbrella coverage makes perfect financial sense for middle class households.

Your Assets Are More Valuable Than You Think

That modest suburban home, your 401k balance, and your steady income create a target for potential lawsuits. If your teenager causes a serious car accident or someone gets hurt at your backyard barbecue, medical bills and legal settlements can quickly exceed your standard insurance limits. Once those limits are exhausted, attorneys will pursue your home equity, retirement savings, and future earnings through wage garnishment.

Affordable Protection for Everyday Risks

Umbrella insurance typically costs between $200 and $400 annually for one million dollars in coverage. That’s less than many families spend on coffee each month. The coverage protects against scenarios middle class families face regularly: teen drivers, neighborhood kids playing in your yard, family dogs, or social media mishaps. It also covers legal defense costs, which can reach tens of thousands even in cases where you’re ultimately found not liable.

Building Long-Term Financial Security

Middle class families work decades to build financial stability through homeownership, retirement contributions, and college savings. One lawsuit could eliminate years of progress and force you into bankruptcy. Umbrella insurance preserves your ability to maintain your lifestyle and continue building wealth for your family’s future.

Protecting your middle class lifestyle doesn’t require wealthy-person premiums. Contact Premier Insurance Agency, serving Detroit, MI, to learn how affordable umbrella coverage can secure your family’s financial future.

Consumer Protection Measures in Michigan Affect Your Auto Insurance

Posted on by admin

If you’re a Michigan driver, state law requires you to have auto insurance. Many drivers wonder if their auto insurance policy is the right one. If you live in or near Detroit, MI, our team at the Premier Insurance Agency will help you find the right coverage for a price you can afford. We’ve been working with drivers like you for decades.

Consumer Protection Measures

Drivers across the country have become concerned about the rising cost of auto insurance, and Michigan drivers are no exception. Governor Whitmer responded to these concerns by signing legislation amending the state’s no-fault auto laws. According to the Michigan Department of Insurance and Financial Services, the legislation prohibits insurance companies from using age, sex, marital status or credit score to influence the calculation of auto insurance premiums. 

The same website reports that the legislation limits the practice of charging a higher premium to drivers who have gone a period of time without auto insurance. Auto insurance policies and premium rates must be approved by the Department of Insurance before being presented to consumers. In addition, the Governor has appointed a unit to investigate cases of fraudulent auto claims. This unit works with the Attorney General to prosecute these crimes, and, therefore, help eliminate the percentage of premium increase which had been caused by auto claim fraud.   

Call Us Today for Your Appointment

No matter how good a driver you are, an accident can happen because of another driver. Our team at the Premier Insurance Agency can help you to be prepared for that situation. Drivers in the Detroit, MI area know that they can rely on our team for insurance advice. Give us a call for your appointment today and let us get you safely on the road.

What Is Cyber Insurance?

Posted on by admin

When a business has a computer network, and most businesses do, it can be vulnerable to various threats. You can guard against some of these threats by getting cyber insurance. It’s a type of commercial insurance that virtually all businesses need to protect themselves against problems like data breaches. When these happen, it can be catastrophic. Some companies have gone out of business after a serious data breach. It’s important to protect your business’s network properly to avoid this fate. To get cyber insurance, call us at Premier Insurance Agency, serving Detroit, MI.

Protection Against Breaches

When data is breached at a business, the data can be used in many ways. It can be stolen and sold on the dark web. It can be taken and posted somewhere for everyone to see. It may even be held hostage. When a data breach happens, it’s often the personal and/or financial information of employees and customers that gets stolen. This is valuable information that can be lucrative for the thieves. There’s a lot of incentive to steal this information, and virtually every business is vulnerable. This type of commercial insurance gives you protection in case this were to happen, so you can get back to doing business.

Paying for the Aftermath

Once a data breach has happened, it can cost a lot to take care of the problem. It may be necessary to pay a settlement to the people whose data was stolen. This is a common way for businesses to handle the problem, thanks to the lawsuits that often follow. Your cyber insurance can take care of these settlements. 

Get Cyber Insurance

When you need commercial insurance, we’re here to help. Just contact us at Premier Insurance Agency, serving Detroit, MI, to find out more.

Home Insurance and Natural Disasters: What to Know

Posted on by admin

Michigan homeowners don’t always think of natural disasters the way people in other states do, but that doesn’t mean the risks aren’t real. Heavy snow, ice storms, flooding, and even the occasional tornado can leave serious damage behind. Knowing what your home insurance through Premier Insurance Agency serving Detroit, MI covers before something happens can make all the difference.

What’s Typically Covered

Standard home insurance policies in Michigan generally include protection for wind, hail, and damage caused by falling trees or branches. That means if a winter storm takes down part of your roof, you’ll likely be covered. Fire damage is also included, which is important after events like lightning strikes during summer storms.

Where Coverage Falls Short

Flooding is a major gap. Rising water from heavy rain or overflowing rivers isn’t included in a standard policy. Homeowners near lakes or low-lying areas often need separate flood insurance for full protection. Earth movement, such as sinkholes, is another area where standard coverage usually won’t apply. Knowing these exclusions ahead of time helps avoid unwelcome surprises.

Extra Protection to Consider

In Michigan, endorsements or add-ons can be a smart move. Sewer and drain backup coverage, for example, is valuable during the spring thaw when water tables rise. Extended replacement cost coverage can also help if rebuilding after a disaster costs more than expected due to labor or material shortages.

Natural disasters may not be everyday concerns in Michigan, but when they strike, the impact is serious. Reviewing your policy with an agent at Premier Insurance Agency serving Detroit, MI, ensures you’ve got the right mix of coverage so your home and the investment behind it are protected no matter what the weather brings. Contact us today, and we’ll be happy to review your existing coverage or get you covered with what you need.

Recreational Insurance Coverage That Protects Against Catastrophic Events

Posted on by admin

Do you use your recreational equipment regularly during certain times of the year? A catastrophic event could unexpectedly damage your equipment. Review the scenarios below, and ensure you have adequate recreational insurance coverage to protect your investments.

Exposed Parking and Storage

If you store your recreational equipment in a parking lot or storage area exposed to the elements, it may sustain damage from high winds, rain, or other weather conditions. Recreational insurance can provide coverage for damage to your equipment, mechanical issues, and lost parts, ensuring your equipment is protected even in challenging conditions.

Accidents

Accidents can occur during catastrophic weather events. For example, if visibility is severely reduced while operating recreational equipment, such as an ATV, you could crash or damage your equipment. Collision coverage is designed to protect your equipment from body damage and mechanical failures while it is actively being used.

Unintentional Damage

Unintentional damage to another person’s vehicle or property can happen, especially during a catastrophic event when risks are elevated. If you are held liable for the damage, liability insurance can cover the costs associated with repairs or replacements resulting from the incident.

For Advice From an Insurance Agency in Detroit

It’s essential to secure sufficient recreational insurance coverage before using your equipment. Start by preparing a list of the recreational items you own, including their model numbers and descriptions. This will help ensure all your equipment is adequately insured.

Contact one of our Premier Insurance Agency representatives for personalized guidance. Our agents will assist you in preparing your new insurance documents during your consultation, so you can enjoy peace of mind while using your recreational equipment.