Detroit MI

Do I Need Umbrella Insurance for My Large Assets?

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If you have a home or other large assets, an umbrella insurance policy can help you protect them. Don’t let a major lawsuit or unforeseeable tragedy threaten your family’s way of life. Keep reading to learn more about how umbrella insurance works and feel free to reach out to your Premier Insurance Agency in Detroit, MI for more information.

Umbrella Insurance

Most insurance only covers one thing. However, umbrella insurance is an additional coverage over and above your primary auto, home, or other policies. So, your regular policy continues to cover theft and damage. Your auto insurance provides liability protection in the event of an accident. An umbrella policy is there to cover costs that exceed your regular policy. This protects you against losing your car, boat, RV, and other valuable assets.

What’s Covered

  • Bodily Injury. Umbrella insurance kicks in once your regular insurance limit is exceeded. For example, if someone is disabled and can no longer work after an accident you cause, umbrella insurance has you covered.
  • Property Damage. For example, if you cause a multi-car crash, the damages may exceed the limit of your auto insurance policy. Then, umbrella insurance would pay up to the additional coverage you’ve purchased.
  • Legal Fees. Umbrella insurance covers your legal fees and court costs in case of a judgment against you.
  • Other Protection. Covers you against lawsuits for libel, slander, and other lawsuits.

Contact Us

Don’t let one accident or lawsuit put your home or savings at risk. Contact your Premier Insurance Agency representative in Detroit, MI to find out how umbrella insurance can help you protect your family against losses above your regular coverage amounts. Feel free to set up an appointment today to review your coverage and to receive a quote.

Condo Insurance Vs. Association Insurance

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Condo ownership is, in many ways, much trickier than a typical homeowner situation, even when you take the homeowner association into account. When you are part of a condo association, there is a co-ownership arrangement in place. A homeowner owns their home, but also has responsibilities and obligations to the HOA. But, the property is one hundred percent theirs. With a condo association, ownership is shared on connected units, carports, swimming pools and so on.

In Detroit, MI condos are a great way to own a home without buying a house and dealing with the complications that go along with that. But it can be confusing to deal with the insurance issues faced by condo owners when you call Premier Insurance Agency and they ask what you need covered. Essentially it comes down to this: The condo association is responsible for the building, and the fees that you pay for membership in that association cover the building itself. The insurance policy that you buy on your own covers everything inside your unit. This means that if there is, say, a burglary, then the condo association’s insurance fixes the window, but your policy covers the stolen Blu-ray player.

There are other specifics that vary from association to association, but generally speaking, this is what it comes down to. Inside = your responsibility, outside = their responsibility. Simple enough, right? The good news is that this means that your responsibility is much smaller when you call Premier Insurance Agency than it would be if you were a conventional homeowner. For all the complications condo ownership brings with it, some parts are actually simpler.

Types of Automobile Insurance Fraud to Avoid

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Residents of Flint and Detroit, MI are required to carry auto insurance by law, and this includes liability coverage that also protects against personal injury in an accident. Property damage coverage is also a requirement as is personal injury protection because Michigan is a no-fault state. Property protection insurance is also required, and Flint and Detroit, MI residents must pay an annual MCCA (Michigan’s catastrophic claims association) fee that provides medical coverage to insured drivers. When purchasing and maintaining a policy, it is vital to take steps to avoid fraud, and we will discuss this within the scope of this article.

Ways to Avoid Auto Insurance Fraud

It is vital that drivers fill out their insurance application correctly when getting a quote, and it is necessary that a driver obtain his or her coverage before an accident should occur. In the event of an accident, it is crucial only to file one claim for a single injury, and a driver must be sure to only file claims regarding injuries related to the accident in question. If asked to represent lost wages, these must be reported accurately, and it is crucial that only the lost income caused by the injury be accounted for. 

It can be constituted as insurance fraud if you claim higher repair costs than what was paid to the mechanic, and it is illegal to stage an accident. Only file claims including people involved in the accident, and never submit a claim for medical treatment that was not received. Always obtain insurance in the state in which you live, and never file a false report for a stolen vehicle. 

Premier Insurance Agency Can Help

Premier Insurance Agency has served the people of Flint and Detroit, MI and can help you with your auto insurance needs. Feel free to stop by the office or call to discuss all your automobile insurance requirements with our friendly and knowledgeable representatives. 

 

Challenges of Commerical insurance

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Running a business in Flint or Detroit, MI can be challenging. Between getting the job done, marketing to acquire clients, and choosing commercial insurance that takes care of your business needs, keeping the company afloat can be a struggle. Here are a few challenges to consider when dealing with your business and commercial insurance from Premier Insurance Agency.

Find a trusted advisor who:

  • Gives valuable options and advice
  • Is aggressive in addressing current and future insurance needs
  • Creates the proper insurance program for your business needs
  • Finds a current insurance program that is competitively priced in the current market for your business sector
  • Makes sure that risk management analysis has been conducted recently on your insurance exposures
  • Looks for and researches all the coverage options available and provides recommendations

Managing risk

  • A Risk Management Program should be competitive
  • You should be controlling your exposure to loss sources
  • Create a Contractual Risk Transfer Program in place to limit potential lawsuits
  • Choose a strong insurance company
  • Make sure the insurance company you and your agent choose has financial strength and strong claims-paying ability
  • Find a leader in your specific industry, so they understand your business that provides consistent delivery of valued and important services

Customized employee benefits

  • A cost-effective and comprehensive Employee Benefits Program
  • A benefits program that attracts and retains employees and is competitive within your industry
  • A broker who  keeps you informed of the recent changes in healthcare and  potential compliance matters

Protect personal assets by:

  • Assessing personal property and liability limits to protect your assets from loss
  • Going over a regular review your commercial insurance when workplace events take place

 

Contact Premier Insurance Agency serving the Flint and Detroit, MI area for assistance with determining what kind of coverage your company needs.

Factors that Affect a Homeowner’s Policy

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Do you ever wonder why you pay more for home insurance than your friends in the south? It might seem unfair, but factors such as the neighborhood you live in, your home’s proximity to rivers and trees, and the number of claims you previously made can all influence the cost of your home insurance in Detroit, MI. Here at Premier Insurance Agency, we hold a fundamental rule that the greater the risk of loss or damage involving your possessions, including their estimated value, the more your premiums are likely to be.

Knowing the following factors will help you on your homeowner’s policy:

Neighborhood – Insurers keep statistics on claims made from different locations in Detroit, MI. These claims are then recorded and calculated into rates. Therefore, if you reside in a neighborhood that is prone to burglary, your premium may reflect that.

Claims, coverage, and deductible – The higher your deductible – the amount you agree to pay upfront when claiming – the lower your insurance rate. A higher deductible can reduce the number of small claims you make, keeping your claim history clean, which in turn contributes to keeping rates down.

Value of your possessions – It goes without saying that the more valuable of items you own and want to be insured, the more you will have to pay. At Premier Insurance Agency, we ensure our clients are cognizant of this obvious, yet important factor.

Proximity to water and fire halls – Being close to or living in an area that is deemed to be prone to flooding may cause your rates to increase. Hydrants and fire halls may lower your premium because every extra minute of response time can affect the extent of the damage.

Premier Insurance Agency in Detroit, MI is dedicated to helping customers find the right home insurance policy. To speak to one of our dedicated experts, call 866-680-7283.