Hey folks,
We have a new BNI group starting in Muskegon. We’re looking for business professionals who need more business and would like to visit our meeting. It will be at 7:00am Thursday, December 3rd at Parmenter O’Toole. If you know a business owner who may have an interest, they can give me a call at (231) 744-9099 or e-mail me at steve.bedgood@fbinsmi.com.
Every year, millions of people in Michigan prepare their vehicles for winter’s inclement weather and treacherous travel conditions. Unfortunately, many do so without knowing whether or not their auto insurance policy protects them for any unexpected accidents they might encounter along the way. A recent survey indicated that approximately 60 percent of respondents are not confident they understand their car insurance coverage.
Lack of Confidence
Some Michigan small businesses have hundreds of employees, others have as few as one, but Farm Bureau Insurance and the Steve Bedgood Agency are making a big effort to bring 401(k) retirement protection to all sizes of small businesses across the state.
“We are now offering a low-cost 401(k) plan aimed exclusively at Michigan small businesses,” said Craig Foerch, pension marketing sales specialist for Farm Bureau Insurance. “It gives them the same 401(k) advantages and features that huge companies enjoy. In just one package, we can meet all the 401(k) needs of a Muskegon small business.”
The plan allows employees of small Muskegon companies to contribute pre-tax dollars into their own retirement accounts, helping them build a retirement nest egg and save on taxes.
“If you’re a small-business owner, this plan is a great way to attract and retain employees,” Foerch said. “Not only will your employees enjoy tax savings from their plan contributions, but the interest they earn in their accounts is also tax deferred. In fact, this plan may be their best opportunity to achieve a secure retirement.”
According to Foerch, the plan offers several features attractive to Muskegon small-business owners:
“For small businesses, this plan is low cost, low maintenance, and easy to administer,” Foerch said. “It’s a very positive program to offer to your employees. It offers the kind of security that people are really looking for today.”
To learn more about this 401(k) opportunity and how it can help your small business, contact me at www.muskegoninsuranceagent.com.
Also, feel free to call me at (231) 744-9099.
To help my insurance business grow I recently accecpted a position as the President of Muskegon Business Network chapter of BNI.
BNI is the largest business networking organization in the world. We offer members the opportunity to share ideas, contacts and most importantly, business referrals.
Started in January 1985 by Dr. Ivan R. Misner, Founder & CEO of Business Network Int’l., BNI provides a positive, supportive, and structured environment for men and women to further their business through word-of-mouth marketing.
Belonging to BNI is like having dozens of sales people working for you because all of them carry several copies of your business cards around with them. When they meet someone who could use your products or services, they hand out your card and recommend you. It’s as simple as that! It’s simple because it’s based on a proven concept by BNI Founder, Dr Ivan Misner, called “givers gain.” If I give you business you’ll give me business and we’ll both benefit as a result.
A network committed to the promotion and success of Enterprising Businesspeople.
Last year, members of BUSINESS NETWORK INT’L. (BNI) passed thousands of referrals which generated millions of dollars worth of business for each other! BNI is a business and professional networking organization that allows only one person per profession to join a chapter.
BNI provides a structured and supportive system of giving and receiving business. It does so by providing an environment in which you develop personal relationships with dozens of other qualified business professionals. By establishing this “formal” relationship with other people, you will have the opportunity to substantially increase your business.
Who do YOU know that wants their business to grow? Who do YOU know that would like to see a 10, 15, 25, 30% increase in business?
Learn how to lock your competitors out of this great business networking tool. ALL are Welcome to apply.
We’re currently looking to pass referrals to people in these areas…
Auto Sales – New, Used
Caterer / Restaurant
Carpet Cleaner
Massage Therapist
Dentist
Mortgage Banker/Broker
Florist / Gifts
Pest Control
Sign Shop
Plumber / HVAC / Electrician
Cleaning Service
other owners & entrepreneurs…
If you know a business owner who needs more business, has a positive attitude and likes to meet people have them give me a call at (231) 744-9099 or check out my web site at www.muskegoninsuranceagent.com
Many high risk drivers wonder if they’ll ever be among those people who get low rates on a great policy. While the truth is they will pay higher rates than other drivers, there is still an opportunity for them to pay the lowest price among their group. And, during this time, they can work on improving driving habits to get them out of the high risk category.
In Muskegon, Auto Insurance is available on every corner. The Steve Bedgood Agency works to be in your corner.
Who Is A High Risk Driver?
A high risk driver is someone who has a “high risk” of being involved in a traffic incident. This is determined by the previous actions on a driver’s record mixed with statistical evidence. These previous actions include getting a high number of traffic tickets, accidents, or driving under the influence of drugs or alcohol just once. Also lumped into this category are new and young drivers who do not have experience. All of these drivers have a large chance of not driving safely, and there is a strong possibility they will end up filing a claim with their insurer.
Every auto insurance company has their own terms for what equals a high risk driver. Some companies may deem someone high risk because they’ve had three traffic tickets within 12 months while other companies may give the title to someone who has been given two tickets within 12 months. It all depends on the insurer, and it would be smart to know what qualifies as a high risk driver before the insurer issues the title out. One thing that stands firm for most insurers is a driver who is found guilty of driving under the influence even one time will be classified as high risk.
What To Do As A High Risk Driver
If you are finding yourself in this category of high risk drivers for the first time, don’t fret. We understand you will be paying significantly more to insure your vehicle and that can be frustrating. When a driver is notified by their insurer that they will no longer be willing to provide coverage, their agent will offer the client a different company or a different agent if necessary, who can insure high risk drivers, to find guaranteed coverage, especially if it’s related to a low number of tickets. Instead, try searching for another agent before you go to the Facility Association.
It doesn’t matter what kind of driving history a driver has, we allow all drivers to see what is available to them through Farm Bureau as well as the high risk insurers we offer. The questions we ask are about the driver and the vehicle. We need to know about the driver, such as their age and gender and address, and then also some things about the vehicle such as the year, make and model. There is a question regarding the driver’s history, and this question should be answered honestly and accurately. We take this seriously and base the quotes off of the answers that are given. If any of the answers are untrue, this will result in a quote change. Most likely the quote will increase in this situation. The insurance company has a way to verify that the information you are providing is correct and may decide to not offer you their coverage if they discover you were being deceitful.
It will be up to the driver to decide what steps to take from there. They can either purchase one of the policies offered, or they can continue in their search.
Companies Insuring High Risk Drivers
There are auto insurance companies that specialize in providing car insurance for high risk drivers, and some of them only provide car insurance to this specialized group. They know if they can attract these drivers, they can increase the number of people who are paying for a policy and can therefore offer lower rates than other companies can afford to do. Checking out what these companies can offer to a high risk driver may also help save money. We ate the Steve Bedgood Agency will help you do this.
Can’t Find A Policy?
The Assigned Risk program is one where the state will assign a driver to an insurance company. Every insurance company, whether it’s one that specializes in high risk drivers or not, is required by law to provide coverage to a certain number of high risk drivers. This keeps it fair among insurance companies who do not prefer to insure these drivers. Because the state requires drivers to carry auto insurance, this is a way to be able to make sure it is available for every driver.
High risk drivers should do their best to keep their rates low by continuing to try to lessen their high risk status. They will save a significant amount of money by cleaning up and keeping their driving record clean because insurers will not view them as a high chance of filing a claim. However, this takes years to do and other ways to save money on insurance, such as using checking us out at www.muskegoninsuranceagent.com, should be practiced while the driver is working on having a clean record. High risk drivers have a right to be insured, and doing everything possible to save on insurance.
Please give me a call at (231) 744-9099 or visit www.muskegonautoinsurance.net
You’re the beneficiary of a deceased family members life insurance policy and the policy is nowhere to be found. What do you do?
Well, don’t panic, because if you find it in the near future, you may still be able to claim the death benefit. Here’s what to do, in Muskegon, if a life insurance policy is missing:
Naming a beneficiary
If you are making someone your beneficiary, here are a couple of things you will want to do:
Different kinds of policies
Lapsed Policy Non-forfeiture Options
If the policy lapses due to the death of the insured, the beneficiary will collect the full death benefit. Also, there is no time limit on when the beneficiary can collect the death benefit. The only requirement is that the death certificate is presented to the life insurance company to verify the insured’s death. If the beneficiary never comes forward, then no one receives the money.
Unreported death
If the policyholder dies and the insurance company isn’t informed, the policy will lapse. In this case, the life insurance company will send letters informing the insured that payment was not received and their policy may lapse if this continues. If there is still no response, the insurance company may initiate a search, but if no answer is found, the policy will automatically lapse due to delinquency of payment.
Unclaimed death benefits: are they gone forever?
If a beneficiary doesn’t collect death benefits, and the life insurance company can’t find the beneficiary after a few years, the money is transferred back to the state where the life insurance policy was originally purchased. The full amount must be turned over to the state comptroller department within three to five years of the insured death. There, it is put into a bank account and considered “unclaimed property.”
A database with the names and addresses of lost beneficiaries is located at the state comptroller’s office, and many times, they try to find the beneficiaries to distribute the death benefits to. Depending on your state, you may be able to go online, look in the paper for any unclaimed death benefits, or call the state comptroller or treasurer for information.
It should be noted that if the life insurance company doesn’t know the insured has died, they are not required to turn the money over to the state. If the state doesn’t have a death benefits law in place, then the money will remain at the insurance company and they can continue to search for the beneficiary. Also, it is very rare for money to be turned over to the state, because most insurance companies have their own search techniques to find beneficiaries.
For more information please call me at (231) 744-9099 or start at www.muskegoninsuranceagent.com
When shopping for home insurance, there’s much more to consider than how much your coverage will cost.
Check out www.muskegonhomeownersinsurance.com or contact me at 231-744-9099
You need to buy the right type of policy. You need the proper level of protection, plus special provisions for valuables such as jewelry, your computer equipment and other possessions. You might also need additional coverage for such things as earthquakes or flooding.
Lending institutions usually require mortgage customers to purchase homeowners insurance. Don’t rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself, but not necessarily your possessions. That’s why it’s important to check with your agent or insurance company to make sure you have adequate coverage.
Lenders don’t always require Mortgage Insurance but your family may need the home paid off if you die. You need to ask yourself if they could afford the mortgage payment without your income?
The terms of standard home insurance policies have been defined by the Insurance Services Office (ISO), so standard coverage is not going to vary from company to company, although rates will. There are three primary types of situations that enable a homeowner or renter to be eligible for a policy:
* Owner-occupants of private homes: Individuals and families who own the private home in which they reside.
* Tenants of residential premises: People who rent or lease the premises where they reside.
* Owners and owner-occupants of residential condominium units: Individuals and families who own private condominium units used for residential purposes.
Homeowners policies can also provide limited property coverage for incidental occupancy, which is the use of the residential premises for purposes not residential (such as a home office or studio). This can be done only as long as two requirements are met: the premise must be occupied principally as a dwelling, and the premise cannot be used for any business purpose other than the incidental occupancy.
Basic policies
Perils covered in HO-2, HO-3, HO-4 and HO-6 policies:
# Fire or lightning
# Windstorm or hail
# Explosion
# Riot or civil commotion
# Damage caused by aircraft
# Damage caused by vehicles
# Smoke
# Vandalism or malicious mischief
# Theft
# Volcanic eruption
# Falling objects
# Weight of ice, snow, or sleet
# Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance.
# Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.
# Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.
# Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component).
Each homeowners policy provides a combination of property and liability coverage and covers loss of use resulting from damage. There are several basic types of home insurance policies:
HO-1
* Note that HO-1 policies have been discontinued in most states.
* Basic homeowners policy.
* Covers your house and possessions against 10 different perils.
HO-2
* Broad homeowners policy.
* Covers house and contents against 16 perils.
HO-3
* Special homeowners policy.
* Covers all perils except those specifically excluded by the policy.
HO-4
* Renters policy.
* Covers 16 named perils and includes liability coverage. It does not insure the dwelling itself.
HO-6
* For owners of co-ops or condominiums.
* Provides personal property coverage, liability coverage and specific coverage of improvements to the owner’s unit. Insurance provided by the owner’s association normally covers most of the actual structure.
HO-8
* Policy for older homes.
Covers the same perils as HO-2 but pays only for repair costs or actual cash value, since replacement cost could make the policy costly.
* Well-suited for older homes whose market value is considerably less than the cost to rebuild them.
Every homeowners policy has three preliminary sections (declarations page, general agreement, and definitions) as well as two coverage sections (Coverage A, B, C, or D).
In the preliminary section, the declarations page contains the policy number, period of coverage, insured’s name and address, agent’s name, limits that apply to the coverage, additional insureds (if any), premium amount, etc.
The general agreement works as a preface to the entire policy and states that the insurer’s coverage and obligations to the consumer depend solely on the insured’s ability to pay the premiums and comply with the policy’s guidelines.
The definitions section contains multiple parts.
The first part explains that “you” and “your” in the policy refer to the named insured, while instances of “we,” “us,” and “our” refer to the insurance company. The second part lists and defines commonly used terms associated with the policy and the coverage.
Starting an application
When you apply for homeowners insurance, you’ll provide a great deal of information. The insurance company will ask you about your current occupation and employment history, marital status, previous addresses, date of birth and Social Security number. The insurer will check your criminal, credit, and insurance history to see if you are a “good risk.” The insurance company also will look at your “loss history” to see what kinds of home insurance claims you’ve made in the past.
Then you’ll have to decide what type of homeowners policy you want, your preferred deductible, and how you’ll pay for the coverage (in full or in installments). Your agent or insurance company will determine how much it would cost to replace your house and many of the items inside. For more expensive property, such as jewelry and computer equipment, you will need special coverage in addition to the basic policy.
Analyzing your home
Many factors go into determining the premiums for a homeowners policy. The age of your home, the materials used to build it, where it’s located, the square footage, and the number of rooms all play a role.
How do you heat your home? What’s the overall condition of the house? How many people live in your home? How close is your home to the nearest fire station and fire hydrant? The answers to these questions also help determine how much you’ll pay for your homeowners policy.
The insurer will be able to give you an estimate for rebuilding your house in the event of a total loss. Remember, this is the rebuilding cost based on local construction costs, not the market value of your home.
Ways to save
Ask about discounts for:
Multipolicy (home, car or other policies with the same company)
Smoke detectors
Fire extinguishers
Sprinkler systems
Burglar and fire alarms that alert an outside service
Deadbolt locks and fire-safe window grates
55 years old and retired
Long-time policyholder
Upgrades to plumbing, heating and electrical systems
Earthquake retrofitting to make the home safer
Wind-resistant shutters
If your home is equipped with an alarm system, smoke detectors and deadbolt locks, you could save money. Those items help make your home safer and more secure. If you have an in-ground pool or a trampoline, you might pay higher premiums. Removing trees from striking distance of the residence can also help save cash. You can also expect to pay more if you are located in a higher risk area, such as a coastline. Your insurance company will also want to know if you plan to use the home for any business purposes, of if you plan to rent all or part of the house, both of which can increase liability.
Armed with all this information, insurance companies determine how much to charge you for insurance.
Your policy´s dollar limits are important.
If you insure your house for $100,000, that´s the most you will get if it is destroyed, even if it would cost more to replace it. The Declarations Page on the front of your policy shows how much coverage you have. Talk with your agent or company representative if you have any questions about your insurance limits.
Don´t wait until you have a claim to learn your policy´s limit.
Replacement cost coverage for your personal property
The extent of coverage provided on various homeowners policies depends on the loss settlement clause. This clause identifies property that will be valued at actual cash value, and property that will be valued at replacement cost.
Before buying homeowners insurance, you need to understand the difference between “replacement cost” and “actual cash value.” I’ll help you with this.
Homeowners policies automatically cover household contents — furniture, clothes, appliances, etc. — up to 40 percent of the amount your house is insured for. This means if you insure your house for $100,000, its contents are insured for up to $40,000. You can get more coverage by paying a higher premium. This automatic coverage pays only the actual cash value of damaged, stolen, or destroyed household goods. Actual cash value is an item´s replacement cost, minus depreciation.
Replacement cost policies give you more protection than actual cash value coverage. For example, what happens if a burglar steals your six-year-old television set. With actual cash value coverage, you get only what you would expect to pay for a six-year-old television set. With replacement cost coverage, the insurance company pays to replace your TV with a new set similar to the stolen one.
Guaranteed replacement cost coverage pays for the full cost of replacing or repairing a damaged or destroyed home, even if it is above the policy limit. Farm Bureau offers this coverage.
Extended replacement cost coverage pays a certain amount above the policy limit to replace a damaged home, generally 120 or 125 percent. It is similar to a guaranteed replacement cost policy, which has no percentage limits. Most homeowner policy limits track inflation in building costs. Guaranteed and extended replacement cost policies are designed to protect the policyholder after a major disaster when the high demand for building contractors and materials can push up the normal cost of reconstruction.
Take inventory
Many people learn after a fire or storm they didn’t have enough personal property coverage. Taking inventory will help you decide how much insurance you need. It also will simplify claims.
Your inventory should list each item, its value, and serial number. Photograph or videotape each room, including closets, open drawers, storage buildings, and your garage. Keep receipts for major items in a fireproof place.
The Insurance Information Institute has helpful free software that will help you make a home inventory at KnowYourStuff.org.
What other protections does my policy provide?
Additonal coverages available
# Replacement cost for possessions
# Extended or guaranteed replacement cost for the structure
# Building code upgrades
# Sewer and drain back-ups
# Inflation-guard
# Umbrella coverage for a pool or other high-risk items
# Special riders for jewelry, collectibles and expensive items
Homeowners policies regularly provide other types of coverage, including off-premises theft protection and unauthorized use of your credit cards. Make sure you understand which provisions are included in the standard coverage you elect to purchase and which might require supplemental premiums.
Supplemental coverage
Homeowners policies cover specific risks. Depending on what you own and where you live, you might need to supplement your policy with special coverage.
Flood insurance
Homeowners policies do not cover flood damage. The National Flood Insurance Program (NFIP) offers flood coverage in many areas. I sell NFIP flood policies and can tell you about the program in your area, or you can contact the NFIP at (888) 379-9531 or at floodsmart.gov.
If a mortgage lender determines a home is in a special flood hazard area, the borrower might be required to purchase flood insurance.
Earthquake insurance
If you are concerned about earthquakes, you can get coverage with a separate policy.
Extra coverage (endorsements)
Homeowners policies contain exclusions and limitations for some types of personal property that are particularly susceptible to loss. Some homeowners policies place a specific dollar limit on certain property such as jewelry or antiques.
You might want more coverage for certain items than your policy provides. For an extra premium, you can buy endorsements that expand or increase the coverage on these items. Some of the most common endorsements cover jewelry, fine arts, camera equipment, coin or stamp collections, computer equipment, and radio and television satellite dishes and antennas. To insure that these types of items are properly covered, look into a “scheduled personal property endorsement.”
A scheduled personal property endorsement is characterized by broad coverage and flexibility. This policy can be purchased separately as a “personal articles floater” policy or endorsed to your homeowners policy. A floater policy designates coverage for items that are likely to experience frequent movement from one place to another such as (but not limited to) cameras, jewelry, musical instruments, golf equipment, silverware, furs, etc.
Personal umbrella liability insurance
If you want more liability coverage than a homeowners policy provides, you can buy a separate umbrella policy. Because policies vary, make sure the agent or company fully explains the coverage.
Higher deductibles, lower premiums
Your home insurance deductible is the amount you pay for covered damage before insurance kicks in. You can generally choose a higher deductible in order to lower your premiums if you don’t mind taking on the added risk. Ask your insurance agent to give you price quotes for a range of deductibles to see how much you’d save.
Usually a deductible is a flat rate, such as $1,000. But many insurers are introducing “percentage deductibles” around the country, especially for policies covering earthquakes, hurricanes and windstorms. These policies make you liable for 1 to 5 percent of your home’s insured value before the insurance company pays. So, if you have a 2 percent deductible and your home’s insured value is $250,000 (remember, that’s the cost to rebuild, not your home’s market value), you’d have to pay the first $5,000 in damages.
Some homeowners are switched from flat-rate to percentage deductibles at renewal time and may not be aware of the change. Make sure to read special notices sent by your home insurer and your “declarations page” at renewal time, or call your agent to check on what kind of deductible you have.
Bad credit could cost you
Some insurance companies might charge you higher premiums if you have problems with your credit history. Insurers say past experience has shown people with financial problems pose a greater risk.
Former California Insurance Commissioner John Garamendi thinks basing insurance premiums on credit scores is wrong. “Over the last year, we have witnessed a dramatic turn in the homeowner insurance market leaving some homeowners unable to find affordable insurance and still others struggling to secure any coverage on the open market,” says Garamendi.
“An insurance score is different from a credit score,” explains Jeanne Salvatore of the Insurance Information Institute. “An insurance company uses credit information, together with your insurance history, to predict whether you are more or less likely to file a homeowners claim,” adds Salvatore. “This allows them to provide insurance to more people and to offer it at a lower cost to those who qualify.”
Recently, Farm Bureau Insurance conducted their own study and found that about 67% of their policyholders would have a premium increase if the state of Michigan did away with allowing us to offer this discount.
Remember to do extensive research into the various homeowners policies before deciding which one is right for you. Your home and its posessions are an investment which deserves the very best, so shop around and select the coverage that provides the most accurate coverage for your needs.
HO-A
Muskegon residents should know what type of car insurance coverage they need to carry to comply with state law before purchasing a policy. There are different coverage types that are required in addition to the amount that needs to be purchased. Beyond those requirements are other alternatives that can be added to the policy according to the needs or desires of the policyholder. Finally, I’ll explain the easiest way to purchase insurance for a vehicle that can get the best quotes.
MI State Auto Insurance Requirements
State law says that every driver in Michigan must carry the correct type of financial responsibility to legally operate a vehicle on public roads. The most common form of financial responsibility is purchasing an auto insurance policy. There are many, many companies throughout the state that offer a variety of policies at different prices for motorists to choose and purchase.
Like many other states, Michigan requires their drivers to carry bodily injury liability and property damage liability in a 20/40/10 minimum amount. This means that the insurer will pay up to $20,000 for the bodily injuries of the other driver and passengers per person and up to $40,000 for the bodily injuries combined. This coverage also will help cover court costs. The 10 in the 20/40/10 refers to the $10,000 that will be covered in property damage, and the insurer will pay for those repairs up to $10,000. These are only the minimal amounts required and it is recommended by experts for drivers to carry a 250/500/1000 policy for bodily injury and property damage liabilities.
Michigan also requires drivers to carry two additional coverage types in their minimal insurance policy, personal protection insurance and personal injury protection. Personal protection insurance is in the amount of up to $1 million and pays for damages caused to other people’s property. It is similar to property damage but check with the individual provider to get the exact terms of coverage. Personal injury protection pays up to a certain amount for the medical bills and any lost wages for up to three years. It covers medical expenses of the policyholder, members of the policy and any passengers of the accident no matter who caused the accident. This coverage can be used in addition to the coverage of a healthcare policy. Personal injury protection is a great coverage for drivers who carpool regularly since passengers are covered under it.
Additional Coverage Options
There are other coverage types that can be added to the minimum state requirements to ensure full coverage on the vehicle. Comprehensive and collision are very popular types to add to a policy. Comprehensive insurance covers damage done to a vehicle that was caused by something other than a typical on the road vehicle accident. This can include weather related causes of damage such as hitting a deer, strong winds or hail. Collision covers damage no matter who caused it. So, when in an accident that was the policyholder’s fault, their state required liabilities will go towards the other driver’s repairs and medical bills, and the collision coverage will go towards the policyholder’s vehicle for repairs.
Other options include protection for the policyholder from drivers who do not have auto insurance or who have a small amount of it and cannot pay for the full repair bill. Uninsured and underinsured motorist liabilities would be used in this situation, and it would be the policyholder’s insurer who pays for these damages incurred by the other driver who has insufficient insurance or no insurance at all. This coverage is actually required in other states.
A few other additional options would be the towing coverage and the rental car coverage. Each of these are for the policyholder’s convenience. The towing coverage allows for a tow truck to haul the policyholder’s insured vehicle away from the scene of the accident to a body shop, and the rental car coverage forces the insurance company to pay for the rental car fees that occur when the policyholder’s vehicle is being repaired. Most often these are covered up to a certain amount and are not just a blanket amount covering however much the policyholder feels necessary. For example, some insurers only cover up to $25 a day or up to $50 a day with certain rental car coverage options. These optional types of coverage are not always included when you ask for “Full Coverage”.
Find out which other options we offer by contacting me at www.muskegonautoinsurance.net or call me at (231) 744-9099. I’ll help you to get the best coverage for your budget.
I was conducting an annual review with a client today. As I started going over her existing coverage with her it was clear to me she was confused.
The basics on your Homeowners Insurance are these six things:
A. Dwelling – If you could take the roof off your house and shake out the contents, the things that would stay in the house like the flooring, the cupboards, the plumbing etc.. would be covered by this section. Things like flooding, business persuits, farming and some others require special coverage. They can be added with an endorsement or a separate policy.
B. Other Structures – Non farm and non business structures like detached garages and sheds. These are normally covered at 10% of the dwelling amount unless you request a higher amount.
C. Contents – This is what would have fallen out under “A”. Basically your furniture, clothing, electronics, guns etc.. You do need to check the amounts of coverage on guns, jewelry and silver. Typically your policy will cover about $2500.00 in these areas unless you ask for a higher amount.
D. Loss of use – This covers a place for you to stay in the event your home isn’t safe to live in due to a covered loss, like fire or smoke damage.
E. Personal Liability – This coverage is to protect you in the event you are sued by a guest of yours for an injury. They pay for the cost of your defense. Keep in mind that when you are sued, you have to disclose all your assets to everyone involved. You should have your liability limit above your net worth.
F. Medical Payments to Others – Pays for small injuries to help avoid lawsuits.
Please schedule a review with your agent as soon as possible. If they don’t conduct or offer annual reviews, I suggest you find one who does.
Hope this helps.
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