What Is Condo Insurance, and Why Do I Need It?

What is condo insurance? Isn’t my condo covered with condo association fees? If you own a condo in Marshall, MI, a flurry of condo insurance questions must be running through your mind. The good news is that Great Michigan Insurance is here to help you understand condo insurance in detail.

What is condo insurance?

Also known as HO6 insurance, condo insurance covers condominiums. While a condo association policy covers your condominium, this policy doesn’t cover your personal belongings and damages to the interior of your condo.

Is condo insurance mandatory?

Just like home insurance, condo insurance isn’t required by the state. However, if your condo is financed by a mortgage, your lender will insist you purchase condo insurance to protect the interior of your condo. Even when you have cleared your loan, you may still have to buy condo insurance since many condominium owners associations (COA) need it.

But isn’t my condo covered by condo association policy?

Its true COA protects your condo, but here are the areas that COA policy covers:

  • Common areas: Your COA master policy covers damages to common areas like the lobby, playground, elevator, tennis courts, and the land outside the building. Besides, the policy covers injuries that occur to visitors in the common areas. 
  • Building exterior: If your condo’s exterior is damaged by hail, fire, and other perils, COA is likely to cover. 

What does condo insurance cover?

Here is a breakdown of what an individual condo insurance covers:

  • Personal property: Your condo insurance replaces personal assets like furniture and electronics when stolen or damaged by a covered peril.
  • Dwelling protection: It covers damages to the interior of your house, including floors, cabinets, fixtures, and interior walls. 
  • Liability protection: It covers medical costs for injuries sustained by other people inside your condo. For instance, a visitor injuring their back after slipping on the floor inside your condo. Condo insurance also covers unfortunate incidents like property damage to others. 
  • Additional living expenses: It pays costs beyond your day-to-day living expenses (for instance, hotel meals and accommodation) when your condo becomes unlivable due to a covered loss. 

Are you shopping for condo insurance in Marshall, MI? Please contact Great Michigan Insurance for a competitive quote.

Life Insurance Terms You Must Know

As the head of a family in Marshall, MI, you might be convinced that it is high time that you bought a life insurance policy to cater for the living expenses of your family when you’re gone. This is a critical decision as it will play an essential role in ensuring that your family has the necessary financial stability even in your absence. However, before buying this policy, Great Michigan Insurance highlights some important terms that you should learn.

Actual Age

You will come across the term ‘actual age,’ which means the age with respect to your date of birth. This is your exact age, and it is vital in determining premiums in life insurance. It is different from ‘physical age, which refers to the age you are closest to because it is also highly analyzed when you are buying a life insurance policy. 

Adverse Selection

Naturally, people with very many risks in their lives will always look for life insurance policies compared to those who do not have very many risks. Adverse selection is a term used by most insurance companies to refer to the selection criteria used to avoid risky customers. There are very many guidelines that are included to prevent the welfare of a company when insuring high-risk individuals.

Beneficiary

There is always a major issue regarding who will be benefiting from the life insurance benefits after death. In this case, a beneficiary is a person, several people, or even an organization. It is important to highlight that the beneficiary of life insurance will be the person stipulated by the life insurance holder in the policy document.

According to Great Michigan Insurance, understanding life insurance terms is always a challenge. That is why the company welcomes all individuals in Marshall, MI who are interested in life insurance to learn the basic terms.

What you need to become a driver in Marshall, MI

The process of becoming a driver in Michigan is not always smooth. There are many steps to take and numerous paperwork to be done whether you are a young driver or a veteran. The process starts from learning, which involves going through the Driver Education System to determine if you can drive. If you are looking to be a driver in Marshall, MI, Great Michigan Insurance recommends finding an expert to take you through the process. Here is what you need to become a driver in Michigan.

A valid driving license

Driver’s license applications vary based on age. It is also different if it is your first time. The government will require you to prove your identity, lawful presence in the US, Social Security number, and residency in Michigan. You will also need to read the Michigan Driver manual and take an online practice exam. Next, you can apply for a Temporary Instruction Permit by submitting all the required documents, passing the road sign test, written test, and vision test.

No-fault insurance

Michigan law also requires you to have no-fault insurance, which pays for your medical expenses, replacement services, wage-loss benefits, and property damage. This insurance does not cover your damaged car, and it doesn’t matter who caused the accident. Basic no-fault insurance has three primary coverages—personal injury protection, property damage liability, and bodily injury liability.

Other things to keep in mind

If you add a motorcycle endorsement or commercial driver’s license, you must pass the written test, obtain the learner’s permit and pass the driving skills test. Additionally, only US citizens and residents with permanent or temporary legal presence can apply for Michigan Driver’s license.

Need help becoming a Marshall, MI driver? Our insurance experts at Great Michigan Insurance can help simplify the process for you. Feel free to call us for a chat.

What is commercial insurance?

Organizations operate in a risky environment. When disaster strikes, the magnitude of losses can quickly bring a business to its knees. This is why your business needs commercial insurance coverage. Commercial insurance plans exist to protect your company from the risks that emanate from injury claims, cyber-attacks, and other liabilities. 

The risks that you are likely to encounter vary depending on your type of business. Luckily, Great Michigan Insurance offers broad-based commercial insurance plans for all our customers in Marshall, MI. 

What Does Commercial Insurance Cover? 

Commercial insurance cautions small businesses of a variety of losses. Claims made following injuries sustained by workers are often costly. Commercial insurance protects your business from such claims. 

The world is still coming to terms with the proliferation of cybercrime. Protecting your business against such losses caused by cybercriminals is essential. Commercial insurance helps ensure that your business is secure against losses due to cybercrime. Depending on your insurance provider, your commercial insurance plan may also cover other liabilities. 

Types of Commercial Insurance

Commercial insurance comes in different forms. What you opt for depends on the dynamics of your business. Commercial insurance includes auto and property coverage. Commercial auto insurance protects you in case of accidents where your employee is at fault. On the other hand, property insurance covers physical property and other possessions following accidents. 

You may also consider a worker’s compensation insurance plan if you have employees within the organization. The other option that businesses in Marshall, MI can consider is commercial general liability insurance. The alternative is comprehensive and can help your business stay afloat in case of wide-ranging claims. 

It’s Time to Consider Commercial Insurance

Businesses operate in hazardous environments where losses and damages are common. Unless you consider commercial insurance coverage for your business, such unexpected turns can be detrimental to the company’s future. 

The good news is that at Great Michigan Insurance, we offer commercial insurance coverage plans for businesses in Marshall, MI, and surrounding areas.

Are you wondering how to access reliable insurance services? Contact our agents today for more information.

When should you review your home insurance coverage

Choosing your home insurance coverage is one of the most important decisions new homeowners make. You may not have even thought about it when you bought your home. You may have looked for the best deal and gone with that policy. Depending on your agent, it may or may not have been the best decision for you. Actually, these days many people buy their insurance online and never even talk to their local agent. This can be an expensive mistake. At Great Michigan Insurance in Marshall, MI, we are independent agents who work to serve your needs and find the best price. 

You can review your home insurance any time it seems like a good idea. You can also bring it to an independent agent to look over and access it for you. The most common time for a policy review is before your renewal date. You will get a declaration page that tells you the exact amount of your coverage and all the particulars such as deductibles etc. 

When your premium rises

The most common reason to review your home insurance coverage is when you see a significant rise in your premium. Be prepared with last year’s declaration page to see if there is any justification for the increase. Many policies will keep up with inflation, so your home replacement value may have risen. But while you are looking, it makes sense to think about the replacement cost and how it reflections your ability to replace your house in your area. 

When you make improvements

Many types of improvement increase your home’s value, and your insurance policy should reflect the new value. 

When your financial worth increases

If you are worth more than when you bought your home, take a good look at the amount of liability insurance your policy has. You may want to increase it to reflect your current worth. 

Contact Great Michigan Insurance in Marshall, MI to discuss your home insurance needs. 

 

Do all people need to get umbrella insurance in Michigan?

Personal liability risk is something that people in the Marshall, MI area need to take seriously. If you are looking to mitigate this risk, a great option would be to purchase an umbrella insurance policy. There are several reasons why all people in this state should consider getting this form of personal insurance protection. 

Insurance Offers Protection for the Unknown

An important reason you should get umbrella insurance is to help you prepare for the unexpected. Most people are aware that accidents can happen on the road or in their homes, resulting in a liability claim. However, there are many other liability risks out there that are harder to predict. If you get an umbrella insurance policy, it will offer more coverage for a wider range of risks that are otherwise hard to predict.

Insurance Gives More Coverage

You will also want to consider getting an umbrella insurance policy as it can give you more coverage. When you get a home or auto policy, the liability coverage will protect you up to the policy limit. If there is ever a bad accident and damages exceed the policy limit, it will be up to you to pay the difference. An umbrella insurance policy could bridge this gap. 

People who live in the Marshall, MI area will need to assess all of their personal insurance needs. One important form of coverage to get is umbrella insurance protection. When you are going to get this type of insurance, you should call Great Michigan Insurance. The team with Great Michigan Insurance will help you better understand all of your needs and options. This will help to ensure that you can pick the best policy possible. 

3 Tips for Buying Condo Insurance in Michigan

Your condo association doesn’t cover what’s inside your condo. If you want to protect your furniture and other parts of the inside of your condo, you’ll need condo insurance. Worried about cost? Don’t be. Purchasing condo insurance is easy, hassle-free, and affordable. Read on to learn about three tips to help you get started, brought to you by Great Michigan Insurance.

1. Work with a Reputable Agent

Your first step in obtaining condo insurance is to work with a friendly and reputable insurance agent. These knowledgeable professionals will answer your questions, help you compare quotes, and bundle your policies under one carrier. They’ve been doing this for years and can easily navigate the maze of insurance. You’ll want a trusted agent by your side.

2. Compare More than One Quote

Purchasing the first quote you view is never a good idea. Of course, you can go back to this quote, but it’s a good idea to compare several insurance quotes before deciding on condo insurance. Your insurance agent will help you do this by first asking you questions to determine which quotes to compare. From here, he or she will go over each quote with you and make sure you understand coverage vs. cost.

3. Bundle Your Policies

Adding condo insurance to your list of other insurance policies, like auto insurance, and then bundling them under one carrier will help you save on your premiums. Insurance agencies love to reward loyal customers, and this is one way they do it.

To learn more about securing a condo insurance policy in Marshall, MI, contact Great Michigan Insurance, serving this area. Friendly agents are waiting to take your call right now. 

 

Protect Your Family’s Well-Being With Life Insurance

One of the best ways to protect your family is with life insurance. If you’re in the Marshall, MI area, we can help you with that at Great Michigan Insurance. We know that keeping your family safe from harm is one of the most important things to you, and the right insurance is among the ways you can do that more easily. You don’t have to settle for a policy that isn’t complete or that you’re not sure about. There are better options, and we want to help you find and choose the one that’s truly going to be right for your needs and goals.

When you choose an insurance policy, there are several things you have to consider. The first one is that the policy needs to be focused on what you actually need and want from it. Some policies are great choices for other people, but they might not be right for you. When you work with dedicated professional agents who are knowledgeable and committed to helping you find what you need, you can get the policy that works for you instead of what others might assume you need. We won’t make assumptions because we know everyone is unique.

If you live in or around Marshall, MI, you can get the life insurance policy that’s truly best for you. At Great Michigan Insurance, agents are waiting to help you protect your family and make sure they’ll be well cared for if you should pass away. Not only is insurance a good choice for protecting their future, but it’s also a great way to give yourself the peace of mind you’re looking for. You don’t have to settle for anything less than that when you work with the right insurance company to meet your policy and coverage needs.

Why should I get auto insurance in Marshall?

If you are in the Marshall, MI area, there is a good chance that owning a car is going to be a practical necessity. When you do own a car here, there are a variety of responsibilities that you will have to protect the vehicle and yourself. One thing that you must do is take your auto insurance needs seriously. There are several reasons why you should get auto insurance when you are in this area of Michigan.

Required by Law

One reason that you will need to get insurance for your vehicle here is that it is required by law. Similar to other states, Michigan has basic auto insurance requirements that need to be met. At a minimum, you are going to need to have liability insurance. Having this coverage will ensure that you can pay for damages if you cause an accident while driving. 

Protects Vehicle

Beyond complying with state law, having insurance is also beneficial because it will protect your vehicle. Anyone that owns a car will have made a significant investment to own and care for it. If you want to protect this investment, you need to get proper insurance. An auto insurance policy can ensure that you can repair or replace your vehicle when it is necessary to do so. 

As you are looking for auto insurance in Marshall, MI, you need to make sure that you speak with someone that can guide you and answer your questions. The team at Great Michigan Insurance can help you to understand your insurance options and how it can protect you. Great Michigan Insurance can help you build a policy that will give you the proper protection and meet your needs based on your personal situation. 

5 Reasons You Need a Commercial Insurance Policy

When you have a business in or near the Marshall, MI area, you’ll want to consider a commercial insurance policy that meets your needs. But it’s important to remember that not every type of business needs this insurance and depending on the business, the level and type of coverage may be very different, as well. That’s where we come in at Great Michigan Insurance. Our dedicated agents are focused on making sure the coverage you get for your business is the kind of coverage you need and want.

We can talk about the type of business you have, and help you find the right policy that’s going to work for you, along with discussing how you might want to update it in the future as your business grows and changes. Protecting your company, assets, customers, and employees all matters, and you need the right policy to do that effectively. Here are five of the biggest reasons you’ll want to talk to us about a commercial policy.

  • Commercial policies protect your business from claims and risk.
  • Depending on your business, a commercial policy may be legally required.
  • Customers will feel safer when you take the right steps to protect them.
  • Employees will want to work for you because they know they’re covered.
  • A commercial policy reduces your personal risk as an owner.

Don’t settle for less than a quality policy for your commercial insurance needs. You want and deserve comprehensive coverage you can rely on. At Great Michigan Insurance, we’ll work hard to help you get that. We want all of our Marshall, MI area clients to feel good about the coverage they have, and to know that they’re adequately protected from risk. Let our dedicated agents help you today, so you can have peace of mind when it comes to the right kind of insurance for your business.