Things condo insurance won’t cover

Condos are a great way to break into the housing market in Marshall, MI. A condo certainly is a home, but condo insurance is not the same as home insurance. Knowing what is covered and, more importantly, what isn’t covered, is vital for your peace of mind and protection. At Great Michigan Insurance, we have a team of agents who know condo insurance and can help ensure that you have the coverage you need.

The exterior of your condo

Your condo insurance does not cover the exterior of your condo. That is covered by the master policy that your condo association carries on the complex. How far it covers the building differs from policy to policy. It is vital that you read your policy from the association so that you have the right coverage when you purchase your personal condo insurance. 

Termite damage

Termite damage is considered owner neglect, and depending on how deep into the building the condo association policy goes, they may be responsible. This is another thing you need to double-check to make sure if you should be doing the termite treatment. 

Flooding

Floods are not covered by condo insurance. If you live in an area where there is the potential for a body of water to flood your unit, you should have additional flood insurance through the NFIP. 

Earth movement

Your condo insurance policy does not cover any earth movement. That includes not only earthquakes but also sinkholes, mudslides, and landslides. As long as the earth is moving, it isn’t covered. 

Sewer backup

If your sewer backs up into your unit, it will cause a very disgusting mess, and even more upsetting is that your condo insurance won’t cover it. 

Contact Great Michigan Insurance in Marshall, MI to get the condo insurance coverage that your home requires.

Whole Life Insurance: Pros and Cons

Also known as permanent insurance, whole life is the most commonly sold life insurance in the United States. Compared to term life insurance, where the policy is only active for a specific period – usually 10, 20, or 30 years. Whole life insurance costs more money than term life insurance, but this is because the death benefit never expires – as long as the premium is paid – and it includes a cash value component that can earn interest and grow in value over time. 

Advantages of whole life insurance include that it is permanent, predictable in that the beneficiaries know what amount of money they’ll receive, and includes tax benefits that defer any gains in interest. The savings portion can be borrowed against as a loan if needed. However, if you need to borrow against the loan, it is not without repercussions, including reducing the death benefit if it is not repaid before the policyholder passes. 

While there are numerous benefits to whole life insurance, it does come with a few disadvantages. For starters, whole life insurance is costlier than term life insurance because it includes an investment component and covers your entire life. Second, the insurance company has control over the cash value of your account and can invest it how they choose, so savvy investors who repeatedly beat market returns may not appreciate the limited control they have of this portion of their life insurance account.

At Great Michigan Insurance in Marshall, MI, our friendly and knowledgeable team of insurance professionals is ready to help with your life insurance needs. Give us a call today to learn more information.

How commercial insurance can save a small business?

Small businesses are vulnerable to a great many risks. Many will fail in the first few years and by year 10, that number rises to 65%. By having the right commercial insurance, you can at least have a fighting chance of surviving. At Great Michigan Insurance in Marshall, MI, we want to help your small business thrive, and we will take the time to get to know you and your business so that we make sure you have the protection you need.  

Commercial liability insurance is one type of insurance that every business needs to have. Getting sued is one way your business can be damaged beyond repair. Every year more than 30% of businesses are sued or threatened with a lawsuit. Losing a case can force your business into bankruptcy if you don’t have the money or assets to pay. Commercial liability insurance can mitigate the risk of a lawsuit and can even pay for your legal expenses. It can save your business from being forced to close. 

Commercial property insurance protects the property you need to do business. Even if you rent your space, it can save you by covering the things you need to do business, like your computers, office equipment, machinery, inventory, supplies, tools, and more. You can’t operate your business without the things you need to do business. 

Business interruption insurance can make sure that even though you can’t do business at the moment because of a covered hazard, you will still be able to pay your bills and your payroll until you can open your doors again. It makes the difference between surviving a hazard and being closed forever by a hazard. 

Contact Great Michigan Insurance in Marshall, MI when you are ready to discuss your commercial insurance needs. Call us to make an appointment or drop in if you are in the neighborhood. 

When in a Lawsuit, Umbrella Insurance May Save Your Company

At Great Michigan Insurance, we suggest umbrella insurance to all our Marshall, MI business clients. Not enough of them take us up on that offer and end up going out of business. Thankfully, an umbrella insurance policy can minimize this risk and keep you making good money.

How Lawsuits Drive Companies Out of Business

When your company suffers from a lawsuit, there are a few things that could drive you out of business. Let’s take a look at a potentially real situation to give you an idea of what could happen:

  • You get sued for $100,000 and lose 
  • Your liability coverage maxes out at $50,000
  • You pay for the rest of the cost 
  • Your company struggles to pay bills 
  • Your employees start abandoning you 
  • Your business shuts down 

This situation is all too common with companies that don’t take the time to get an umbrella insurance policy. This surprisingly fairly priced option is fairly simple to understand with minimal challenge.

How Umbrella Policies May Help 

Umbrella insurance policies kick in when your normal liability is paid out. It typically works well for businesses with a high risk of lawsuits or those with a high capital range. For example, in the situation above, most umbrella policies would easily pay the $50,000 you needed to cover your lawsuit. 

In this situation, everyone is happy. The person suing you or who needs money due to your company’s mistakes is paid, and you can stay in business. That makes it essential to talk to your insurance company right away to learn more about your options.

Let Us Help You

As you can see, getting the high-quality insurance that you need is critical for your business’s continued operation. Please don’t hesitate to reach out to us at Great Michigan Insurance to learn more. Our team can set your Marshall, MI company up with the policies that it needs to stay operational.

Is Condo Insurance Required in Michigan?

While condo insurance in Marshall, MI and the state is not required by law, it’s a great way to provide peace of mind on your investment. Great Michigan Insurance team is here to help with any questions or concerns you have about purchasing condo insurance. 

What Does Condo Insurance Cover?

Coverage can vary depending on the development and whether there is a condo owner’s association involved. Additionally, if you used a lender to secure a loan to purchase your condo, chances are good the lender will require condo insurance to protect the interior of the home. Typically, COA (condominium owner’s association) will cover damage or repairs to the exterior of the condo.  

So, the exterior of your condo is most likely covered. However, the condo insurance you purchase on top of that can provide protection for the belongings that you store inside the home. This includes personal property, computers and devices, furniture, appliances, and more. Should your belongings be stolen or damaged, condo insurance can cover these unfortunate situations. 

Whether you’ve purchased a condo for your primary residence or as an investment property, insurance is essential to protect this valuable investment. You may never need condo insurance, but having it will give you invaluable peace of mind. We can’t predict or plan for weather damage, burglaries, or natural disasters, but things happen and the best thing you can do is to be prepared. 

Failing to invest in condo insurance can result in financial ruin if you are forced to pay out of pocket for repairs or replacements in any unfortunate scenario. Condo insurance allows you to enjoy your home or investment property without the stress of worrying about what could happen.

Questions about condo insurance in Marshall, MI? Contact Great Michigan Insurance today!

What Should I Know About Life Insurance?

Life insurance is a topic that many don’t like talking about. Mainly because it’s a conversation that talks about one’s death. However, if you want to secure your financial future, it’s a topic worth discussing. You see, as you grow older, start businesses, and build families, it’s when you realize that a sound financial plan is crucial. And life insurance is all about finding comfort that money will be there to protect your loved ones if you are no more.

If that still sounds complicated, worry not. Great Michigan Insurance of Marshall, MI has prepared for you all you need to know about life insurance. Let’s explore. We promise it’s not that overwhelming.

There are different plans of life insurance

The different plans are available to you to choose a plan that best suits your needs. There are several, but the common ones are:

  • Term life insurance: Under this policy, you pay a low premium for a specified period, like 20 years. The insurance coverage ends after that period.
  • Permanent life insurance: Under this policy, you pay high premiums in the short term and accumulate cash value with time. The coverage will last as long as you pay your premium.

Life insurance is a sound financial plan

If you need a long-term solid financial plan, then life insurance is the real deal. Life insurance gives your loved one’s health, education, and happiness assurance when you are long gone.

Life insurance is not expensive as you think

Most people shun life insurance because they think it’s costly. The reality is that life insurance is fairly affordable, especially if young and healthy. Plus, given the numerous coverage options, there is always a plan for everyone.

Life insurance only comes through when you die

While life insurance takes care of your financial interest when you die, this is not always the case. When you invest in a whole life insurance policy, it accumulates a cash value that can supplement your retirement income when alive.

Life insurance in Marshall, MI

Ready for your life insurance policy? Contact Great Michigan Insurance for an affordable quote.

How Does Commercial Insurance Protect Small Business Owners in Marshall, MI?

If you are a small business owner in Marshall, MI it’s vital to comprehend the Michigan business requirements. Initiating a small business enterprise in Marshall, MI might be confusing due to impending risks. Nevertheless, procuring magnificent commercial insurance from Great Michigan Insurance will safeguard your profits as your small business is thriving. Opting to operate a business without insurance can culminate in a substantial financial burden. It can expose your business’s future to risk—link with our charismatic agents at Great Michigan Insurance in Marshall, MI today. We customize insurance plans forged to match your small business insurance needs and lifestyle.

Is commercial insurance mandatory in Michigan?

Commercial insurance is not mandatory in Michigan. Nevertheless, the law requires every business venture with employees, seasonal or permanent, to maintain workers’ comp insurance to cater to medical expenses for sustained work-related injuries and general illness. Other beneficial optional coverages for the protection of small businesses in Marshall, MI includes:

General liability coverage: It guards your small business against third-party claims of bodily injury or property damage. It’s tailored to cater to the general medical expenses and associated legal fees for lawsuits.

Commercial property insurance: Helps safeguard your commercial properties such as rented buildings, furniture and equipment from perils like theft, fire or any other covered calamity.

Workers’ compensation insurance: Michigan law demands businesses with workers maintain workers’ comp insurance. Without workers’ comp insurance, damages arising from injury-related cases can culminate into thousands of dollars. This policy covers expenses related to an employee’s injuries sustained and illnesses suffered while working on your premises.

Business owners policy(BOP): It bundles property and liability coverage into one uncomplicated, manageable policy. It’s an ultimate option fitting small businesses that rent or own commercial property like warehouses and office buildings. 

Get your commercial insurance.

If your small business in Marshall, MI needs commercial insurance, call or visit us at Great Michigan Insurance. Our dedicated agents will answer all your queries about commercial insurance.

Why the need for umbrella insurance increases as you near retirement

You might wonder about the insurance with a funny name that your Great Michigan Insurance agent keeps recommending umbrella insurance. We always tell our Marshall, MI clients about umbrella coverage because it benefits everyone. It can mean more the closer you get to retirement age though.

Why Umbrella Coverage Becomes More Important

When a court or police find you at fault for an accident or injury to another person, you pay damages to that person. Your liability insurance covers you, but only up to the coverage limit.

Let’s say that you cause a car accident that involves a single vehicle with four people inside. Each person sues you for damages. The court awards them each $50,000. The state mandates you carry auto insurance liability for $20,000 per person with a total payout of $40,000. That means your auto insurance pays $40,000 of the $200,000 you owe. You must pay the other $160,000 out of pocket.

If this happens when you’re 30, you clean out your retirement fund and your savings account. You liquidate some stocks, and you pay it off. You have 35 years before you even think about retiring, so you have time to make up the money you had to payout.

If this happens when you’re 55, you suddenly have $160,000 of savings to make up, plus the money you would normally have saved up during that decade. You could also delay your retirement.

Without umbrella coverage, a single accident or lawsuit can exhaust your auto or home coverage. The remainder of the settlement comes out of your pocket. You may have to empty your savings and retirement fund to pay the settlement with little time to rebuild the fund before retiring.

That makes umbrella insurance a much smarter investment. These policies cost little compared to typical main insurance policies. An umbrella policy is a supplementary policy, so you must purchase the main policy such as home or auto before you can purchase an umbrella policy.

Contact Great Michigan Insurance today to find out how you can add an umbrella policy to your Marshall, MI home or auto coverage. Don’t delay; call us today.

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.