Will My HOA Require Me to Get Condo Insurance?

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If you’re thinking about buying a condo, one of the things you’ll need to consider is whether to get condo insurance and whether your HOA will require it.

At Great Michigan Insurance, servicing Marshall, MI, we can help you decide whether condo insurance is right for you. We work with many insurance carriers to help our clients find the right condo insurance for them. Below, we’ll talk about condo insurance and whether you’ll be required to get it.

What Is Condo Insurance?

Condo insurance is similar to home insurance but with a major difference. Condo insurance doesn’t cover the condo’s structure, which is likely covered under the master policy for the condo association.

Who Needs Condo Insurance?

Condo insurance is something that many condo owners get for a variety of reasons. Even when not required to get condo insurance, many people choose this type because it protects them from financial risk and provides peace of mind. When covered events occur, condo insurance can help repair or replace broken items. Condo insurance can also help repair damage to your condo’s interior.

Is Condo Insurance an HOA Requirement?

Many HOA’s require condo insurance, but you’ll have to check with your specific HOA before buying the condo. In addition, if you’re getting a loan to buy your condo, your lender will likely require you to get condo insurance.

Do you need condo insurance for a condo purchase in Marshall, MI? If so, contact Great Michigan Insurance, servicing Marshall, MI. We can get you quotes from several carriers to help you pick a policy that will work well for your new home.

Some Things New Parents Must Consider

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Life Insurance: A Crucial Consideration for New Parents

If you’re new to parenting, you might feel a bit overwhelmed. Caring for a child is a huge responsibility, and plenty of new parents need a bit of assistance getting up to speed. While it’s tempting to focus on your child’s physical health and development, you should be careful not to overlook their financial well-being. For example, taking out a life insurance policy could prove crucial to your child’s well-being later in life. If you live in or near Marshall, MI, and need help with insurance policies (including but not limited to life insurance), contact the team at Great Michigan Insurance.

Things Parents Should Watch For

Medical practitioners often pay very close attention to babies, and the first several months of your child’s life may be packed with doctor’s appointments. Why? Early intervention could make a big difference if medical practitioners notice an issue that could impede development. Development is crucial, and development challenges could have a big impact on your child throughout the rest of their life.

Your child isn’t the only consideration, however. You also need to consider yourself and your partner. There is a risk that you or your partner (or both) may pass away at some point. Should the worst occur and a parent passes away, the right life insurance policies can help provide financial security.

Financial stability can be crucial for your child’s development. If your child can’t attend college or can’t enjoy a healthy, diverse diet simply because the money isn’t there, it could impact their life trajectory. However, the right life insurance policies can help ensure that your child has access to needed financial resources. Folks who need help with life insurance in Marshall, MI should come work with Great Michigan Insurance.

What is Uninsured/Underinsured Motorist Coverage

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The Importance of Uninsured/Underinsured Motorist Coverage

At Great Michigan Insurance in Marshall, MI, we are committed to empowering our clients with knowledge, particularly when purchasing an auto insurance policy. The importance of uninsured/underinsured motorist coverage on today’s roadways cannot be overstated. With numerous drivers lacking sufficient coverage to repair another driver’s vehicle in case of an accident, this kind of coverage is more crucial than ever.

Holding uninsured and underinsured motorist coverage is not merely about financial protection. It’s about peace of mind. It’s about knowing that you and your passengers are covered when sharing the roads with other drivers.

Understanding Uninsured Motorist Coverage

Uninsured motorist coverage (UM) is available for drivers in an accident with a party lacking insurance. Liability, the minimum requirement by the state, pays for the injuries of others and repair or replacement of another’s property, if you are found liable for an accident. Suppose a driver is operating a motor vehicle without this minimum coverage and damages your vehicle. In that case, you can rely on your uninsured coverage to kick in and pay for medical costs for you and any passengers in your car. It can also pay for damages to your vehicle to repair or replace it.

Knowing Underinsured Motorist Coverage

Underinsured motorist coverage (UIM) protects you and your passengers if your vehicle is damaged by another driver and/or you’re injured, and their liability is insufficient to cover the total cost of damages. Every state has different minimum requirements for liability, and another’s liability may not be adequate to cover your damages and injuries. In such cases, underinsured motorist coverage will pay the difference between the other’s liability and the cost of your damages up to the policy limit.

Reach Out To Us

If you have more questions about uninsured and underinsured motorist coverage or want to explore your options, contact Great Michigan Insurance in Marshall, MI, at (269) 789-0909.

Commercial Insurance Add-Ons – Benefits for New and Existing Business Owners

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You may encounter unique experiences that will require you to purchase add-on insurance. Add-on protection fills gaps that a standard commercial insurance policy does not address.

Business Income Insurance

A disruption that temporarily closes your business could greatly affect your finances. Business income insurance provides financial relief while your business is inoperable.

The financing you receive will help you handle any costs necessary to get your business in order. Business income insurance can be adjusted to provide adequate coverage for small or large businesses.

Cybersecurity Insurance

Cybersecurity insurance protects sensitive information shared online. This type of insurance may provide routine monitoring onsite, remote surveillance, and other services to keep information safe.

The amount of equipment you own should be considered before purchasing cybersecurity insurance.

Equipment Breakdown

Equipment breakdown coverage will provide financial assistance if your equipment becomes damaged. This type of insurance should cover automated and manual equipment you and your workforce rely upon. Before purchasing equipment breakdown coverage, you should inspect your equipment professionally.

Any issues that need to be addressed during the inspection will be presented. Once your equipment is in good order, seek coverage that will pay for its repair or replacement in the future.

Agent Assistance

Contact one of our Great Michigan Insurance agents. Our agents offer insurance products that will protect the owner of a small or large business.

An agent who serves the Marshall, MI, region will schedule an appointment to meet with you. During your meeting, provide the agent with your business plan. They will recommend commercial add-ons that will protect your interests.

Home Insurance for Vacation Home Owners

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At Great Michigan Insurance in Marshall, MI, we provide coverage for individuals who own one, two, or even three homes! Protecting a vacation home is a priority whether you’re actively using it or it’s vacant. Since a lot can happen to a vacation home left unoccupied for lengthy periods, it’s crucial to understand the different requirements for insuring a vacation home before assuming a regular home insurance policy will suffice. For more information about home insurance for vacation homeowners, do not hesitate to contact our office.

What Is Home Insurance?

Home insurance is designed to protect your primary residence. It shields personal property against damage from events specified in your policy, provides liability coverage, and covers other expenses detailed within the policy’s guidelines. Home insurance is also referred to as "homeowner’s insurance." Each policy can vary, so discussing your particular policy’s specifics with our agents is highly advisable if we insure you.

Does Home Insurance Cover a Vacation Home?

Typically, a standard home insurance policy does not extend to cover a vacation home. You’ll have secondary dwelling insurance to secure coverage for a vacation home. As vacation homes are often left vacant for portions of the year, they tend to be at higher risk for theft and vandalism. Secondary dwelling policies are crafted to reflect these risks in their terms and limits. While managing more than one insurance policy for multiple properties may feel overwhelming, we strive to streamline this process, making it as easy and stress-free as possible. Having professional insurance agents guide you every step of the way can significantly reduce the strain this process may entail.

Contact Great Michigan Insurance

For more information on home insurance and protecting your vacation home, contact us at Great Michigan Insurance in Marshall, MI.

Reasons to Consider Umbrella Insurance

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Umbrella insurance, also known as catastrophic insurance, is designed to protect you from major liabilities that can significantly affect you financially. Great Michigan Insurance, located in Marshall, MI, offers umbrella insurance.

1. You Have Significant Assets

Many individuals consider umbrella insurance primarily due to their significant income or assets. If you are financially stable, an unforeseen accident could have catastrophic results. You could potentially lose the assets you’ve worked diligently to accumulate due to a judgment against you.

2. You Want to Safeguard Your Future

It can be easy to assume that umbrella insurance isn’t necessary if your assets amount to less than 1 million. However, it’s also crucial to secure your financial future. A liability judgment can encompass your future earnings and assets. You might find yourself footing the bill for a claim for many years.

3. You Are at a Higher Risk

Some situations increase the likelihood of you being sued for a liability claim. These include owning a swimming pool, having a dog, or an inexperienced driver in your household. Hosting social gatherings also comes with added risk.

4. You Want to Ensure Your Family’s Protection

Having a family means having people who depend on you for financial stability. Protecting them includes having life insurance, and you might also want to consider an umbrella policy. This gives an added layer of security to the people who rely on you.

5. You Participate in Recreational Activities

Engaging in recreational activities can also increase your risk of being sued. This includes activities like boating, golfing, and even coaching Little League. Essentially, the more active your lifestyle, the higher your liability risk.

Umbrella Insurance at Great Michigan Insurance

If you require umbrella insurance in Marshall, MI, reach out to us at Great Michigan Insurance. Our approachable agents are available to discuss your needs and assist you in choosing the best policy for your situation.

Have You Reviewed Your Condo Insurance Policy Lately?

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Your condo insurance policy is important for reducing the financial risk of condo ownership. If a covered event occurs, your policy will help repair and replace your personal belongings and repair damage inside your condo.

At Great Michigan Insurance, servicing Marshall, MI, we work with only the best carriers to ensure our customers have many choices when they get condo insurance. 

Why Review Your Condo Insurance Policy?

When your condo insurance policy was initially purchased, it should have been enough to cover your condo and belongings in the event of certain perils. However, this needs to change over time. Reviewing your condo insurance policy helps ensure that your policy continues to offer enough coverage.

The cost of materials and personal effects can change over time. Reviewing your policy keeps it up to date and helps ensure that it will be adequate in the event of a covered disaster. 

In addition, reviewing your condo insurance policy each year gives you an opportunity to shop for a better policy if necessary. 

When to Review Your Condo Insurance Policy?

Review your condo insurance annually. The time of year doesn’t matter, although many people choose to do this at the beginning of the year or around the time of their policy renewal.

To review your insurance coverage, look at the paper certificate and read it carefully. Next, talk to your insurance agent at Great Michigan Insurance Servicing in Marshall, MI. We’re skilled at reviewing insurance information with our customers to ensure they have the best coverage for their needs. 

We know what questions to ask to help you discuss and think about your policy. Call today to get started. 

The Differences Between Term Life and Whole Life Insurance

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Selecting the Appropriate Life Insurance Policy

Deciding on the right life insurance policy can be a critical decision. Contact us at Great Michigan Insurance in Marshall, MI, to learn about the types of life insurance and decide which policy suits your needs.

Understanding Time Periods

The key difference between term life and whole life insurance is the duration they cover. Term life insurance typically lasts for a predetermined period, after which it expires. A new policy needs to be initiated for continued coverage. On the other hand, whole life insurance, as the name suggests, covers you for your entire life, providing constant reassurance.

Weighing Costs of Policies

Term life insurance policies are generally less expensive than whole life insurance policies, making them a popular choice for many. As term life policies expire before one reaches senior years, the mortality risk is lower, contributing to their lower cost. Whole life policies have higher premiums as they cover mortality risks in the late stages of life.

Factoring in Cash Value

Whole life insurance policies accumulate a cash value over time, which can be borrowed against if needed, thus serving as an emergency financial reservoir. Term life insurance doesn’t offer this feature.

Securing Your Life Insurance

If you still haven’t purchased life insurance, now is the time. Contact Great Michigan Insurance in Marshall, MI, to explore a policy that’s right for you.

Making an Auto Insurance Claim? Here’s What to Expect

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If you’ve been in a car accident, it can be hard to figure out what to take care of first. After your immediate health and safety needs are met, the next step is to call your insurance agency. Great Michigan Insurance is proud to serve the Marshall, MI area. Here, we’ll discuss what you can expect when you make an auto insurance claim. 

First, you’ll need to provide the details of the accident to your insurer. If you have a police report, your insurance provider will likely ask for a copy. They’ll also likely want to see photos of the damage, if possible. Your insurance agent may also ask you questions about the weather at the time of the accident and the time of day that the accident occurred. 

Next, your insurance agent will discuss whether you’d like to file an insurance claim. It’s important to note that just because you called your insurance company does not mean that you have to move forward with filing a claim. You can simply get more information from your insurance agent to help you decide whether to proceed. 

If you decide to file a claim, your insurance company will usually send an adjuster to take a look at the damage to your vehicle. They’ll also provide an estimate that will help determine how much your insurance company will contribute toward your car repairs. 

Great Michigan Insurance: We’re Here for You. 

At Great Michigan Insurance, we’re proud to serve the Marshall, MI area. Contact us today to learn more about our auto insurance options—we look forward to getting to know you!

Inherited a Business: Did I Inherit the Insurance?

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Understanding Commercial Insurance for New Business Owners

Let’s say you’ve been working with a company for an extended period. Perhaps you’re related to the owner, you’ve been taken under their wing, or they’ve seen your potential and groomed you to be their successor. Over time, you’ve grown to know the business inside out, and now you’re about to take the reins. But what about insurance?

The Pre-Existing Insurance Settings

If the former owner were diligent, they would have added your name to the policy before the business was handed over to you. If they’ve passed away, you should review the policy to ensure your name is registered. If the previous owner is still alive but has retired, they may still technically own the property while you manage the operations. It’s essential to update all the stakeholders before proceeding.

Transition of Liability

It’s important to note that now all liability falls into your hands. You could be held accountable for your employee’s negligence, and your workers’ compensation coverage might change. Be sure to stay updated about what workers’ compensation will cover for your employees, and make sure you have ample liability insurance as the ownership transitions to you.

Professional Insurance Guidance with Great Michigan Insurance

If you’re in the Marshall, MI, area and need any assistance with commercial insurance, don’t hesitate to get in touch with Great Michigan Insurance. Our helpful and knowledgeable agents will guide you, ensuring your new venture starts its journey toward success on a solid footing.