Three things you might not already be aware of when it comes to renters insurance

Those who live in a rental unit in Birmingham, MI should carry renters insurance to protect themselves financially. Consider High Favor Insurance if you are looking for a renters insurance policy in your area.

When you purchase renters insurance, it’s vital that you’re well-informed about this type of insurance. The following are three things you might not already be aware of when it comes to renters insurance. 

Renters’ insurance can cover you temporarily if your rental unit becomes uninhabitable.

Some renter’s insurance policyholders might not realize that they can file a claim to cover their hotel bill temporarily if their home becomes uninhabitable. This type of coverage is called additional living expenses coverage. 

There are often discounts available for renters insurance policies.

Looking for discounts for which you are eligible is a great way to save on renters insurance costs.

Providers often offer discounts if your rental unit features certain safety or security features such as deadbolt locks, a fire alarm system, fire extinguishers, or sprinkler systems. You may also enjoy a premium discount if you pay upfront rather than monthly. 

Standard renters insurance usually won’t offer coverage for flood damage.

Although renters coverage can cover you for many different types of damage, you should realize that you will not be covered by renters insurance in the event of flood damage. In this regard, renters insurance policies are similar to standard home insurance policies. 

At High Favor Insurance, we’re happy to help renters in Birmingham, MI to meet their insurance needs. If you want to learn more about renters insurance, call us. We can answer your questions and provide you with a policy quote. 

Required Commercial Insurance in Michigan

When you have a Michigan business, there are some types of commercial insurance you may need to comply with state law. There are two types of business insurance that you may be required to have, and there are many other types that can help you to protect your business better. When you need commercial insurance, give us a call at High Favor Insurance in Birmingham, MI to find out more. 

Workers’ Compensation Insurance

If your business has at least one full-time employee, the company is required to have a workers’ compensation policy. It is also necessary if you have three or more employees who have any status, including part-time employees. It’s important to have this insurance because it will keep you legal and protect your business against lawsuits and the cost of liability. This insurance will pay for the medical bills and disability benefits of any employee who gets injured or ill at work. With this coverage, that money won’t have to come from your business if an accident occurs. 

Commercial Auto Insurance

If your Michigan business owns a car or truck, it has to be covered by a commercial auto insurance policy. There are several different types of auto coverage that the auto policy has to have to be legal for company cars. The policy has to have two amounts of coverage for injury liability coverage. One is for a single person injured, and the other is for all injured parties from an accident. It’s also required that the policy has an amount of coverage for property damage that occurs in a different state. In addition, an amount for personal injury protection is required to pay for your own injuries. 

Get Covered With Commercial Insurance

To protect your business and stay legal, you need the right commercial insurance. It’s helpful to give us a call at High Favor Insurance in Birmingham, MI.

Benefits of Recreational Insurance in Birmingham, MI

RV owners, just like car owners, are vulnerable to all manner of impending calamities within Birmingham, MI. Suppose you want to travel in the convenience of your RV. In that case, it’s imperative to consider various recreational insurance coverage to get guaranteed protection for the RV and yourself. Nonetheless, an RV is a massive investment warranting protection from imminent risks.

Are you an RV owner in Birmingham, MI? Please get in touch with our professional agents at High Favour Insurance today. Our insurance specialists will provide you with the necessary information to get splendid recreational insurance.

Benefits of recreational insurance

A lot of Birmingham, MI residents dream of owning an RV in their lifetime. As a result, many Birmingham, MI residents are transforming RVs into dwelling areas. Therefore, it’s crucial to obtain recreational insurance as it grants the following benefits:

Asset protection

Recreational vehicles offer a lot of breathtaking experiences but, at the same time, present themselves with unique risks. RVs are exorbitant to purchase and sometimes cost as much as your home. Therefore, it makes sense to secure it with recreational insurance. Collision and comprehensive coverage replace or repair your RV when it is physically damaged from collision and non-collision events.

Liability protection

Irrespective of being a careful driver, mishaps can still crop up. When deemed responsible for an accident by third parties, this policy will likely cater to bodily injury, property damage, and lawsuit costs. Luckily, investing liability coverage in your recreational insurance can rescue you from paying out-of-pocket expenses.

Safeguarding your personal property

Did you know you could still shield your belongings stored in your RV while in transit? Recreational insurance protects your belongings like clothing, camping equipment, sporting gear, and electronics from imminent perils like theft.

Instilling peace of mind

Roads are full of unforeseen events and risky drivers, like teenagers and drunk drivers. Investing in recreational insurance makes you cruise roadways stress-free, knowing that you are safeguarded from unexpected eventualities, which can attract massive body injury and property damage expenses.

Recreational insurance ensures that you are fully guarded wherever your treasured RV takes you in Birmingham, MI. Please call or visit us at High Favor Insurance and get more information about recreational insurance.

Do All Condos Have To Have Insurance?

Do all condos have to have insurance? There is no one-size-fits-all answer to this question. The insurance requirements for condos will vary depending on the location and other factors. However, in most cases, yes, all condos will need to have some form of insurance. This article will explain why this is the case and what types of coverage are typically recommended for condo owners.

Top Reasons Why Condos Need Insurance

One of the main reasons that condos need insurance from reputable companies such as High Favor Insurance in Birmingham, MI is to protect the common areas. The condominium association’s policy will typically cover the building itself but not the contents of the units.

This means that the condo owners will be responsible for repairing or replacing their belongings if there is a fire or other damage to the common areas. Having insurance will help to protect you from having to pay out of pocket for these repairs.

Another reason that all condos should have insurance is that it can help to cover the costs of liability if someone is injured on the property. If someone slips and falls in the common area, the condo association’s insurance will typically cover the medical expenses.

Best Types of Covers for Condos

A few different types of coverage are typically recommended for condos. The first is content coverage, which will help to protect your belongings in the event of damage or theft. It’s important to note that this coverage does not typically extend to items stored in common areas, such as a storage locker.

Personal liability insurance is also recommended. It’ll help cover the costs of any legal fees and damages you may be responsible for if someone is injured on your property.

Last but not least, most condo associations will require owners to have some form of property insurance. This will help cover the repair costs in the event the common areas are damaged.

Conclusion

When it comes to insurance, there is no one-size-fits-all solution for condos. However, in most cases, it is recommended that all condo owners have content coverage, personal liability insurance, and property insurance. For more information about the best types of coverage for your condo, contact High Favor Insurance in Birmingham, MI, today.

What Type of RV Insurance Do I Need?

If you own an RV, you need RV insurance. However, choosing the right type of insurance for your RV can seem overwhelming. At High Favor Insurance in Birmingham, MI, we help our clients choose the right policy. 

Types of RV Insurance Overview

There are three basic types of RV insurance that you may be required to have. These are standard liability, personal injury protection, and collision and comprehensive coverage. 

In addition to these basic types, insurance policies differentiate between part-time and full-time RVers.

Standard Liability

Standard liability insurance is required by law if you have a motorized RV. If you are involved in an accident with another driver, liability coverage will cover the damage to the other vehicle. This typically covers any medical expenses the other driver incurs as well. 

Personal Injury Protection 

Personal injury protection, or PIP, will cover any medical expenses you or your passengers incur in the event of an accident, no matter who is at fault. This provides a safety net in case of an accident.

Like standard liability coverage, PIP coverage is required in Michigan. 

Full Coverage Insurance 

Full coverage insurance includes comprehensive and collision coverage. Collision coverage will cover the cost of repairing or replacing your vehicle, even if you are found to be at fault. 

Comprehensive coverage applies to damage to your vehicle, not caused by an accident. For example, a tree falling on your parked car would be covered under comprehensive coverage. 

Comprehensive and collision policies are not required by Michigan law. However, it’s standard for lenders to require you to carry these policies as long as there is a lien on your vehicle. 

RV Insurance With High Favor Insurance

If you are looking for RV insurance in Birmingham, MI, consider High Favor Insurance. We offer RV insurance options to meet many different needs. 

An Overview of Motorcycle Insurance in Birmingham, MI

Motorcycle insurance is a must for riders in Michigan. Although it may seem like an unnecessary expense at first, it can save you a lot of money and hassle in the event of an accident. Here’s what you need to know about motorcycle insurance coverage in Birmingham, MI.

What Are the Policy Options?

There are two types of motorcycle insurance: liability and collision. Liability insurance covers damages to other people or property you may cause while riding your motorcycle. Collision insurance covers repairs to your bike, regardless of who is at fault in an accident.

In Michigan, riders can opt for PIP (personal injury protection) insurance, which covers your medical bills and lost wages in an accident, regardless of who is at fault. A coverage specialist from High Favor Insurance can help you determine the best coverage for your needs.

What Type of Policy Should I choose?

The type of policy you choose will depend on a few factors, including the value of your motorcycle, your riding habits, and your budget.

For example, you may not need collision insurance if you have an older motorcycle with little value. Or, if you only ride occasionally, you may get by with a liability-only policy.

If you have a newer or more expensive motorcycle or ride frequently, you’ll likely want to get collision and comprehensive coverage. This will protect your investment in case of an accident.

Do I Need a Full-Year Policy in Michigan?

No. You can get a motorcycle insurance policy in Michigan that covers you for just six months. This is a good option if you only ride during the warmer months.

When choosing vehicle coverage in Birmingham, MI, contact High Favor Insurance for expert guidance. We’ll help you find the best policy for your needs and budget.

3 Benefits of Boat Insurance You Might Not Know

Michigan has no shortage of beautiful waterways, so it is not hard to understand why boating and watercraft activities are rising. The purchase of a boat, jetski, or any other type of watercraft is a considerable investment, and you shouldn’t have to worry about damage, theft, liability, and more. Concentrate on having fun with friends and family while on the water with the purchase of boat insurance. Just as you wouldn’t purchase a home or car without insurance, the same is true for a boat. Keep reading to learn about the top 3 benefits of boat insurance.

1. Extensive Liability Coverage

When you are on a boat, you need to be concerned about not just yourself and your passengers. It’s everyone else on the waterway. Injuries and property damage to third parties are one of the leading causes of boat insurance claims. Failure to have adequate liability insurance can leave you on the hook for hundreds of dollars in fees and fines. 

2. Uninsured and Underinsured Boater Coverage

Not everyone is as responsible as you and purchases boat insurance. If you are in an accident with a vessel that does not have insurance, count yourself lucky that you do because most policies include coverage for uninsured and underinsured accidents. 

3. Total Loss Replacement

When purchasing a policy, ask about a total loss replacement that will pay for your boat to be replaced with a new model or repaired to a like-new condition should it be deemed a total loss. 

For more information on boat insurance, please reach out to the team at High Favor Insurance in Birmingham, MI.

Is There Anything Umbrella Insurance Does Not Cover?

Nothing beats an umbrella policy for extra peace of mind and an additional layer of financial protection. In short, an umbrella policy offers a security blanket of additional liability coverage should your existing liability for policies like an auto, boat, RV, or homeowners policy be exhausted due to a covered incident. For example, if you are in an auto accident that injures another person and your policy liability limit is $100,000, you’ll be on the hook for any overages. However, with umbrella insurance, the policy will pay out additional liability coverage to the max limit selected so that you don’t have to worry about any out-of-pocket expenses. If you have significant wealth, own multiple properties, have children, have pets, or any other circumstances, an umbrella insurance policy can be the difference between financial ruin and a massive sigh of relief. 

With that said, umbrella insurance does have a few exclusions that void a potential payout from the insurance provider. Umbrella insurance does not cover any of the following circumstances:

  • Injuries or property damage that occur to you or your belongings
  • Damage that is caused while you are committing a criminal act
  • Damage or injuries that you cause while operating a business or performing a professional activity
  • Property damage or injuries caused by anything excluded from your policy, such as specific dog breeds or recreational vehicles

To learn more about umbrella insurance and if it makes sense for you, contact the High Favor Insurance team in Birmingham, MI for additional information. As industry leaders in the insurance field, we are well-positioned to answer your questions and help you choose a policy that best meets your needs. 

Who Should Be Listed on Your Renter’s Insurance?

When you invest in a renter’s insurance policy, the policy covers you as an individual. In addition, a spouse or relative that lives with you will also be covered. However, it is important to always check your policy to ensure you know exactly who is covered. There may be some cases where you will consider listing other people on your renter’s insurance policy. The professionals at High Favor Insurance, who currently serve customers in Birmingham, MI, can advise you on who should be listed on your renter’s insurance policy.

Interested Parties

It is becoming more and more popular for landlords to require that their tenants purchase a renter’s insurance policy. Doing so will greatly reduce the financial liability for both the tenant and the landlord in the event of an accident. In addition, the landlord may request that they be listed on the insurance policy as an interested party for proof that you have obtained an adequate amount of coverage.

An interested party is simply someone that your insurance provider will notify that you have coverage. In addition, if you make any changes to your policy or cancel the policy, they will also be notified.

Adding Roommates to Your Renter’s Insurance Policy

Renter’s insurance is not appropriately priced for the risk of including coverage for a roommate. For each person listed on the policy, the risk of a claim is increased. While some insurance companies will allow you to list other individuals on your renter’s insurance policy, it is strongly ill-advised.

If you list a roommate on your insurance policy and they ever need to file a claim, you can face serious ramifications as the policyholder. From that point on, anytime you apply for insurance coverage, such as for a home or a car, that claim will show up as part of your insurance history.

If you have additional questions about who to list on your renter’s insurance policy, contact High Favor Insurance, which proudly serves Birmingham, MI. Give us a call today.

Michigan Umbrella Insurance – What You Need To Know About Umbrella Insurance

The auto insurance industry took notice of a recent change in Michigan Law that took place in July 2020.  This change in the law now makes it possible to be sued for “excess” medical expenses in the event of an accident.  What this means for all licensed drivers is that your regular auto insurance may not be able to cover these “excess” medical expenses, even at the highest coverage limits.  In cases like this, it’s wise to carry umbrella insurance, and we will cover the reasons why below.  High Favor Insurance in Birmingham, MI offers umbrella insurance and other insurance coverages for your needs.

Umbrella Insurance

Umbrella Insurance is “extra” insurance that covers any amounts that are above and beyond your regular insurance coverage limits.  This type of insurance comes into play when your regular insurance limit is exhausted due to excessive claims from an event.  We will cover how this breaks down below.

Without Umbrella Insurance

Let’s say that you end up in an accident, and you are found liable for $500,000 in pain and suffering for the other driver.  Your liability coverage limit in your auto insurance policy is only $300,000 which leaves $200,000 unaccounted for.  This means that you’ll have to pay the $200,000 amount out of pocket to satisfy the insurance claim.

With Umbrella Insurance

Under this same scenario of being liable for $500,000 in pain and suffering, you have your $300,000 of liability coverage under your regular auto insurance policy.  You also carry $1,000,000 of umbrella insurance for the possibility of a situation such as this one.  Your $200,000 amount that you would have normally had to pay out-of-pocket for in the scenario above, would be paid by the umbrella insurance policy instead of in this particular instance.

To Learn More

You can learn more about umbrella insurance by contacting High Favor Insurance in Birmingham, MI today!