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!

What MI renters need to know about insurance

High Favor Insurance is proud to serve the greater Birmingham, MI area and answer all of your insurance questions. We often receive questions from renters about the need for insurance. Renter’s insurance is definitely something that you should have, and this post will tell you a little more about why that is the case.

Basic facts about renter’s insurance

While your landlord will carry insurance to cover the building and common areas, protecting your own unit and belongings is your own responsibility. For instance, if there is damage in the building’s hallway, your landlord’s policy will likely cover the cost for repair. But, if there is damage inside your bathroom, for instance, you will file a claim with your insurer.

Your unit, and your personal items contained within it, can be protected by a renter’s policy. These policies can vary regarding the type of items that they cover and the amount of coverage that they provide. Sitting down with an experienced agent is a great way to have your questions answered.

All policies can differ in some ways, and it makes sense to ensure that the one you choose is right for your needs. Renter’s insurance can protect your belongings from loss, damage, or theft, and can make all the difference in overcoming a catastrophe. Your local agent can help you determine the most suitable policy to protect your clothes, furniture, and other personal items in the event that you suffer a covered event. Now is the perfect time to find out more!

Find out more today!

High Favor Insurance is here to assist renters in our Birmingham, MI community. If you are wondering what coverage you need for your rental unit, call or stop by today. We are happy to help!

How Does Comprehensive Coverage Help When You Aren’t on the Road?

Many people do not consider the many things that can happen to a vehicle when it is parked. While you are protected by liability and collision coverage when you are on the road, you may not have comprehensive coverage to protect your car when it is not in use.

High Favor Insurance, which serves Birmingham, MI, understands the many benefits of comprehensive coverage. Here’s how you can protect your vehicle when it is not on the road.

Theft

If your vehicle is stolen, you may be able to have it covered via comprehensive coverage insurance policies. Collision and liability policies do not typically cover theft.

Vandalism

Was your car vandalized by somebody who was mad at you? The damage may be covered by a comprehensive policy. The same applies if somebody sets your vehicle on fire or if your vehicle is damaged as part of a civil disturbance, like a protest.

Damage Caused By Animals

While most people think of animals damaging their car while driving the vehicle on the road, animals can also damage a car when it is parked. For instance, a deer could run into the side of your vehicle when it is in your driveway.

Natural Disaster

Natural disasters, like tornadoes, hurricanes, and falling objects, are all potentially included in a comprehensive plan. Make sure to read your policy carefully to know that the common natural disasters in your area will be covered.

Comprehensive Coverage Protects Your Vehicle

When you are not driving, you can count on comprehensive coverage for more protection. If you still have questions about comprehensive coverage in Birmingham, MI, contact High Favor Insurance for more information.

How Does Comprehensive Coverage Help When You Aren’t on the Road?

Many people do not consider the many things that can happen to a vehicle when it is parked. While you are protected by liability and collision coverage when you are on the road, you may not have comprehensive coverage to protect your car when it is not in use.

High Favor Insurance, which serves Birmingham, MI, understands the many benefits of comprehensive coverage. Here’s how you can protect your vehicle when it is not on the road.

Theft

If your vehicle is stolen, you may be able to have it covered via comprehensive coverage insurance policies. Collision and liability policies do not typically cover theft.

Vandalism

Was your car vandalized by somebody who was mad at you? The damage may be covered by a comprehensive policy. The same applies if somebody sets your vehicle on fire or if your vehicle is damaged as part of a civil disturbance, like a protest.

Damage Caused By Animals

While most people think of animals damaging their car while driving the vehicle on the road, animals can also damage a car when it is parked. For instance, a deer could run into the side of your vehicle when it is in your driveway.

Natural Disaster

Natural disasters, like tornadoes, hurricanes, and falling objects, are all potentially included in a comprehensive plan. Make sure to read your policy carefully to know that the common natural disasters in your area will be covered.

Comprehensive Coverage Protects Your Vehicle

When you are not driving, you can count on comprehensive coverage for more protection. If you still have questions about comprehensive coverage in Birmingham, MI, contact High Favor Insurance for more information.