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Who Needs Umbrella Insurance? A Brief Overview

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Umbrella insurance is a bit of a mystery: What does it cover? Who needs it?

If you’re a resident or business owner in West Bloomfield, MI, read on to find out whether umbrella coverage from Agency Advantage Insurance might be useful to you.

It Can Cover Your Home And Auto

Umbrella insurance is an all-encompassing type of policy. It is the type of insurance that can fill in and cover when other, more specific types of insurance run out of coverage.

For instance, if you get into an accident and your auto coverage won’t extend to the full price of the damage, you can put in a claim with your umbrella policy provider to cover the outstanding costs. This is especially helpful if you’re at fault in the accident and your auto insurance provider is giving you a hard time about coverage for the other party’s vehicle.

Umbrella coverage is also very useful for homeowners. In most home insurance policies, whether for a West Bloomfield MI home or beyond, there are certain excluded circumstances that will not be covered. For instance, no home insurance policies include damage due to a flood. In such a case, instead of purchasing an expensive flood insurance policy that you may or may not need, your umbrella insurance can kick in if necessary.

In business And In Life

Your umbrella insurance coverage from Agency Advantage Insurance can come in handy if you’re a business owner, too. Of course, if you run a legitimate business, you do need to obtain commercial coverage for legal reasons. However, if your commercial policy is a bit skimpy, your umbrella insurance can keep you from having to declare bankruptcy.

If you own a life policy and you are hurt or ill, your umbrella insurance can help pay for your end-of-life expenses. Furthermore, you can appoint a beneficiary on your umbrella policy. This way, your coverage extends beyond your life insurance, and it can benefit your surviving loved ones.

Ready To Buy An Umbrella Insurance Policy?

At Agency Advantage Insurance, our agents are happy to answer any questions you may have about umbrella insurance and how it can fit into your life. Give us a call or visit us in West Bloomfield, MI to discuss your limitless options today.

How Much Insurance Do People Need To Comply With Government Guidelines?

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There are currently government requirements in place for an individual which require them to have health insurance. Many people do not understand what these requirements entail, however. You should be familiar with what the government has termed “minimum essential health insurance” and follow the guidelines for coverage to avoid penalties.

Minimum Essential Coverage

When you are shopping for insurance, you want to be certain that you purchase at least a minimum essential health insurance coverage. This outlines 10 points of coverage related to providing services, inpatient and outpatient services, and prescription coverage. In order to ensure you make the right selection, you will need the help of a licensed health insurance agent who is familiar with each policy and can help you avoid the pitfalls that come with shopping for health insurance coverage. 

Working With A Licensed Agent

You always want to work with a knowledgeable, licensed agent who can offer you options that will meet or exceed the government’s health insurance requirements. If you don’t choose at least minimum essential coverage, you will incur a hefty fine in the following year. If you live near the West Bloomfield, MI area, you can count on Agency Advantage Insurance to provide you with the products and information you need to avoid those fines and give yourself adequate insurance protection.

Shopping for the right health insurance policy is much easier with the assistance of one of the top insurance representatives at Agency Advantage Insurance, serving West Bloomfield, MI. Call or stop by today to get more details or to schedule a consultation with one of our helpful agents. 

Driving on Flooded Streets

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One of the most dangerous things to do, Agency Advantage Insurance, serving West Bloomfield, MI would like to note, is driving on flooded streets, especially at night when visibility is low.

The best way to avoid flooding out while behind the wheel is not to venture forth when the streets are flooded. Missing an appointment or being late for work is far preferable to abandoning your vehicle hip-deep in water, with the attending expense and inconvenience. That inconvenience includes not making an appointment, anyway.

If you must drive while the streets are flooded, watch the weather report on TV, and consult weather and traffic sites on the internet. In this way, you might be able to devise a route that will allow you to avoid flooded areas, even if it will take longer to reach your destination.

The cardinal rule about coming up on a flooded street is the saying “Turn around; don’t drown.” Sometimes it is difficult to determine whether a wet patch has just a little bit of water or a foot or two. Of course, an easy way to determine the depth of the water in front of you is to watch what happens to other vehicles when their drivers try to cross. If the water splashes over the top of the wheels, the safe assumption is that the flooded patch is too dangerous to cross. A stalled car or two in the middle of the flooded area would also be a good indication that you should turn back. Better that you be late than to have your vehicle flooded out.

For any questions concerning auto insurance, feel free to contact Agency Advantage Insurance, serving West Bloomfield, MI.

Replacement Cost Home Insurance or Cash Value Home Insurance? Which is Better

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It’s not uncommon for first-time homebuyers, in a rush to meet their closing date, purchase a home insurance policy without reading the fine print. And an unfortunate few find out the hard way that they do not have the coverage they believed they had. Sometimes it takes a natural disaster like a tornado to teach them that although they are covered for damage resulting from the wind, they will receive nothing for flood damage since they do not have flood insurance. In other instances, they find out they are covered, but the coverage is not sufficient to pay for the cost of repairing the damage. 

While it is not possible to travel back in time to change their decision, they can make a better choice when it’s time to renew their policy. In the first instance, the answer is clearcut. They need to buy flood insurance. The second calls for some research and a bit of number crunching. Possible options are to purchase a

  •  Replacement cost home insurance policy
  •  Cash value home insurance policy.

In either case, their aim should be to make sure the new policy will provide a payout sufficient to cover or come near to covering, the cost of repairing or rebuilding a house here in the West Bloomfield, MI area.

Actual Cash Value Home Insurance?

This type of home insurance is cheaper but it takes into account the amount the home and its contents has depreciated in value since the date the policy goes into effect, before determining the amount of the payout. For this reason, it is also known as market rate insurance. This will especially impact the money they will get for household items like furniture.  The bottom line here is if the cost of construction and repair combined with replacement costs of household goods amounts to more than the policy’s value,  the homeowner will have to pay the balance of the costs out-of-pocket, and this may involve taking out a home equity or other type of loan.

Replacement Cost Home Insurance?

This type of policy will pay claims based on the actual cost of repairing, rebuilding, and replacing at the time the house sustains the damage. Many of our Agency Advantage Insurance clients who have switched to Replacement Cost Home insurance policies report that, although it is a bit more expensive than cash value home insurance,  it covered more of the repair or replacement costs than the cash value did.

Homeowners who live in West Bloomfield, MI, or any other area in the Metro Detroit area can always visit  Agency Advantage Insurance for a personalized comparison of these two types of insurance so they can make an informed decision.

 

 

Is Classic Car Insurance Required?

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Insurance is a must for all cars, but there are specific types of insurance that are not necessarily required. A good example is classic car insurance. For those that have a classic car and live in the West Bloomfield, MI area, the agents with Agency Advantage Insurance can help you find the policy that works best for you.

When it comes to owning a car, you have to have insurance on it in order to be able to obtain tags for it so that you can legally drive it on the road. For classic cars, there are classic car policies that are designed for the special elements of a classic car, but this type of insurance is not required. You are required to have at least liability coverage on any car if you intend to drive it on the road. If you have a classic car that you do not drive, however, or that does not have tags, you do not have to have any insurance at all on it.

For those that have classic cars, insurance is always a good idea and if it is a very expensive classic car, having insurance that is designed specifically for classic cars is, of course, a good idea. Classic car insurance covers things like hard to find parts if the car is damaged, the cost of replacement or repair that is the result of a wreck, and even vandalism. Classic cars are hard to maintain and expensive, and having good coverage is the best way to make sure your car is going to be covered fully. For those that live in the West Bloomfield, MI area, and have a classic car, the agents with Agency Advantage Insurance can help you find the perfect classic car policy for your needs and your vehicle.  

3 Tips for Protecting Your Motorcycle When You Store it for the Winter

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When you park your motorcycle for the winter, there are a few tips to consider to make sure it is fully protected. The agents at Agency Advantage Insurance are available to provide motorcycle owners who live in the West Bloomfield, MI area tips on how to keep their motorcycle safe during the winter months. While keeping it insured is a must, there are also storage tips they can follow.

Winterize

Winterizing your motorcycle will protect the engine and other moving parts from damage caused by the extreme winter temperatures. Winterization also helps to protect the fuel lines and keeps them from freezing.

Cover It Up

Covering your motorcycle will keep it protected from any type of airborne debris that may fall from trees or is blown around by high winds. Covering your bike also prevents it from being hit by bird droppings and also reduces the risk of fading due to sitting in direct sunlight.

Store It Inside

If at all possible, store your bike inside. While covering it is still important, storing it inside will help to reduce the risk of your bike being vandalized or stolen. It will also keep it out of the sun and away from debris that could fall from trees.

If you live in the West Bloomfield, MI area and have questions about motorcycle insurance, contact the agents at Agency Advantage Insurance. They will provide you with tips on how to care for your motorcycle while you have it in storage. Schedule your appointment today and get the answers you need to protect your bike during the winter months.

 

How much umbrella insurance do I need?

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Many people don’t realize how important it is to have an umbrella policy. Because of the much higher limits, an umbrella policy offers a vastly higher level of protection over a traditional policy.

Once you have decided to purchase an umbrella policy, you will need to start thinking about how much total protection you should get. If you live in Novi or West Bloomfield, MI, you can speak to an agent at Agency Advantage Insurance about your specific circumstances and what the best coverage will be for you.

How Umbrella Insurance Works

You can’t have an umbrella policy unless you have at least one other kind of insurance policy. Your umbrella insurance won’t kick in until the limits on your other insurance have been completely exhausted.

One good combination is auto and homeowners insurance; your umbrella policy will cover you in both areas in the event of a disaster. Whether there is a house fire or a car crash with a very large amount of damages, the umbrella policy will start working as soon as the appropriate policy has maxed out.

Kinds of Protection Offered by Your Umbrella Policy

Umbrella insurance doesn’t just cover damages specific to the original policies. Here are some of the kinds of damages that may be covered:

  1. Significant property damage
  2. Serious bodily injury
  3. Legal fees associated with those claims and others
  4. Landlord liability
  5. Libel or slander
  6. Malicious prosecution

The minimum amount for an umbrella policy is usually $1 million in coverage, but you can elect to have coverage of $5 million or even $10. You will be surprised at how little the policy costs.

If you are in West Bloomfield, MI  and would like the peace of mind that comes with maximum protection, call Agency Advantage Insurance today for a free quote.

Getting the Most Out of Your Health Insurance

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Some people believe health insurance is an unnecessary expense if they’re healthy, but a health insurance policy could help you in the long run. It may cover more than you initially thought it does. In fact, Agency Advantage Insurance, serving West Bloomfield, MI, and the surrounding region, wants you to know that a health insurance policy may do more than just keep you compliant with current federal laws. 

Routine Exam 

If you don’t currently have insurance, you probably skip out on routine examinations because they’re just an extra expense, especially if you’re not experiencing any issues. Even though you may feel healthy, issues could be occurring that you don’t notice symptoms of until something significant happens. However, when you have insurance, you can go to the doctor’s for routine health screenings to detect problems early enough for intervention, possibly preventing a complication from happening. 

Vaccinations

Vaccinations are often a part of your health you don’t consider, especially if you don’t have any health coverage. However, even as an adult, vaccinations are important. Getting a flu shot can stop you from getting seriously ill and potentially landing in the hospital. The flu can even become deadly. Healthy individuals over the age of 50 may want to get the shingles vaccines. While shingles aren’t deadly, it causes pain and unsightly blisters. 

Prevent Issues in the Future 

If you’re healthy now, you want to prevent issues in the future so that you can remain healthy for as long as possible. Having insurance that covers at least part of doctor’s visits means you’re more likely to work with your physician to optimize your health. 

Contact Agency Advantage Insurance, serving West Bloomfield, MI and the nearby area, to discuss the ideal health insurance policy for you by calling 248-855-9090.

Protection Again Uninsured Drivers

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You can get coverage to cover damages or injuries caused by an underinsured or uninsured motorist. This optional coverage helps in case you’re hit by someone with little or no insurance. Ask your Agency Advantage Insurance representative in West Bloomfield, MI whether you should carry this on your policy. In the meantime, here’s some information to get you started.

Why Do You Need Underinsured/Uninsured Coverage?

Every state requires drivers to have car insurance. However, a lot of people don’t have insurance and get behind the wheel anyway. If you get into an accident caused by someone in this category, you are left paying for damages to your car. Even if the driver has some coverage, their limit may not pay for all the damages. The only way to avoid this situation, which cannot be predicted is to carry uninsured/underinsured motorist coverage on your vehicle. This allows you to protect your family and yourself from illegal drivers with no insurance.

What’s Covered by Uninsured Motorist Insurance?

Uninsured Motorists Coverage typically covers yourself and your passengers and includes two options. The first option is Uninsured Motorist coverage combined with bodily injury coverage. The second choice is Uninsured Motorist coverage for physical damage only. Bodily injury insurance pays for injuries to the driver and passenger, and physical damage pays for any property damages to your car that were sustained in the accident.

Contact your Agency Advantage agent today to find out how you can put underinsured/uninsured insurance to work keeping your vehicle and passengers protected. Make an appointment today so that you can get a quote or discuss this and all your auto insurance needs in West Bloomfield, MI.

 

 

Does Home Insurance Cover Damage From Fallen Trees?

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It is important to have home insurance to protect you from a variety of potential events that can otherwise cause a severe financial impact on you and your family. Many homes are susceptible to damage from a fallen tree. This can happen as a result of disease, pests, or even storms. It is important to know if you are covered in the event a tree falls and creates damage that allows water and moisture to leak into the home. 

Water Damage From Fallen Trees

If your home suffers damage as a result of a fallen tree, most home insurance policies will cover the damage. Not all policies are the same, so it is important to understand the terms and conditions outlined with regards to water damage. There are some policies that will only cover the damages up to a certain amount. If you have limited coverage with regards to water damage, it is important to discuss your other options for a more complete coverage with your insurance agent.

Finding the Right Policy

Finding the right amount of insurance to adequately cover your residence from potential damage is key to protecting your financial future. Work with an insurance company in West Bloomfield, MI like Agency Advantage Insurance to help get the security you need. We have knowledgeable insurance representatives who know how to work with your budget and your special circumstances. 

If you live in or near West Bloomfield, MI, you should call or stop by Agency Advantage Insurance and discover the coverage options we have that can protect your home from water damage as a result of fallen trees and other hazards. Don’t take chances with your home or your future. Get the coverage you need for peace of mind.