Personal vs. Commercial Umbrella Insurance: What You Need to Know

Umbrella insurance is one way to secure additional protection for your home or business. At Agency Advantage Insurance in West Bloomfield, MI, we can help you explore your coverage options.

What is Umbrella Insurance?

Umbrella insurance provides coverage above and beyond the limits of your other policies. Umbrella insurance is especially beneficial for people with assets exceeding policy limits or at higher risk of liability claims. There are two general types of liability insurance: personal and commercial. 

Personal Umbrella Insurance

Personal umbrella insurance supplements your personal policies. You can take out this kind of policy to ensure your home, vehicles, and recreational vehicles are covered when their value exceeds your auto insurance limits. You can also lean on umbrella insurance for additional protection against personal liability claims that exceed other policy limits. 

Commercial Umbrella Insurance

Commercial umbrella insurance supplements your commercial policies. Companies must pay any legal costs, medical costs, settlements, judgments, and damage to other people’s property over their policy limits. Umbrella insurance can cover those amounts, eliminating unexpected – and sometimes astronomical – expenses. 

This kind of insurance works with your other commercial policies, like commercial auto insurance and general liability insurance. If a claim is filed, those plans will pay up to the limit, and then commercial umbrella insurance will kick in, covering any out-of-pocket costs above the limit(s). Common expenses include bodily injury, lawsuits, and property damage. 

If the value of your assets exceeds the limits on your personal or commercial policies, you may need an umbrella policy. The team at Agency Advantage Insurance in West Bloomfield, MI is here to answer your questions. Please stop by or call us today!

Is It Time to Upgrade to a Comprehensive Auto Policy?

Regarding auto insurance policies, it can be not easy to know when it’s time to upgrade yours. Fortunately, the folks who live here in the West Bloomfield, MI area can rely on the team at Agency Advantage Insurance. We’re here to provide the information you need to make informed decisions about your auto insurance policy. Find out today if it’s time to update your current policy to one more complete and comprehensive.

Benefits of a Comprehensive Auto Policy

Several different benefits come with a comprehensive auto policy. You’ll enjoy more robust coverage and protection for various events. If you’ve had your current policy for a while, it’s time to consider upgrading to a comprehensive policy. Your local agent can answer any questions you have about these policies and how they can better protect you and your family.

Don’t wait until you’re involved in an auto accident to find out that your policy doesn’t provide the insurance coverage you need. Talk to your local agent today to find out how this type of upgrade can boost your peace of mind and give you the protection you need. Now’s an ideal time to review your current policy to see if it’s adequate or if a comprehensive policy is a better fit for your needs.

Got questions? We have answers for you!

Agency Advantage Insurance is proud to work with the West Bloomfield, MI community with all of its insurance needs. If you have questions about your auto policy, you can count on us to get you the answers you need. Call or stop by today to talk with one of our helpful and knowledgeable agents.

We look forward to hearing you soon!

Home Insurance Claims: Steps to Follow for a Smooth Process

Filing a home insurance claim can be daunting, especially if you have never had to file one before. But understanding the things you should do can make it smoother. Here at Agency Advantage Insurance, providing residents in the greater West Bloomfield, MI region with home insurance, we want to make the process as simple as possible. Here are some of the critical steps you should keep in mind for a successful claim.

Document the Damage

Do take clear photos and videos of the damage as soon as it’s safe to do so. These visual records will serve as crucial evidence for your claim. Make sure to capture all affected areas and items.

Contact Your Insurance Company Promptly

Notify your insurance company as soon as possible after the incident. Delays in reporting may affect the processing of your claim. Be prepared to provide all necessary details and information.

Keep Records of Expenses

If you need to make temporary repairs to prevent further damage, keep receipts and records of all expenses. Your insurance policy may cover these costs, and having documentation will help you get reimbursed.

Communicate Clearly

Maintain open and clear communication with your insurance adjuster. Answer their questions honestly and provide any requested documentation promptly. This cooperation can expedite the claim process.

Navigating a home insurance claim is challenging, but following steps can help ensure a smoother process during difficult times. In addition to knowing what to expect, it’s essential to be fully protected and covered if the unexpected happens. At Agency Advantage Insurance, serving the greater West Bloomfield, MI, we want to help you find the right policy with the ideal coverage amounts for you. Call us today to get started. 

Classic Car Insurance for Young Drivers

Owning or driving a classic car is a dream for many young enthusiasts in and around West Bloomfield, MI. However, when it comes to insuring these vintage beauties, young drivers face unique challenges. Classic cars are valuable and have a higher risk profile due to their age and limited availability of replacement parts. 

Classic Car Qualifications

Before considering insurance options, young drivers must understand what qualifies as a classic car. Most insurers classify a classic car as a vehicle that is at least 20 to 25 years old, well-maintained, and retains its original design or has been restored to its original condition. 

Agreed Value Coverage

Unlike actual cash value coverage, which may depreciate the car’s value over time, agreed value coverage establishes a pre-agreed value with the insurer. In the event of a covered total loss, the agreed-upon value is paid out, providing young drivers with peace of mind that their investment is protected.

Limited Mileage Policies

Young drivers who own classic cars often drive them sparingly, using them mainly for car shows, exhibitions, or leisurely rides. Limited mileage policies consider reduced usage, offering lower premiums for those who drive their classic cars less frequently.

Driver Qualifications

Insurers may consider the driver’s age, driving record, and years of driving experience before offering coverage. Young drivers with a clean driving history may qualify for more favorable rates.

Safety and Security Measures

Young drivers should implement safety and security measures for their classic cars to reduce insurance premiums and protect their investments. Installing anti-theft devices, using secure storage, and keeping the vehicle in good working condition can positively impact rates.

Agency Advantage Insurance Can Help You

Here at Agency Advantage Insurance, we can answer all your questions concerning classic car insurance. We assist the West Bloomfield, MI region. Contact us today.

Motorcycle Coverage Options

When it comes to motorcycle and auto insurance, nearly every state in the country requires at least liability insurance to be in place for all drivers, including motorcyclists. A liability insurance policy is required in the state of Michigan for motorcyclists. Still, there are other types of coverage you can opt for to protect yourself and the investment you have made in your bike. The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want you to know about these options to make an informed decision about what types of motorcycle insurance you need.

What Does Motorcycle Insurance Cover?

There is an array of different coverage options when it comes to motorcycle insurance. Below are the four main types you can learn more about to determine if you need them for you and your situation.

Liability Motorcycle Insurance

This type of insurance is required for you to have, and it will help you pay the medical bills and property damage you cause in an accident.

Underinsured or Uninsured Motorist Coverage

The last thing you want to do is be involved in an accident, but it becomes even more difficult if you’re involved in an accident caused by a driver who has no insurance or lacks an appropriate amount of insurance. Underinsured and uninsured motorist coverage will help you repair your bike and pay for medical bills if you are injured.

Comprehensive and Collision Motorcycle Insurance

If you want your motorcycle to have the most coverage possible, consider collision and comprehensive insurance. Collision insurance helps you pay for damages that occur if you collide with something. In contrast, comprehensive insurance will help you pay to repair or replace your motorcycle if it is damaged in some unforeseen event. These types of events that are covered include natural disasters, fires, vandalism, or theft.

If you owe a lender for your motorcycle, you may already be required to have both collision and comprehensive insurance policies in place to protect the interest your lender has in your bike.

Contact Agency Advantage Insurance

The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want to ensure you have the appropriate motorcycle insurance to protect you and your bike. Call today for an appointment.

Motorcycle Coverage Options

When it comes to motorcycle and auto insurance, nearly every state in the country requires at least liability insurance to be in place for all drivers, including motorcyclists. A liability insurance policy is required in the state of Michigan for motorcyclists. Still, there are other types of coverage you can opt for to protect yourself and the investment you have made in your bike. The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want you to know about these options to make an informed decision about what types of motorcycle insurance you need.

What Does Motorcycle Insurance Cover?

There is an array of different coverage options when it comes to motorcycle insurance. Below are the four main types you can learn more about to determine if you need them for you and your situation.

Liability Motorcycle Insurance

This type of insurance is required for you to have, and it will help you pay the medical bills and property damage you cause in an accident.

Underinsured or Uninsured Motorist Coverage

The last thing you want to do is be involved in an accident, but it becomes even more difficult if you’re involved in an accident caused by a driver who has no insurance or lacks an appropriate amount of insurance. Underinsured and uninsured motorist coverage will help you repair your bike and pay for medical bills if you are injured.

Comprehensive and Collision Motorcycle Insurance

If you want your motorcycle to have the most coverage possible, consider collision and comprehensive insurance. Collision insurance helps you pay for damages that occur if you collide with something. In contrast, comprehensive insurance will help you pay to repair or replace your motorcycle if it is damaged in some unforeseen event. These types of events that are covered include natural disasters, fires, vandalism, or theft.

If you owe a lender for your motorcycle, you may already be required to have both collision and comprehensive insurance policies in place to protect the interest your lender has in your bike.

Contact Agency Advantage Insurance

The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want to ensure you have the appropriate motorcycle insurance to protect you and your bike. Call today for an appointment.

How Does Umbrella Insurance Benefit Retirees?

Your retirement years should focus on enjoying your family, hobbies, and activities rather than worrying about money, so retirees need to consider umbrella insurance to protect the assets they worked so hard to accumulate. Although this article covers the value of umbrella insurance for retirees, everyone has unique needs, so consider contacting our team at Agency Advantage Insurance, serving West Bloomfield, MI, to discuss umbrella insurance as part of your insurance plan.

How Umbrella Insurance Benefits Retirees

We buy home and auto insurance to protect ourselves against the unexpected. Still, accidents happen despite our best intentions, and sometimes we are liable for damages that exceed our base policy limits. For example, Michigan’s minimum auto insurance policy covers your liability up to $50,000 per person and $100,00 per accident. If an accident results in liability exceeding your policy’s limits, you are responsible for the difference, potentially making your retirement savings, home, and other assets vulnerable.

The solution to that problem is umbrella insurance, which sits atop your other policies and applies only when you exceed their limits. Thankfully, the liability for most auto and home accidents is handled within your standard policies, so umbrella coverage is seldom needed, making umbrella insurance relatively inexpensive. In addition, since most retirees are past their prime earning years, umbrella coverage provides extra protection for you and your assets.

Working With Agency Advantage Insurance

In a world where anything can happen, umbrella insurance provides a low-cost method of protecting you and your family. So, if you live in or near West Bloomfield, MI, and want to benefit from the protection offered by umbrella insurance, the team at Agency Advantage Insurance stands ready to help. Call us today to discuss a plan that makes sense for you.

Three Benefits to Annually Updating your Health Insurance Plan

Each year, we have to update a lot of things in our lives. One of those things is our health insurance plans. You never know what specific changes could occur from year to year. That’s why keeping your insurance agent informed about these changes is important. Our insurance professionals at Agency Advantage Insurance, serving West Bloomfield, MI, could assist you in updating your plan.

Updating your Plan to Make Contact Changes

The main benefit of annually updating your plan is to make contact information changes. What if you moved? What if your phone number changed? What if your employer changed? You must inform your insurance agent of this new information each year.

Changes in your coverage

Your health is bound to change from year to year. You may need more coverage than last year because of a new health condition. Inform your agent that you may need more coverage. On the other hand, if you have a plan with plenty of coverage, but you hardly use it, contact your agent about a plan with modest coverage.

Add or Remove Recipients

If you have a spouse or children, you probably have them in your policy. However, what if you’ve experienced a new life change, such as getting divorced? A person who is on your health plan could pass away, and you will have to remove that person. These are examples of changes you must indicate in your health plan. Keep your agent updated on these critical changes annually.

Changes are bound to happen to your health, location, or anything else in your life. If you start to experience these types of changes to your health plan, be sure to keep your agent updated. Contact our agents at Agency Advantage Insurance for help in doing this.  

Should I continue full coverage auto insurance even though I’ve recently paid off my auto loan?

Auto insurance provides financial protection against liability claims and coverage for repairing or replacing your car. Most states require drivers to carry auto liability coverage as a minimum insurance requirement. However, drivers may still be required to purchase more auto insurance based on specific circumstances. Our team at Agency Advantage Insurance is dedicated to educating West Bloomfield, MI residents about the benefits of auto insurance.

What is Auto Insurance?

Auto insurance provides protection from liability claims if you’re found at fault for an auto accident. Auto liability insurance will cover the repair or replacement of another driver’s car as well as any personal injuries they suffer as a result of an accident. Auto liability insurance covers the repair of another driver’s car and their personal injuries resulting from an accident. Legal fees and medical coverage are covered by auto liability insurance. However, drivers can purchase more auto insurance to cover the repair or replacement of their own cars as well as their own personal injuries that occur as a result of an accident. Sometimes, drivers are required to purchase more auto insurance due to an auto loan.

Should I continue full coverage auto insurance even after recently paying off my auto loan?

Maybe. If you can’t pay for the repair or replacement of your car if you’re in an auto accident, it may be wise to continue with car insurance. If your car’s value is equal to or less than your insurance premiums, car insurance may not be worthwhile. You may not recoup much money if your vehicle is considered a total loss. In situations like this, bypassing full coverage auto insurance may be an excellent move. If you have questions about auto insurance, call us. We can answer your questions. 
 

Do you need home insurance in Michigan?

Investing in yourself by acquiring your own home continues to be a good idea. When you do so in the West Bloomfield, MI area, you will find there are long-term benefits, including value appreciation and housing stability. When buying a home here, you need to get the right insurance. You will need to have a home insurance plan in this region for various reasons. 

Cover Dwelling

A reason you will want to have home insurance in this area is so you can cover your dwelling. If you choose to buy a home here, you will want to know that your long-term investment is protected. The best way this can be done is with a home insurance plan offering support if you are a fire victim or in other situations that cause damage. This coverage is also necessary if you have a mortgage, as it will protect the bank’s collateral. 

Reduce Liability Concerns

All people need to be aware of various personal liability risks that they take on. These risks can include if you are found liable for damages from an accident on your property. Continue to carry home insurance at all times. It will provide the ongoing support needed to mitigate this concern, as the policy will include a provision for liability coverage. 

When you are going to buy a home in the West Bloomfield, MI area, it will always be vital that you get proper insurance for it. There are many choices to make when looking for coverage, and calling our team with Agency Advantage Insurance can help. Our professionals at Agency Advantage Insurance know the value of this coverage and can help you build a plan that will meet your needs and protect your dwelling.