What every new homeowner should know about home insurance - Shield Insurance Agency Blog

What every new homeowner should know about home insurance

Your home is most likely the biggest investment you will ever make in your life. That makes protecting your investment even more important. Home insurance protects lots of different things and all of them are customizable. You need to make sure you have the right type and amount of home insurance. Your independent insurance agent is here to help you make that choice. In Michigan, Shield Insurance Agency has a team of experts who are here for you.

You can choose the type of content coverage you want

Two types of content coverage are available to homeowners. The less expensive option is actual cash value. This pays you what something is worth today. What that means is your 10-year-old washing machine won’t have the value you need to get a new washing machine today. If you want to be able to actually replace things, you need to have replacement cost coverage.

Many things are a liability

Part of your home insurance is liability coverage. This protects you and the members of your family from lawsuits against you. It also pays for medical expenses if someone is hurt while visiting your home. If you have a dog, a pool, or a trampoline, you are at increased risk and should take that into account when choosing the amount of liability coverage you choose.

Home insurance doesn’t cover everything

Like most types of insurance, home insurance has some exclusions. Some may surprise you. Flooding is not a covered peril. Sewer backup is also not covered. Earthquakes and other types of earth movement are also excluded. Termite damage as well as other pest damage is not covered, since as a homeowner it is up to you to protect your home from these types of damage.

When you are ready to get your home insurance, Shield Insurance Agency will be here to help.

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What Commercial Insurance Is Required In Michigan - Shield Insurance Agency Blog

What commercial insurance is required in Michigan?

Protecting your business takes the right commercial insurance. Your policy can be customized by your insurance agent to give you all the protection you need and none that doesn’t apply to your business. At Shield Insurance Agency in Michigan, we have the commercial insurance policy experience you are looking for. We will make sure you have the commercial insurance mandated by the state of Michigan. 

Mandated insurance

Commercial auto insurance

In the state of Michigan, all business-owned vehicles must be covered by commercial auto insurance. The required amount of commercial auto insurance you must carry is 20/40/10. That is $20,000 for injuries to one person in an accident with a total of $40,000 for the entire accident with $10,000 property damage. While this is the required amount, it may not be the correct amount for your business. 

Workers’ compensation insurance

If your business has one or more full-time employees, you must have workers’ compensation insurance. 

While these are the mandated commercial insurances, they are not the only ones that can benefit your business. 

Not Mandated but a good idea

Commercial liability insurance

Between 36% and 53% of small businesses are sued every year. That means that your chance of being involved in litigation is pretty high. Not only could there be a judgment against you, but you would also be responsible for the legal fees that go along with defending yourself. Commercial liability insurance can make the difference between surviving and having to close your doors. 

Commercial property insurance

If a covered peril hits your business, it could destroy everything you need to do business. Your inventory, your machinery, your raw materials, your office equipment, and your records. Without commercial property insurance would you be able to replace all these things and get back to work? If the answer is no, this is the insurance you need. 

Contact Shield Insurance Agency in Michigan when you are ready to customize your commercial insurance.

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