Should You and Your Spouse Have the Same Amount of Life Insurance?

If you have recently gotten married or had a baby, you may be looking into purchasing life insurance for both yourself and your spouse or partner. One of the questions that we at Phil Klein Insurance Group are often asked about life insurance in the greater West Bloomfield, MI area, is whether spouses should have the same amount of life insurance coverage. In most cases, they need different amounts. Here are a few of the factors that are looked at when determining how much life insurance each spouse needs. 

How Much Each Spouse Makes

One of the factors that determine how much life insurance each person should acquire is by determining how much they earn. If you make more than your spouse, you will need more in life insurance than your spouse does. This helps to make up for your lost income should you pass away. 

The Amount Of Debt for Each Spouse

In addition to your current salary, you should also look at how much debt each person has. If you have student loans or other types of debt, you need more life insurance. This allows your spouse or partner to pay down the debt without the burden of having to cover your debts themselves. 

What Household Chores Each Spouse Performs

The last factor that should be considered is what household chores each spouse performs. If these chores would be a burden for your partner, you want to have enough life insurance to cover the cost of hiring someone. For example, you may watch your kids while your wife works. If you were to pass away, she would need to hire childcare. Likewise, you may do all of the yard work and car maintenance. If you were to pass away, she may need to hire someone to complete these tasks, which should be accounted for in the amount of life insurance you have. 

If you are looking to purchase a new life insurance policy for you and your spouse or partner in the greater West Bloomfield, MI area, turn to Phil Klein Insurance Group. Call us now to have your questions answered and to get a quote on your insurance policy.

3 Common Questions about Commercial Insurance

Whether you have just opened, inherited, or realized that your business is growing, one of the most important things you can do to protect your livelihood is to have commercial insurance in West Bloomfield, MI. Commercial insurance covers an array of situations and scenarios, some of which you may not have even thought about. From freak storms of nature to theft and employee safety, commercial insurance is a must-have if you own a business. Read on to discover three common questions people ask when looking for a commercial insurance policy for their West Bloomfield, MI business.  

How Do I Select the Right Coverage Amount?

That depends on the size of your business, as well as what you feel comfortable paying as a deductible or premium. Essentially, you want to cover what your business is worth and then some. A reputable insurance agent at Phil Klein Insurance Group can help you make this decision.

What Kind of Coverage is Needed?

You will want to make sure every part of your business is covered. For example, if your business sees customers coming in and out of your store, you’ll want to make sure you’re covered just in case of a slip and fall or some other kind of accident that results in a lawsuit. Depending on the type of business you run, policies and coverage will vary.  

How Do I Choose the Right Deductible?

To choose the right deductible, you will need to consider whether you want to pay a higher premium or a higher deductible. If you feel more comfortable paying a larger premium on your monthly or quarterly insurance bill, then you might be able to have a smaller deductible.  

To learn more about the commercial insurance coverage for your business, contact the friendly agents at Phil Klein Insurance Group in West Bloomfield, MI today.  

Why Now is a Great Time to Repair Your Roof

As a homeowner, you are responsible for maintaining your home and the structures on your property. Part of this includes making needed repairs to your roof. At Phil Klein Insurance Group, serving the greater West Bloomfield, MI area, we try to remind homeowners that a home insurance claim can be denied if you fail to maintain the premises and the claim is a result of this negligence. If your roof is in need of repair, the end of summer and fall months are a great time to make these repairs. Here is why:

The Weather is Optimal for Repairs

The biggest benefit to having roof repairs done in late summer and early fall is that the weather is optimal for repairs. Making repairs in wet conditions or freezing temperatures is not ideal. Having the repairs done now helps to keep the roofer safe and ensures the repairs are not negatively affected by inclement weather. The heat will also be less apparent since it is not directly taking place in the mid-summer months.

Prepares Your Home for the Wet Season

The other benefit to having repairs done to your roof now is that it prepares your home for the wet season. If you fail to have repairs done before the wet and rainy season hits, your roof may leak. Minor cracks can quickly turn into major leaks when left unrepaired. Repairing the damage now helps to prevent it from worsening, allowing you to prepare your roof and home for the rain and snow that will hit during the winter months. 

Maintenance is important to your home insurance policy. If you are in the market for a new home insurance policy in the greater West Bloomfield, MI area, call Phil Klein Insurance Group. We would love to answer your questions and help you find a policy that fits your needs.

You’re a New Parent: What to Know About Life Insurance

As a new parent, you have many responsibilities to handle. In fact, you probably have too many responsibilities. One of the most important things that all new parents should think about is securing life insurance for their newly born child.

Understanding how life insurance works and why you should get it as soon as your baby is born is essential. Here’s what you need to know:

  • First, understand term life insurance. A fixed rate is provided for term life insurance. This plan is generally for 10, 20, or 30 years. When a policy expires, you need to renew it again. Younger families will benefit from these types of insurance plans.
  • There are also whole life insurance plans. These are permanent and cover you for as long as you live. Experts agree that younger families should avoid these types of coverage because they tend to be more expensive.
  • Getting life insurance for your child when they are young is an excellent idea because they are at their healthiest and the youngest they can be. They can start with a low rate from the get-go.
  • Keep in mind that as parents, you need to be insured just like your child. This will give them financial stability should anything happen to either of you.

Contact Phil Klein Insurance Group for More Information

If you are a new parent in West Bloomfield, MI and are interested in learning more about life insurance options for your child or children, contact Phil Klein Insurance Group at your earliest convenience. We are proud to serve the residents of West Bloomfield, MI, and one of our agents would be happy to speak with you about your available life insurance options.

We can discuss options for your children as well as for you and your spouse. Visit our nearest location or give us a call today. We look forward to hearing from you.

Consumer Home Insurance Tips in Birmingham, Michigan

Phil Klein Insurance Group in Birmingham, Michigan was created for you – the customer. Phil and his team not only want to offer you affordable home insurance coverage; they want to make sure that you understand your policy; enabling you to sleep in complete confidence.

Consumer Tips in Birmingham MI

Home Insurance is not required by law in Michigan; nor is owning an umbrella. But when you are caught in a downpour-the coverage sure is comforting. Homeowners Insurance is designed to protect you and your family when the unexpected happens.

Insuring your home through the Phil Klein Insurance Group is comforting and provides that needed coverage for unexpected downpours in your life. Invest in your home wisely with these tips.

  • Shop around. Companies in Birmingham, Michigan are competing for your business. Stop by and meet the agents. Get quotes online or by phone. Quotes are free and help you categorize your options according to your budget.
  • The economic rules of Insurance can cause higher priced companies to lower their rating due to pressure brought on by consumer choice.
  • Shopping for insurance will never be as exciting as shopping for shoes, but by becoming knowledgeable about which questions to ask – you will find the best fit.

Top Questions to Ask

By asking questions, you can chart the answers and have a comparable resource to help you choose the best home insurance coverage.

  • What losses does your policy cover? What loses are not covered by your policy?
  • The Michigan state law allows all companies to offer discounts on insurance coverage. Ask which discounts are available to you. Each one will save you some money.

Be sure and add Phil Klein Insurance Group in Birmingham, Michigan to your shopping list-we have you covered.

4 Things to Consider Before You Choose Commercial Insurance

Commercial insurance for small and large businesses is not a minor subject, but most owners likely see it as being no different than their utility bills. The truth is that commercial insurance is what keeps the lights on as much as the power bill does. It also does a lot more than that for the business owners of West Bloomfield, MI. Here are four things to consider before picking out a policy from your friends at Phil Klein Insurance Group.

Your Liability

Even businesses that only have one employee and no physical customers have an obligation to safety. The more people a business works with (either on the customer or employee side), the more the risk goes up. The liability you take on may be more than you think, this means you need to prepare for the worst if something happens to anyone. 

Your Back-Up Plans

Some people have intense backup plans when something goes wrong, but most don’t. Do you know how you’ll pay your bills if your building has to close for repairs? Or what will happen if your computer files are hacked? Insurance is the backup plan in the case of a disaster or accident in Birmingham or West Bloomfield, MI. 

Your Neighborhood

Some places are more prone to crime than others, but that’s not a reason to fear. Commercial insurance will protect your livelihood if someone does manage to make it onto your premises to wreak havoc. 

Your Insurance Company

Who you choose to provide your coverage matters. The Phil Klein Insurance Group has the staff and the resources to find the best commercial insurance policy for you. All you have to do is give us a call to find out more about what we do, and how we do it! Reach out to our agents and let the address any questions or concerns you may have.

Homeowner’s Insurance Might Not Cover Removal of Dangerous Trees

Preventing damage from occurring to your home helps keep your home safe. However, that doesn’t mean the work needed to prevent damage will be covered by homeowner’s insurance. For example, your current policy might not pay for a dangerous tree to be removed before it topples onto your home. It would be wise to speak with an insurance agent, such as the Phil Klein Insurance Group, to ensure you have adequate coverage for surprises like this in Bloomfield Hills, MI.

Removal vs. Repair

Homeowners often don’t realize that the removal of dangerous trees isn’t covered by their homeowner’s insurance because that same policy often covers damage from a fallen tree, or tree removal once the tree falls. For some policies, removing a dangerous tree may be viewed as maintenance that the homeowner is responsible for, rather than an actual claim. If it can be proven that the tree became dangerous despite the homeowner’s best efforts to protect the tree, then the policy could conceivably pay for removal. But this is not guaranteed.

You can avoid this mess by re-evaluating your homeowner’s policy and discussing ways to make the policy broader and more likely to cover situations like tree removal. There are still situations in which policy might not cover the removal; for example, if it can be proven that the tree’s condition was the result of bad care from a landscaping company, then you need to deal with the landscaping company.

But to ensure that removal would be covered in cases where it wasn’t clear why the tree became dangerous, speak with an insurance agent serving Bloomfield Hills, MI, such as the Phil Klein Insurance Group. Our agents can help you create a homeowner’s policy that will be more proactive.

Do I Have to Insure a New Vehicle I Just Bought Before Driving it Off the Lot?

If you are looking to buy a new car in West Bloomfield, MI, you may wonder how car insurance works when you buy a new car. Obviously, you cannot add a new car to your policy before you go to the lot, as you won’t know what you are getting and the VIN. And you may be a car on a day or time when your insurance office is closed. This may leave you wondering if you have to insure a new vehicle you just purchased before you drive it off the lot. Here is some information you will want to know.

Insuring the Car

If you already have an insurance policy, it likely covers brand new cars for a brief period. This may be anywhere from 48 hours to five days, depending on the insurance company. This gives you time to add the car to your insurance policy. Regardless of how long you have to add the car, it is always wise to add the car to your existing insurance policy, or take out a new policy for it, as quickly as possible after buying the car.

Call Your Insurer

If you plan on buying a new car, give your current insurer a call. Ask them how long you are covered under your existing policy if you buy a new car. Secondly, if you know what types of car or cars you are interested in buying, ask them to give you a quote. This helps you to know approximately what your insurance costs will be, so you can appropriately negotiate a car payment amount that fits within your budget at the dealership.

If you are in need of a new auto insurance policy, let Phil Klein Insurance Group, serving the greater West Bloomfield, MI area, help you. Contact our office today to get a price quote or begin the paperwork for a new policy.

How Much Life Insurance Does Your Family Need?

Deciding how much life insurance coverage to take out can be complicated because your family’s needs will change over time. You may purchase a new or more expensive home. Marriage, children and the changing needs of you and your loved ones could require additional coverage. At Phil Klein Insurance Group, our professionals are available to help members of the Birmingham, MI community select a policy that meets your needs. We’ll work to answer questions and help you with a life insurance policy that ensures financial security.

How Much Life Insurance Is Adequate?

Some people follow the simple rule of multiplying their income times 10 and stick with that figure. Regarding uncomplicated approaches, it’s not without merit. If you earn $100,000, then $1 million in coverage seems reasonable on the surface. After all, your mortgage and expenses should be in line with annual income. That figure should allow a spouse to pay off a home and provide living expenses for several years. But what about children and college tuition?

The cost of caring for a child from birth to 18 years old can exceed $300,000. College tuition currently hovers at around $30,000 per year, and that does not include living expenses. Those two expenses alone will cut the $1 million life insurance coverage nearly in half. Factor in paying off a mortgage, the high cost of health coverage and unforeseen expenses and the Times 10 rules appears strangely inadequate.

To calculate adequate life insurance coverage for the people left behind, you’ll need to account for many things that are unique to you and your loved ones. It’s also imperative to reconcile today’s costs with future increases.

At Phil Klein Insurance Group, we are committed to serving the good people of Birmingham, MI. Our professionals are available to create a life insurance policy or update an existing one that provides your family with secure coverage. You’ll sleep better knowing that a comprehensive policy is in place.

Homeowners Insurance: What is covered?

Homeowners insurance can be tricky to calculate.  There are several questions to answer about what is covered and what should be covered.  The professionals at Phil Klein Insurance Group in West Bloomfield Hills, MI have put together a list with short explanations of what exactly is covered by homeowners insurance.

The structure of the Home – The structure of your home is insured should an insurance covered disaster strikes, such as a fire or storm.  The amount of coverage is the dependent on the total cost to rebuild the existing home.  To calculate this amount, it is important to not add the value of land or to assume the amount paid for the house is the amount the structure would cost to rebuild.  Depending on the bank, some banks require that the homeowner’s insurance at least covers the cost remaining on the home mortgage.

Personal Possessions – Typically, the amount of insurance that is dedicated to personal possessions within the home equals about 50% to 70% of the total amount dedicated to rebuilding the structure of the home.  It is important to regularly conduct an inventory of everything in the house and determine how much it would cost to replace each item.

Additional Living Expenses – This part of the homeowner’s insurance covers the cost of living if the home is inhabitable while repairs are being conducted.  A normal policy covers about 20% of the amount that is dedicated to the structure of the home.  If part of the home is rented, then this part of the homeowner’s insurance would cover lost income.

Liability – The liability portion of homeowners insurance covers the insurance holder against any lawsuits that may arise from damages that your property may cause to other people.  The minimum amount to be insured for is $100,000.  Typically, though, the recommended amount is between $300,000 and $500,000.