A Valuable Asset Needs Protection – Purchase Home Insurance

Are you a homeowner or thinking of becoming one? Phil Klein Insurance Group can provide insurance to protect your most valuable asset. We serve the West Bloomfield, MI area.

Home insurance, also referred to as homeowner’s insurance, covers a private residence. It combines personal insurance as well as liability coverage. It covers losses occurring to the home, loss of its contents, and loss of use, which means if you cannot continue living in the house during repairs, hotel expenses are covered. The liability insurance portion is for accidents in the home to guests while visiting. Dog bites are included in this coverage.

There are some events not covered by homeowners insurance.

  • Acts of war
  • Earthquakes
  • Floods
  • Infestations, including termites
  • Mold
  • Nuclear accidents
  • Sewer backup
  • Water damage

Homeowners’ insurance should be a major consideration for everyone who owns a home. This coverage protects you against theft, fire, wind damage, and other weather events. It also protects the contents inside.

This insurance provides coverage for the main part of your home if destroyed or damaged by specific events such as natural disasters or bad weather.

The most comprehensive homeowners insurance policies have coverage for higher valued items and would cover these valuables outside of the home, including abroad.

Do you know that if you have a mortgage on your property, your lender will require that you carry homeowner’s insurance? Even if your home is mortgage-free, you may want this coverage. In the event of a lawsuit, you risk losing your home and property. The liability portion of the homeowners’ insurance policy will prevent that from happening.

Please don’t risk it. Protect your home with insurance. The Phil Klein Insurance Group can provide a no-obligation quote or answer any questions you may have. Contact our team today. You will be glad you did.

Protect Your Ride with Auto Insurance

Do you live in or near West Bloomfield, MI? If you are a driver, did you know it is against the law to drive without insurance? See the Phil Klein Insurance Group for a quote to ensure your protection.

Only New Hampshire and Virginia do not require drivers to have car insurance. It is unlawful in the other 48 states to drive without it.

If you cause an accident, you may be held responsible for any costs relating to it. Therefore, car insurance provides financial protection. It may cover an injured person’s medical expenses or their lost income if they cannot work and any legal fees that may result. Liability coverage can help pay for these expenses.

Most auto insurance policies include personal injury protection, bodily injury liability, property damage liability, comprehensive, collision, and uninsured or underinsured drivers.

Liability coverage protects you if you are at fault and cause damage to others and their property. Collision coverage protects your vehicle if you hit another car or non-moving objects, such as a fence or tree. Comprehensive coverage pays for damage due to a weather events, strikes, riots, malicious acts such as theft or vandalism, etc. This coverage pays for damage to your vehicle if it is just sitting in your driveway.

You need to maintain a car insurance policy to remain legal to drive. Without it, you risk losing your driver’s license and face hefty fines.

Don’t risk driving without this protection. The Phil Klein Insurance Group can answer any questions or provide a quote to get you started. Contact them today and protect your finances and driving record with this vital insurance. You will be glad you did.

Does the amount of life insurance you need change as you age?

You might wonder if the amount of life insurance you need changes as you age. Let Phil Klein Insurance Group answer that question with a resounding “yes.”

When you speak to a life insurance agent in West Bloomfield, MI about a policy, you will need to answer a few questions about your life that help determine what amount of insurance might suit you. These questions pertain to your marital or relationship status, number of children, other family members, etc.

Typically, single individuals need the least amount of life insurance. Unless you want to leave money for aging parents, you will only need to cover your burial.

Once you marry or enter into a serious relationship, you share a home with someone. That means you should provide life insurance that protects their financial security if you die.

Children aged 22 or younger also provide a reason to carry a larger amount of life insurance. You can name them a beneficiary on a life insurance policy that covers their schooling through college. When your children marry and have children, you might consider increasing your coverage to leave death benefits to your grandchildren.

You can also use life insurance to help cover the long-term care costs of an incapacitated family member. You can create a trust and place a policy that provides a death benefit to the incapacitated individual. This lets you provide for their care while controlling the payments via a conservator or the trust manager.

Contact Phil Klein Insurance Group, serving West Bloomfield, MI, for more information on life insurance. We’ll help you determine the amount that would best cover your needs.

Three things Michigan business owners should know about commercial insurance

If you’re a Michigan business owner, there are certain things you need to be aware of when it comes to commercial insurance. At Phil Klein Insurance Group, we can provide you with the information you need on commercial insurance in West Bloomfield, MI.

The following are three things Michigan business owners should know about commercial insurance. 

There are numerous types of commercial insurance for Michigan business owners.

To ensure that you’re entirely meeting your commercial insurance needs, you need to know about the various types available. These include liability, commercial property, commercial auto, workers’ compensation insurance, and more. 

Being informed about the different options and aspects of commercial insurance coverage will help ensure that you have invested in the coverage types most relevant to your company’s needs. 

Business owners need to understand their legal responsibilities regarding commercial insurance coverage. 

Companies may need to meet specific legal insurance coverage requirements depending on the type of business they run and the makeup of their business. You may need to carry certain types of insurance if you have employees on staff or if you use company vehicles as part of your operations, for example. 

Be sure that you’re meeting any applicable legal requirements with the commercial insurance that your company carries. 

Commercial insurance can protect Michigan business owners financially. 

You should carry enough commercial insurance coverage to protect your company’s assets. If you face a lawsuit, your company’s assets can be at risk. Make sure your company carries enough commercial liability insurance to protect the full value of your company’s assets. 

Are you interested in learning more about your commercial insurance options in West Bloomfield, MI? Get in touch with us at Phil Klein Insurance Group to learn more. 

What Is The Best Home Insurance Company?

There are many factors to consider when choosing a home insurance policy, including coverage amount, price, and provider. However, the most crucial consideration is whether the policy provides you with the coverage you need in case of a claim. 

You may find that a policy that costs a little more but has better coverage is a better choice than a cheaper policy that doesn’t meet your needs. With the help of our detailed reviews, you can select a policy that best suits your needs and meets your financial goals. Are you living in the West Bloomfield, MI area? Reach out to Phil Klein Insurance Group. 

What You Need to Know 

There are many companies out there, and each one offers different types of plans with varying levels of coverage at various price points. Many people are unaware that rates can fluctuate up to ten percent depending on the company and your profile. 

There are many things to look for when shopping for home insurance — from rates and coverage options to reputation and customer service. Choosing a home insurance company can be a daunting task, with many different options. However, the most important thing to remember is that you want to find the company that best suits your needs. 

Finding reviews that are honest and unbiased is essential. Finding the best home insurance company for your needs can be daunting, but there are steps you can take to ensure you’re getting the coverage you need at a price you can afford. 

Start your search by assessing your needs and situation, such as how much coverage you need, how much risk of loss you’re willing to take, and how much you’re ready to spend on your premium. Next, do your research, and shop around for the best fit. Best homeowners insurance companies include: 

  • Lemonade
  • USAA
  • Amica
  • Allstate
  • State Farm
  • Nationwide
  • American Family
  • Erie Insurance

Contact Phil Klein Insurance Group for inquiries in West Bloomfield, MI.

What Are The Different Types Of Life Insurance?

Term insurance, permanent/whole insurance, endowment insurance, and pension plan are the main types of life insurance. But you commonly come across permanent insurance and term insurance. Premiums are typically cheapest when you’re younger and increase as you grow older. 

It typically comes with higher upfront costs and higher premiums. One of the easiest ways to start researching life insurance is to visit Phil Klein Insurance Group in West Bloomfield, MI. 

What Do the Types of Life Insurance Mean? 

Term life insurance is a form of financial insurance that helps protect your family if you cannot work because of death or disability. It has a fixed duration and will not last your entire lifetime. It’s focused on safety, while permanent policies often have a riskier approach to investing. 

Whole life insurance is a form of insurance you purchase to help provide financial security throughout your lifetime to your family. Level-term life insurance is a level of coverage that will last the policy term. Graded whole life insurance provides a higher level of coverage at a certain age. Various types include: 

  • Term Insurance
  • Whole Life Insurance
  • Endowment Insurance
  • Pension Plan 

By selecting the right policy and provider, you can get the most out of your coverage and benefit your loved ones. With term insurance, you’re not paying into a savings account or securing a fixed rate of return. On the other hand, the spectrum, universal life insurance offers the most coverage but is also the most expensive. 

You can buy term or permanent insurance, sign up for a variable or fixed rate policy, and select individual or group coverage. There are also different insurance benefits, including final expense, co-habitation, accelerated death benefits, and guaranteed benefits. 

Conclusion

Permanent life insurance, often called "whole life" or "universal," provides lifetime coverage but may have a higher upfront cost. It has different coverages such as accidental death, critical illness, or supplemental. Where do you start? Contact Phil Klein Insurance Group serving in West Bloomfield, MI.

4 Times You Might Need Commercial Insurance

Every business owner needs to have some form of commercial insurance. This type of insurance protects you from any potential liability from running your business. There are a few different types of commercial insurance, and each one covers various risks. Here are four times you might need commercial insurance.

1. You’re an Employer

If you have employees or hired contractors for your own business, you need to protect yourself from any potential liability from those individuals. For example, if someone working for you got injured, they could sue you and claim that their injury resulted from employer negligence. Commercial insurance would protect you from that type of liability.

2. You Have a Retail Store

If you own a retail store, there’s a chance that someone could get injured while they’re on your property. For example, if a customer slips and falls, they could sue you and claim that the fall was due to your negligence. Commercial insurance would protect you from that type of liability.

3. You Provide Professional Services

If you provide professional services, such as consulting or financial advice, you need to be protected from any potential liability that could come from your work. For example, if you give financial advice to a client and lose money due to your advice, they could sue you. Commercial insurance would protect you from that type of liability.

4. You Have a Manufacturing Business

If you have a manufacturing business, there’s a chance that someone could get injured due to your product. For example, if you make a toy and a child gets injured while playing with it, their parents could sue you. Commercial insurance would protect you from that type of liability.

Are you looking to protect your business from potential liability? Whether you’re an employer, own a retail store, provide professional services, or have a manufacturing business, commercial insurance can help. At Phil Klein Insurance Group in West Bloomfield, MI, we offer a variety of commercial insurance policies to meet your needs and keep you protected. Contact us today to learn more about our products and get a free quote.

Does Home Insurance Cover Pet Damage?

If you love pets, you know how exciting it is to have an animal friend around you. However, sometimes your best friend can go rogue, causing damage and injuries. But the question is, does home insurance cover damages caused by your pet? To find out, Phil Klein Insurance Group of West Bloomfield, MI is exploring instances when home insurance comes to your rescue when your pet does the unthinkable.

Pet damage not covered by home insurance

When your cat or dog eats away your expensive sofa, you can start looking at your bank balance because home insurance won’t cover this damage. Similarly, home insurance will still not cover it if your pet causes injuries to you or your loved ones. Why this? The insurer assumes that you are fully controlling any pet that lives with you. So, if your cat rips through your couch, this could be deemed as damage caused by the property owner’s behavior!

Pet damage covered by home insurance

Home insurance covers pets, but not in the way you think. Unlike how home insurance covers your couch or sofa, the same doesn’t apply to your pets. What does this mean? Your home insurance doesn’t cover your pet when they are injured or fall sick — this is the work of pet insurance.

However, when your pet causes damage to other people’s property, home liability coverage kicks in. Similarly, when your pet injures a third party, home insurance covers the medical bills, including legal costs, if you are sued. And this coverage extends even when the pet causes injuries outside your property. For instance, home insurance should cover all the related costs if your dog bites a passerby when you are walking it.

Home insurance in West Bloomfield, MI

Need to learn more about home insurance? Want to invest in home insurance? Please look no further than Phil Klein Insurance Group.

4 Tips for Buying Life Insurance

Do you have life insurance? If not, then that’s a mistake. You need to protect your family and your hard-earned assets. However, sometimes buying life insurance can feel complicated. Here are four tips to keep in mind when you’re searching for the right plan.

1. Assess Your Current Financial Situation

The first thing you have to do is think about your current financial situation. As you’re assessing this, focus on the long-term picture, since that’s when you might need life insurance the most. For instance, maybe you’re planning for a child’s college tuition or thinking about retirement. These are things that usually happen years in the future, but they’re still part of your current financial situation. Make sure your family will have enough money to cover these costs when it matters most if something happens to you.

2. Choose a Life Insurance Policy Type

After assessing your current financial situation, you need to think about the different life insurance policies. There are two main factors that differentiate them: premium costs and death benefits. The type of policy you choose is up to you, but decide what works best for your budget and future needs.

3. Ensure You Choose the Right Insurance Company

After choosing a type of policy, it’s important to shop around for the best insurance company. Five factors are important in finding an excellent service provider: financial stability, customer satisfaction, product offerings, price, and policy features. Use this information to choose a company that will offer you peace of mind.

4. Be Honest in Your Application

When applying for a life insurance policy, be honest about your health and finances. This will ensure that you get the most accurate quotes on coverage. If you lie or leave out important information, there’s a good chance your application will be declined, which means no coverage at all. And if they find out after you have the policy, it could be canceled.

Need Life Insurance in West Bloomfield, MI

Life is unpredictable. You need to do what you can to protect your family if something happens. That’s why it’s so important to buy life insurance, even if the process seems complicated at first. Just follow these four tips, and you’ll be able to find the right coverage for your needs. Phil Klein Insurance Group is here to help you every step of the way when you’re buying life insurance. Call us to learn more.

Should I Upgrade my Commercial Insurance Policy?

Most things in life aren’t static — and your commercial insurance isn’t an exception. As your assets grow, profits soar, and the workplace enlarges, you should review your commercial insurance to ensure your current needs are well-protected. If you are unsure whether you should review your commercial insurance, Phil Klein Insurance Group of West Bloomfield, MI is here to guide you so that you can get the best bang for your bucks.

Change in employees

If you have more than one employee in Michigan, you must purchase worker’s comp insurance to protect them against illnesses and work-related injuries. While you may have started with a few workers, your business has now grown, and the workforce is a few times bigger. Have you updated your worker’s comp insurance? Your employee insurance should match the size of your workforce. Always talk to your insurer whenever you downsize or increase your workforce.

New assets

As your business grows, you always invest in new assets to support the growth. It could be new IT infrastructure, new furniture, or even a new office. Whenever you acquire new assets, always update the changes in your commercial insurance. This move is crucial to ensure you receive maximum compensation when theft or damage occurs.

Service offering changes

Adding a new product or service to your business means exposing you to new risks. While taking risks is an ever-present reality for business owners, you need insurance to cover every move you make. Talk to your insurance agent whenever you add or remove a product or service from your offering.

Learn more about commercial insurance in West Bloomfield, MI

There are numerous other reasons to review your commercial insurance. The best way to ensure you are optimally covered is to frequently chat with your insurance agent. If you are in West Bloomfield, MI and its environs, you can always contact Phil Klein Insurance Group for all your commercial insurance needs.