Michigan Auto Insurance Reform Update

Posted on December 16, 2019December 16, 2019 by Owen Rosen

Some Michigan auto insurance reform changes have already gone into effect. Others start in July 2020. With so many drivers unaware of the impact of the new law on their current car insurance policy, now is the time to review coverage. To help identify potential coverage gaps, please consider these questions:

• Are there drivers listed on your policy that do not reside with the named insured?
• Are there residents in the home that are not family members?
• Are there resident family members of driving age that are not listed on your policy?
• Is any vehicle on the policy owned by someone other than the named insured(s), spouse or resident family member?
• Does any driver not listed on the policy have regular use of one of the vehicles?
• Are any vehicles used for business purposes such as Uber or Lyft?

If the answer to any of these questions is “yes,” your existing policy may have a gap in coverage and needs to be reviewed immediately. Please call us at 248-682-7445 to begin your policy review today.

Why Commercial Insurance Is Necessary For Your Business

Posted on November 29, 2019December 1, 2019 by agentinsure

When a West Bloomfield, MI business is looking to become established, they will need to meet with Phil Klein Insurance Group to learn more about the necessity of commercial insurance. There are few investments that are more important when a new company is being started.

That’s why the top businesses in the region will always take the time to obtain commercial insurance. For starters, the establishment must ensure that they are protected from all of the usual losses that take place in these instances.

Whether the business experiences theft, employee injury or property damage, the commercial insurance policy offers the proper coverage. When a business has already obtained the correct insurance policy, they are able to receive the compensation that they need to move on from the losses that they sustain.

Without commercial insurance coverage, the company is taking a major risk. When theft, employee injury or property damage takes place, the company is placing themselves in serious jeopardy. In many instances, the business will no longer be operational. All it takes is one lawsuit to put a business out of commission for good.

When it comes to commercial insurance, there are three types for a client to consider: workers’ compensation, property insurance and liability coverage. All three forms of coverage are needed if the company is going to survive over the long haul. There are also additional forms of coverage that are more specialized in nature and an experienced agent will be glad to explain each of them to a West Bloomfield, MI client.

That’s what makes the assistance of skilled insurance agents so important. A client that is looking to learn more about the options that they have available to them from a commercial insurance standpoint will definitely want to take the time to visit the Phil Klein Insurance Group website as soon as possible.

Michigan’s Overhauled No-Fault Insurance Laws Take Effect July 1, 2020

Posted on October 30, 2019October 30, 2019 by Owen Rosen

On May 30, 2019, Michigan Gov. Gretchen Whitmer signed into law a bill that will bring sweeping changes to the state’s no-fault auto insurance laws. The primary goal of the new legislation is to reduce auto insurance premiums, as Michigan has some of the highest auto insurance rates in the nation.

Though the new legislation provides numerous changes to the auto insurance industry in Michigan, the following are the key takeaways:

•Drivers will no longer be required to purchase unlimited no-fault personal injury protection (PIP) benefits, which guarantee lifetime medical benefits for catastrophic crash injuries. After July 1, 2020, and through July 1, 2028, drivers may select their own no-fault PIP coverage. Under the new law, drivers may choose between $50,000 coverage (if enrolled in Medicaid or Medicare), $250,000 coverage, $500,000 coverage or unlimited PIP coverage.

•Once the new legislation takes effect, drivers could enjoy an auto insurance premium cost reduction depending on which PIP coverage they select. Note that all savings are limited only to the no-fault portion of a driver’s auto insurance bill (typically around 40% of the total premium), not the entire bill. Furthermore, the legislation does not address what the insurance providers may charge on other portions of insurance bills.

•A no-fault fee schedule was established to regulate the rates charged by medical care providers (e.g., doctors and hospitals) regarding medical care associated with auto accidents. Note that the fee schedule will not apply for the entirety of the first year the law is in effect.

•Drivers who choose any PIP coverage lower than unlimited will pay reduced fees to the Michigan Catastrophic Claims Association (MCCA), an entity that bears responsibility to pay catastrophic injury benefits.

•Insurance providers will be prohibited from considering “non-driving factors” when determining insurance rates. Those factors typically include sex, marital status, educational level and occupation. However, providers can still set rates based on “territories” of the state. For example, providers could set higher rates for those who live in a region in which there are heightened instances of accidents or car thefts.

We will continue to provide information as it becomes available.

Please contact us at (248) 682-7445 or info@philkleininsurance.com for more information.

Things home insurance doesn’t cover

Posted on October 16, 2019October 16, 2019 by agentinsure

When you own a home it comes with a lot of risks. Things happen and some of them are not good. Home insurance gives you peace of mind that if bad things happen you will be able to repair or replace what was lost. But, and this is a big but, not all things are covered by home insurance. In West Bloomfield, MI, the Phil Klein Insurance Group is there to help give you the information you need.

Wear and tear

Things wear out, your home insurance does not cover or replace things like your appliances, furnace or air conditioner when they wear out. It also doesn’t cover your 25-year-old roof that needs to be replaced.

Moving earth

Earthquakes and mudslides caused by earthquakes are not covered. Sinkholes are also not covered. You can buy a separate policy or an endorsement on your basic home policy to cover these.

Floods

Name: Phil Klein Insurance Group
Address: 7125 Orchard Lake Road, Suite 302, West Bloomfield, MI, 48322
Telephone: 248-682-7445

According to FEMA, floods are the most common natural disaster in the United States. They can be caused by so many different things, including hurricanes, tornados, Nor’easters, spring thaw, and storms. 26% of homeowners will experience some sort of flooding during a 30 year mortgage period compared to only 4% with fire damage. Home insurance does not cover flooding. You need to purchase National Flood Insurance.

Expensive jewelry and electronics

Homeowner’s insurance has set limits on the amount it will pay for jewelry and electronics. If you have items above the coverage limit the insurance will not give you the value of your items. You need to add a special rider.

If you think your coverage may be inadequate or you are a new homeowner, Phil Klein Insurance Group in West Bloomfield, MI is happy to talk to you about your coverage and what you may need to add to it. Give them a call or stop by their office for a no-obligation quote.

Does Auto Insurance Cover Damage to Your Car that Is Not Associated with an Accident?

Posted on September 30, 2019October 1, 2019 by agentinsure

Your auto policy covers a great deal in terms of damages to your car, including those damages that are not associated with an accident. There are some damages, such as damage from storms that is covered on your policy that does not relate to the car being in an accident. For those in the West Bloomfield, MI area, the agents with Phil Klein Insurance Group can help you go get your perfect policy.

Your auto policy is not limited to covering only collision in most cases unless you have collision only coverage. A typical auto policy might cover damage from storms, vandalism, break-ins and more when it comes to repairs. Your car is a very important part of your life and making sure it is fully covered is a must. Another thing to consider is that most cars are also going to have coverage for contents and that you can tailor your coverage to fit the car you have and what you would like your insurance policy to do.

With your auto coverage, your car is going to be covered for those events that are not accident related if you choose the right policy. a Full coverage policy for instance also includes replacing windshields in some states, it may cover damage from things falling on your car, it may cover hair damage, water damage in some cases, and more. It is always helpful to speak with an agent if you are unsure about what your policy covers and about what type of coverage you might benefit from most in your particular case.

For those in the West Bloomfield, MI area, the agents with Phil Klein Insurance Group can help you to find the perfect policy for you and for your car.

Don’t Make These Mistakes

Posted on September 26, 2019September 26, 2019 by Owen Rosen

You bought a term life insurance policy, checked it off your to-do list and tucked it into a drawer. You’re good now, right?

Not so fast. Click here for the most common mistakes.

Michigan Auto Insurance Reform (PIP) Part 1

Posted on August 28, 2019 by Owen Rosen

You’ve probably heard that the Michigan legislature recently passed significant changes to our no-fault auto insurance laws. You may have questions as to what the changes mean for you and your family’s insurance plan. We have answers and will continue to publish updates over time.

Most of the changes do not take effect until July of 2020 but the first change is effective now. The reforms revolve around the Personal Injury Protection (PIP) portion of the no-fault policy. In Michigan, PIP basically means medical payments required as a result of car accidents. The coverage is expansive though and can cover things such as renovations to a primary residence to make them accessible to the disabled, physical therapy, transportation to medical appointments, etc.

The first amendment clarifies the definition of the insured for PIP coverage to:
•the named insured(s)
•the named insured(s) spouse
•resident relatives (must be both a blood/legal relative and a permanent resident at the primary address)

Common situations that this will directly impact would be a boyfriend/girlfriend, fiance, children that no longer reside in the household of the insured parents, etc. Those individuals, if uninsured, would be limited to $250,000 medical coverage through an entity called the Michigan Assigned Claims Plan. Regular coverage has no dollar limit.

If you think you might be affected by these changes (whether you are insured by PKIG or not) please give us a call and we’ll walk you through what you need to know. If you have any other questions, please call for clarification. Stay tuned to this space and our social media for further updates and crucial information.

(248) 682-7445

info@philkleininsurance.com

Can More Than One Person Be Named As A Beneficiary On A Life Insurance Policy?

Posted on August 12, 2019July 25, 2019 by agentinsure

One of the best ways to protect your loved ones is to purchase a life insurance policy. Life insurance can give them the funds they need to pay bills and provide for their needs in the event of your passing. However, you may have questions about the policy and how many beneficiaries can be named if there are multiple individuals you would like to provide for in the future.

Can You Name Multiple Beneficiaries?

If you want to name more than one beneficiary on a life insurance policy, you will be pleased to know that it is indeed possible. There can actually be several and in some cases, a policy can be structured to give specific named beneficiaries a pre-determined amount. You can create a net of financial security that can protect all the individuals you wish to include. Keep in mind, however, that there are usually a set number of beneficiaries that you can name, so be sure to consult with your insurance agent prior to your policy purchase.

Getting The Policy You Need

In order to make sure that you get the type of policy you need to provide coverage for all those you care about, you should enlist the help of a licensed life insurance agent who can guide you through the process. They can also advise you about the number of individuals who can be named on your policy and the guidelines regarding splitting the claim money. If you are a resident in or around the West Bloomfield MI area, you should consult with the professionals at Phil Klein Insurance Group to get started with your life insurance purchase.

Protect those you love with a high-quality life insurance policy from Phil Klein Insurance Group. They are proud to serve those who live in the West Bloomfield, MI area. Call or stop by today to get more information or to schedule and appointment for a consultation.

3 Reasons To Update Your Commercial Insurance.

Posted on July 25, 2019July 25, 2019 by agentinsure

Phil Klein Insurance Group serves people in and around West Bloomfield, MI with the best in insurance services. We want our local businesses to be protected no matter what may come. One way to protect your business is by having the best commercial policy possible. Here are three tips for making sure you have the best policy for your situation.

Three Reasons to Update Your Commercial Insurance Policy Today:

A commercial policy is not like an auto insurance policy, it is very personalized to your business. if your business has gone through any changes over the past year it is important to update your policy by reporting these changes and protecting your assets.
You may have a new risk and need umbrella coverage. It is easy to just assume that you are covered enough, but if your business has just reached the public eye in a big way you have a risk of litigation that was not so high before. If your business has grown to new areas you are susceptible risks unique to that area, there are many reasons to discuss further coverage occasionally.
If you have changes in your personal life, it may affect your commercial policy. You want to update all policies when any big changes occur. Whether you are married and want to add your spouse to business documents, you adopted another dependent, or even move homes, report changes to your agent to see if it affects your policy.

Contact us a Phil Klein Insurance Group for all of your insurance needs in Bloomfield, MI. Do not let the asset that supports your lifestyle be at risk for a single moment this year.

3 Best Ways to Compare Home Insurance Policies

Posted on June 18, 2019June 18, 2019 by agentinsure

A typical homeowners insurance will cover damage to your property or it can also cover damages that occur on your property. Sorting through all the differences in what is covered can feel overwhelming and complicated. There are some ways to narrow down choices when you are shopping for insurance. Comparing things like costs, premiums, and what is covered is a good way to compare policies.

If you are looking for insurance for your home, Phil Klein Insurance Group in West Bloomfield, MI can help.

Premium vs deductible

Deductibles are simply the amount of money that is deducted from your insured losses. The premium is paid each month or year to maintain coverage. These are usually balanced in a way that if one is higher in cost, the other is lower. It is important to discuss how these two factors are calculated and affected by large natural disaster events.
Coverage

Based on where you live and specific policies available in your area, there are many options for types of coverage. Standard homeowners insurance may not cover certain events and separate policies may be required to make sure you are covered. Natural disasters, vandalism, and home plumbing emergencies are just a few typical occurrences that may or may not be covered.

Liability limit

Liability is part of homeowners insurance that covers damages or injuries to others on your property. This can vary between policies based on the exclusion of certain scenarios and events. This is one of the fine print details that can be good to look at when comparing policies.

It can feel a bit challenging when comparing home insurance policies. There is a lot of fine print, but researching what policies are available in your area can help you make good decisions. Phil Klein Insurance Group in West Bloomfield, MI can help with your home insurance needs. Agents will be happy to discuss the details of what is most important to you as far as coverage and cost.