Should Roommates Share Renters Insurance?

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Most insurance companies allow renters to share insurance policies, which benefits renters by splitting the cost. However, sharing a policy may not be the best decision in all circumstances and can be detrimental, so consider your options before making the choice. If you are considering renters or other insurance, our High Favor Insurance Agency team, serving Birmingham, MI, and the vicinity, can offer assistance.

Roommates Sharing a Renters Insurance Policy

Roommates sharing a renters insurance policy can save money and be more convenient. A shared policy allows roommates to share the costs, but the cost savings are relatively minor since renters’ insurance is relatively inexpensive in Michigan. It averages $28 monthly for $30,000 of personal property protection and $300,000 in liability coverage, with a $1,000 deductible.

While everyone wants to save money, complications can result when one roommate moves out. You will need to remove the roommate from the policy, potentially transfer the payment, and decide who pays future premiums.

While those are inconveniences, the more important issue results when one roommate makes a claim. Claims become part of the seven-year insurance record for everyone party to the policy. That means your roommate’s claim becomes part of your long-term insurance record.

These issues may not be a problem if you know your roommate well and are confident in their reliability. However, that is not always the case. Shared insurance policies result in shared legal obligations, so you may prefer to pay slightly more to maintain legal separation.

Insuring with the High Favor Insurance Agency

The High Favor Insurance Agency serves the Birmingham, MI, area, and will gladly develop an insurance plan to meet your needs. Call us at (248) 765-8675 or stop by our office to protect yourself and your possessions.

Auto Insurance and the Elderly Driver

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Obtaining auto insurance in your later years can be a complex process. Some companies offer discounts to drivers over 55, recognizing their years of driving experience. However, statistics show that drivers over 65 experience higher fatal crashes per mile than most other age groups, second only to teenagers. While it was once common for insurers to refuse coverage to drivers over 75, this has been deemed discriminatory and is no longer legal. While age brings experience, it can also bring physical impairments that affect driving skills. Here are some tips on maintaining insurance coverage in your golden years.

Prepare for Testing

You may need to prove that you’re still a capable driver. This could involve both simulated driving tests and on-road driving tests. You might also need to take a written test, so consider reviewing a driver’s manual to refresh your knowledge of road rules. Consider taking a driving course. Not only will this help you become a safer driver, but some insurance carriers may offer a discount for course completion. You’ll likely be required to take a vision test. If you need corrective lenses, this will be noted on your license.

High Favor Insurance: Serving Birmingham, MI

If you’re in the Birmingham, MI area and need auto insurance, please get in touch with High Favor Insurance. Regardless of your age, our friendly and knowledgeable agents will guide you through the process of finding the policy that best suits your unique needs.

Which Primary Policies Should You Add Umbrella Insurance To?

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The benefits of umbrella insurance are substantial. This policy provides an extra layer of security, protecting your assets and income and offering peace of mind. If you’re considering adding umbrella insurance to your coverage, remember that it must be applied to one of the following primary insurance policies.

Homeowner Insurance

As a homeowner, umbrella insurance can supplement your homeowner insurance policy once you’ve exhausted your liability coverage on your primary plan. This covers any instances where you’re found liable for incidents occurring on your property. It also helps protect your personal assets and income, preventing you from paying out of pocket or selling your property.

Auto Insurance

Similarly, umbrella insurance can supplement your auto insurance policy. If you’re found liable in an incident while driving your car, umbrella insurance provides an extra financial cushion. This is particularly useful in auto accidents involving multiple parties and extensive damage.

Renters Insurance

Even if you don’t own a home, renters insurance provides protection as a tenant. If an accident occurs where you’re found liable for damages, the homeowner will not be responsible. With umbrella insurance, you’ll have additional financial coverage to pay for damages and expenses related to the incident.

Commercial Insurance

Whether you run a small business from your home or have a separate commercial property, it’s important to protect your business assets with an umbrella insurance policy. Damage caused by equipment, employees, or your property can be extensive. An umbrella insurance policy can protect your business and your investments.

If you live in the Birmingham, MI, area and want more information on umbrella insurance, contact High Favor Insurance today.

Are you a candidate for renters insurance?

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At High Favor Insurance of Birmingham, MI, we understand that insurance needs to change as your circumstances in life change. This happens with car insurance, life insurance, and homeowners insurance. There may be circumstances when renters insurance may be beneficial.

What is Renters Insurance?

Renters insurance is an insurance product that protects your personal possessions and more while you rent your living space. It covers items like furniture, clothing, housewares, bedding, and some electronics from common perils like theft, fire, and vandalism. It may even include a liability coverage element. It does not, however, cover the structure or common areas of your rental space. Here are some instances where you may be a candidate:

Going off to College

Students often have a house, an apartment, or a room, whether on-campus or off. College students are candidates for renters insurance.

Downsizing Seniors and Retirees

As older Americans approach retirement, many choose a more maintenance-free lifestyle of renting a home, condo, or apartment. Renters insurance can protect personal property and even cover liability injury claims.

Divorces

Married adults can find themselves as candidates for renters insurance should they get separated and live in separate places.

Young Couples

Young couples will often rent while they save for their own homes. Renters insurance can help prevent them from taking a step back in a loss.

Relocating

It can be an excellent idea to rent for a while after relocating for a job. This can give you time to explore more permanent housing options while getting used to your new city.

High Favor Insurance can Answer your Insurance Questions.

High Favor Insurance of Birmingham, MI, is here to answer your questions about renters insurance if you become a candidate to rent. Contact us for your free price quote today.

Does My Insurance Cover Me When Somebody Borrows My Car?

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Understanding Guest Drivers and Your Car Insurance

Lending your car to a friend is a favor that can backfire. Here are the answers to the most frequently asked questions we get about guest drivers at High Favor Insurance from Birmingham, MI, and all over Michigan.

Whose Policy Covers a Friend I Let Drive My Car?

Your policy provides liability protection for your car if:

  • Your friend is a licensed driver.
  • They have a Michigan license.
  • You give them permission to drive your vehicle.
  • Your car is registered and licensed in Michigan.
  • The guest driver is not specifically excluded from your policy. Your agent can confirm whether they are or not.

Because Michigan is a no-fault state, their policy covers your car when:

  • Your guest driver has a Michigan license.
  • They maintain or are included in a Michigan auto insurance policy for their own car.
  • Your policy does not otherwise apply.

Situations to Avoid

The situations you want to avoid are:

  • Lending your Michigan-licensed car to someone who lives in an at-fault state, a state with a different kind of auto liability.
  • Lending your car for out-of-state travel.
  • Lending your car for business activity, such as an errand for a home office, Uber or Lyft, commercial hauling, or visiting clients. In this case, commercial coverage is necessary. Neither your nor their personal policy would pay.

It is always a good idea to contact your agent at High Favor Insurance before lending your car.

High Favor Insurance is your one-stop source for all of your insurance needs in Birmingham, MI, and the state. Call us today for the coverage you need!

How commercial insurance can save your small business

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Given that 99.9% of all businesses in the US are small businesses, ensuring their security is vital. High failure rates amongst small businesses can be mitigated by obtaining appropriate commercial insurance. As independent insurance agents at High Favor Insurance in Birmingham, MI, we work in our customers’ best interests. We recommend various insurance lines that are beneficial to you and your business.

Commercial Liability Insurance

As a small business owner, you have invested significantly in your business’s success. The more prosperous you become, the higher the risk of dealing with lawsuits. Liability insurance can save your small business from possible legal threats. Commercial liability insurance covers you up to your policy’s limit and aids with accumulating legal fees.

Commercial Property Insurance

Commercial property insurance isn’t merely about the physical structure. If you own the building, it covers both the building and its contents. If you’re renting, it covers the contents. This insurance safeguards all the assets required to run your business. If you are a plumber, it covers your tools, inventory, and all necessary business things. If you own a small factory, it covers machinery, inventory, raw materials, office equipment, and records.

Business Interruption Insurance

This kind of insurance helps provide the cash necessary to pay bills and salaries when your business is shut down due to a covered event.

For the right commercial insurance to safeguard your small business, consider High Favor Insurance in Birmingham, MI. Contact our office today.

Recreational Insurance for All Your Toys

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When it is time to up the ante on fun, there are few better options than your favorite recreational vehicle. From golf carts to snowmobiles to dirt bikes, jet skis, and more, recreational vehicles offer fun, excitement, and adventure like few things can. The bad news, however, is that these often exhilarating machines can also present more than a few risks, which is why recreational vehicle owners in and around the Birmingham, MI, area turn to the experienced, professional, and friendly agents at High Favor Insurance for all their recreational insurance needs.

Recreational Insurance for All Your Toys

In most cases, we enjoy the fun and all the action our recreational toys offer without any problems, but sometimes, accidents happen. When those accidents result in damages and expenses, though, that is also when your recreational insurance policy will be appreciated most. It also doesn’t matter what type of recreational vehicle or vehicle you own because you can protect all your powered toys with the right recreational insurance policy. From risks like theft to accident damage and more, having insurance for your recreational vehicles is an excellent way to protect your toys and your fun.

Insurance for Your Fun and Recreational Vehicle in Birmingham, MI

If you live in the Birmingham, MI, area and have questions about recreational insurance for your recreational vehicle or need coverage and protection for your recreational vehicle, we can help. Contact us to learn more and schedule an appointment today for the insurance solutions you need to protect your fun and recreational vehicle at High Favor Insurance. Recreational vehicles are designed for fun, and at High Favor Insurance, we provide insurance designed to protect you and your recreational vehicle.

Does Condo Insurance Cover Natural Disasters?

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Like home insurance, condo insurance is a crucial part of protecting your property in the case of a natural disaster. However, there are limitations to what the policy will cover. Owners located in the Birmingham, MI area should ensure that they have proper coverage, as it’s common for tornadoes, storms, and flooding to occur. Our team at High Favor Insurance wants to ensure that you get coverage that fits your needs, and we’ll walk you through what condo insurance covers.

What Natural Disaster Policies Cover

Condo insurance policies will include coverage for a natural disaster up to a certain amount. A few factors, including your area, the type of natural disaster, and your policy plan, determine this amount. Generally, policies will include coverage for hail, wind, storms, etc. However, natural disaster policies often don’t include earthquakes or flooding.

Condo insurance differs slightly from home insurance as it can cover damage due to a neighboring unit. This means that if a natural disaster damages an adjoining unit and affects your property, you’ll be covered.

How to Get Fully Covered Condo Insurance

To ensure that your property is protected, adding additional insurance policies to your condo plan is advisable. Flooding is often common in the Birmingham, MI, area, and it can wreak havoc if it significantly damages your home. By taking proactive steps and discussing your options with a professional at High Favor Insurance, you can determine your eligibility for additional plans, giving you peace of mind.

How We Can Help

Natural disasters can affect anyone anywhere, and without proper coverage, you could be looking at substantial damage without any coverage. Speaking with a High Favor Insurance team member can ensure your condo is protected. We’re here to provide you with the peace of mind that comes from knowing your property is secure. All you’ll need to do is contact us today, and we’re ready to help.

Does RV Insurance Covere Severe Storm Damange

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There’s no disputing it: severe storms are becoming more frequent and intense, especially during certain times of the year. If you use your RV during these periods, it might be at risk of serious damage. Protecting your RV in Birmingham, MI, or wherever you adventure safeguards your investment. High Favor Insurance can assist you in finding the most suitable insurance to cover your RV.

Does Your Policy Provide Comprehensive Coverage?

Answering this question is extremely crucial. The comprehensive part of your policy covers non-collision-related risks, including damage from hail, wind, and other storm dangers. However, having a comprehensive component in your RV insurance might not provide enough vehicle coverage. You need to scrutinize the policy’s language to understand which hazards it covers. While it might mention storm damage cover, some policies may only repeatedly cover damage to awnings or roofs, not covering other parts of the vehicle. Inadequate coverage could end up costing you thousands of dollars in out-of-pocket expenses if your vehicle undergoes damage from an uncovered peril.

What Should Be Included in My Policy?

When considering storm damage coverage for your RV, you should aim for more than just coverage for roof panels torn off by wind. Leaks sometimes flood the interior, causing damage to electronics, furniture, clothes, and everything else inside. Damage from hail, trees, falling branches, and more can lead to dents, shattered windshields, and other unforeseen damages. If you explore extensively during the storm season, you might want to include language that is as comprehensive as possible to cover all potential risks.

Working with High Favor Insurance, which serves residents of Birmingham, MI, will equip you with an RV policy that suits both your needs and budget. Get in touch with our agents today to embark on obtaining a comprehensive RV insurance policy.

Will My Insurance Cover Me If a Driver Is Uninsured?

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Like most other states, Michigan requires you to have auto insurance if you plan on driving there. But as with many other laws, just because there’s a rule in place doesn’t mean that everyone you encounter will follow it. Unfortunately, accidents happen, and the law can become involved if someone doesn’t have auto insurance. In scenarios like this, asking if my insurance will cover me if the other driver is uninsured is important. If this is something that you’re curious to know if it happens to you, here’s what you need to know about coverage in areas like Birmingham, MI, and why it’s crucial to get the right coverage with the assistance of High Favor Insurance. 

Believe It or Not, You May Not Be Covered If You Collide With an Uninsured Driver

Michigan has auto insurance laws, but this only requires policies to feature personal injury protection, property protection insurance, and residual liability insurance coverage. Beyond this, things like being covered if you’re involved in an accident where the other party is uninsured or an underinsured driver are not covered. These policy features are optional, meaning you won’t be covered by bare-bones auto coverage. As you shop for auto insurance, keep this in mind and ask for this add-on so that you can have some additional financial support should the other driver not be able to cover the costs of your injuries. 

Streamline Auto Insurance Shopping With High Favor Insurance

Car insurance policies can be complex and nuanced, which is why we’re here to help you better understand and navigate the process of securing the right auto insurance policy. If you live in the Birmingham, MI, area or surrounding areas that we also serve, compare quotes with us today and contact us if you have specific concerns, like which type of optional insurance add-ons you might need!