Author: abraham

Many families and especially those who have just moved into new homes, for example, have questions about how to set up life insurance protection for their mortgage. Now, in the event that tragedy strikes the major breadwinner of a household, a life insurance policy can actually be used to pay off the mortgage and allow the family to keep, keep the home. Now, this type of policy is relatively straightforward and it can be easily purchased from just about any life insurance carrier. Now, the policy can also be part of the closing agreement on a new house, which usually means that premiums for the policy will be added to the monthly mortgage payment. Now, something that I want you to also take note of is a mortgage policy can be engineered to provide a monthly benefit to the surviving family in addition to paying off the house and this provides an extra financial cushion which I think is just a huge, huge plus. So before making any final decisions, be sure to talk to your insurance agent to determine what kind of policy properly protects your family.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. Home buyers often ask if a home insurance policy can simply be transferred from one person to another. Therefore allowing a new homeowner to begin making the payments when the old owner moves out. The short answer here is no, a home insurance policy cannot be transferred from one person to another. Each policy is unique and coverage rates really depend on a broad number of factors that change from person to person. Now, this isn’t necessarily a bad thing. Uh Let me go ahead and give you a quick example here. If the original homeowner is a college student and the new homeowner is a retiree, the rates will almost certainly be less expensive for the new homeowner right now. More importantly, every homeowner has a different set of coverage priorities, which means the specific coverages and amounts can vary significantly from one homeowner to another. And so before making a final choice on your coverage, be sure to speak with an insurance professional that can help you understand all of the rates and all of the options associated with your homeowners policy.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. At some point, most business owners will ask themselves, how important is it to carry a business insurance policy? I get it. This question is totally understandable, especially if you’ve never filed a claim. However, it’s important to remember that just because you’ve never needed to file a claim, doesn’t mean you never will. First off, you’ve got to keep in mind that some businesses are required to carry certain types of insurance. It’s an obligation to be insured. Secondly, operating without insurance, risks your livelihood, it risks the income of your employees and even the solvency of any other businesses that rely on you for service before making a decision on how to structure your business insurance. It’s worth taking a step back and taking account of all the even remotely possible situations that could cause your business to suffer. Once you’ve brought those up to your insurance agent, the good ones can help you shave any unnecessary costs out of your business policy while still providing solid coverage. So don’t be shy about letting them know that you have questions or concerns

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. Business owners often wonder whether or not life insurance can be claimed as a business expense on their taxes and the short answer is no because life insurance already benefits from a tax advantage status. It cannot be claimed as a business expense. However, there are a few instances in which it is possible to write off life insurance premiums as the business expense. If the life insurance policy is taken out on a key person in the business such as an owner or a partner, the premiums can be deducted. This is because the death of a key person in the business would have a negative impact on the company’s finances. Another instance in which life insurance premiums can be written off is if the policy is used as collateral for a business loan. In this case, the interest paid on the loan can be deducted as a business expense. This can be a helpful way to reduce the cost of borrowing money for your business and this can get tricky. So we always recommend consulting your insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit homeowners insurance is a vital element in any homeowner’s life and may help protect your home against various elements such as fires, theft, vandalism, storm damage, and many other occurrences. But don’t worry, our team of experts are here to help. Protection is our business and we specialize in being great at it. We’ll help you find a plan that best fits you and your loved ones needs, whether you’re a new homeowner and are not sure what kind of protection you need or a long time owner and are interested in learning of new opportunities. Come see us.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. At some point, most business owners will ask themselves, how important is it to carry a business insurance policy? I get it. This question is totally understandable, especially if you’ve never filed a claim. However, it’s important to remember that just because you’ve never needed to file a claim, doesn’t mean you never will. First off, you’ve got to keep in mind that some businesses are required to carry certain types of insurance. It’s an obligation to be insured. Secondly, operating without insurance, risks your livelihood, it risks the income of your employees and even the solvency of any other businesses that rely on you for service before making a decision on how to structure your business insurance. It’s worth taking a step back and taking account of all the even remotely possible situations that could cause your business to suffer. Once you’ve brought those up to your insurance agent, the good ones can help you shave any unnecessary costs out of your business policy while still providing solid coverage. So don’t be shy about letting them know that you have questions or concerns

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. Homeowners insurance protects your home from damage caused by perils like fire, wind and theft. But what about damage caused by wear and tear? For example, let’s say you need a new roof. Can your homeowners insurance policy help pay for it? The answer is maybe homeowners insurance policies typically cover sudden and accidental damage. So if a storm damages, your roof, your policy should pay for the repairs, but most policies will not pay for damage that occurs all the time such as wear and tear or or maintenance. That means if your roof needs to be replaced because it’s old and worn out. Your homeowner’s insurance won’t help pay for the repairs. But now some homeowners insurance policies include replacement cost coverage for the dwelling on personal belongings. This coverage will help pay to repair or rebuild your home if it’s damaged or destroyed regardless of the cost. So if you have replacement cost coverage and your roof needs to be replaced, your policy should kick in and help pay for the repairs. Replacement cost coverage is not included in all homeowners insurance policy. So if you’re unsure whether you have it, check your policy documents or call your agent to ask. It’s also important to remember that replacement cost coverage has limits like every other type of coverage in a homeowner’s insurance policy. So even if you have this type of coverage, your insurer will only pay up to the limit stated in your policy. That’s why it’s always a good idea to ensure you have enough coverage to rebuild your home entirely if it’s ever destroyed.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. Business owners often wonder whether or not life insurance can be claimed as a business expense on their taxes and the short answer is no because life insurance already benefits from a tax advantage status. It cannot be claimed as a business expense. However, there are a few instances in which it is possible to write off life insurance premiums as the business expense. If the life insurance policy is taken out on a key person in the business such as an owner or a partner, the premiums can be deducted. This is because the death of a key person in the business would have a negative impact on the company’s finances. Another instance in which life insurance premiums can be written off is if the policy is used as collateral for a business loan. In this case, the interest paid on the loan can be deducted as a business expense. This can be a helpful way to reduce the cost of borrowing money for your business and this can get tricky. So we always recommend consulting your insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Hi, this is Maureen. Stay tuned for another insurance tidbit. Homeowners insurance protects your home from damage caused by perils like fire, wind and theft. But does that coverage also include tree removal? And many homeowners are surprised to learn that their standard insurance policy does not cover the cost of tree removal. In most cases, this type of damage is considered preventable and as such, it is the homeowner’s responsibility to take steps to protect their property coverage. Depends on a few factors such as the type of tree and the reason for its removal. In general, most homeowners insurance policies will not pay for tree removal unless the tree poses a danger to the home or its occupants. If a tree falls on your house, your insurance policy should cover the cost of having it removed. But if you want to remove a tree because you don’t like the way it looks, you will have to pay for the removal yourself. Be sure to check with your insurance company before having any trees removed from your property.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.