Is umbrella Insurance Worth It?

The best umbrella insurance policies cover various scenarios, like theft, fire, or windstorm. These policies also protect against floods, earthquakes, and hurricanes. A typical homeowner’s policy only covers the value of your home and its contents up to a certain amount. 

For example, if you have a $300,000 home, your coverage might be limited to $250,000. If a storm damages your home and its contents for $200,000, you have a $50,000 gap in coverage. If bad things happen, you can use an umbrella policy to fill that gap and protect yourself from paying out-of-pocket. Operating in Clarkston, MI, The Ryan Insurance Agency will get you started. 

How Does Umbrella Insurance Work?

Umbrella insurance provides a level of protection against the risk of an umbrella policy not paying out. The amount covered can be high, up to a certain limit. Some common areas of umbrella insurance are car and home insurance, life insurance, disability insurance, and disability protection. 

Umbrella insurance is an optional coverage that you can choose to add to your homeowner’s insurance policy. If you have a $400,000 home, for example, and your umbrella policy limits payouts to $1 million, you are protected from covering the remaining $600,000 out of pocket. Umbrella insurance can be especially useful if you live in an area with an exceptionally high risk of hurricanes or earthquakes. 

The Bottomline

The limits on umbrella policies vary by state, so it’s worth contacting a few carriers to find out about your options. You may also consider purchasing additional coverage to protect your assets if you wind up in a car accident. Umbrella insurance is most effective when purchased early in life, so it will still be valuable when you need it the most. 

When selecting an umbrella policy, make sure it covers all the bases. You don’t want to be responsible for paying out benefits when you’re not financially able to. Shop around to different insurers and find out which one offers the best value. Stay away from the lowest-cost option and opt for a higher-cost policy with a “skin in the game” so you won’t be surprised by a large payout if you’re in an accident. For help, consider The Ryan Insurance Agency, a firm serving in Clarkston, MI.

Pros and Cons: Term Life Insurance

When it comes to life insurance, term life insurance is one of the most straightforward policies to understand. You choose a period – usually 10, 20, or 30 years – that you wish the policy to be active and how much coverage you would like to purchase. Should you pass away during the active period of the policy, your named beneficiaries will receive their portion of your death benefit. Because term life insurance is only valid for a specific number of years, it is less expensive and more easily attainable than whole life insurance. When shopping for life insurance, you’ll want to determine how much coverage you need to purchase.

Recently, many financial professionals recommend that customers use the DIME method to determine how much coverage is needed. DIME is an acronym that means Debt, Income, Mortgage, and Education. Start by adding your debts that will need to be paid when you die, including credit cards and student loans. Next, you’ll look at income, any remaining mortgage balance, and future educational needs, such as funding college for kids.

While there are numerous benefits to term life insurance, it has disadvantages. If you pass away outside of the policy period, you will not receive any death benefits. It does not include a cash value component like whole life insurance does.

Life insurance does not have to be complicated. No one understands the different policies and their complexities better than the knowledgeable professionals at The Ryan Insurance Agency in Clarkston, MI. Call us today to schedule a no obligation and complimentary consultation to learn more. 

Safety Tips for Newbie Motorcyclists

Riding a motorcycle is a thrill, but it is also dangerous. If you are a first-time motorcyclist, you’ll want to do everything to maximize your safety while enjoying the open air. While avoiding dangerous situations is impossible, you can take steps to ensure that you have a safer motorcycle experience. When you begin riding, you’ll want to choose the right motorcycle for your needs and experience level. Start by identifying your reason for riding, such as commuting to work, joy rides on the weekend, or racing on a closed track. Once done, you’ll want to work with a reputable motorcycle dealership to select a bike that is right for your needs and your height and weight. 

As a new motorcyclist, you’ll always want to have the acronym ATGATT in your mind. ATGATT stands for All The Gear, All The Time. Equipment must-haves to keep you safe include a DOT certified or compliant helmet, a motorcycle jacket made from synthetic material like Kevlar to keep you safe in an accident, appropriate gloves, closed-toe boots, and motorcycle pants.

Specific to insurance, Michigan state law requires that any operator of a motorcycle carry at a minimum the below liability coverage:

  • $50,000 for a person who is hurt/killed in an accident
  • $100,000 for each accident if multiple people are injured/killed
  • $10,000 for property damage

Many motorcyclists find these minimum requirements inadequate and opt to purchase additional coverage for extra peace of mind. At The Ryan Insurance Agency in Clarkston, MI, we’ll work side by side with you to find the right motorcycle insurance policy for your needs that help keep you, your passengers, and other motorists safe. 

Boat maintenance for lake vessels

The Ryan Insurance Agency is here for the boat owners in the Clarkston, MI community. Our team understands how much enjoyment a boat can bring to our clients’ lives! Here are a few maintenance tips for your lake vessels that we hope you find useful.

Maintenance tips for lake vessels

While boats used in freshwater don’t require as much hands-on attention and care as those used in saltwater, it is still important to keep your vessel well-maintained. Here are a few tips that can help you keep your boat in top condition:

  • Keep it clean. Be sure to rinse and wash your boat regularly, and keep it free of algae, slime, and other dirt.
  • Pay attention to the motor. Be sure to check your motor regularly. This can help prevent small problems from turning into larger ones.
  • Be sure to winterize your craft before storing it. Don’t just put your boat away for the winter without any attention. Give the engine a once-over and drain any fluids that could freeze. Be sure that the cabin area is clean and free of any trash, leftover food, or other detritus. 

By practicing good boat maintenance habits, you can be sure to enjoy your time out on the water for many years to come! Most importantly, be sure to have insurance coverage that will keep your boat protected, no matter what comes your way.

Find out more about comprehensive boat insurance today

The Ryan Insurance Agency offers a variety of boat insurance policies for boat owners in the greater Clarkston, MI area. If you would like to find out more, just call or stop by our local office today!

What every homeowner should know about umbrella insurance

Personal umbrella insurance is a complicated policy designed to provide an extra layer of liability protection to your existing policies. Many homeowners believe they don’t need the policy if they have home insurance until they’re sued for damages exceeding their home insurance liability coverage limits. If you’re looking to buy umbrella insurance in Clarkston, MI? Here is what you need to know about the policy.

You need home insurance to get umbrella insurance

Umbrella insurance is not self-sufficient. That means you need to buy home insurance before purchasing umbrella insurance.  In the event of an accidental injury or property damage, your home insurance will be used to pay for medical expenses or losses. Umbrella insurance only comes in if home insurance is inadequate to cover all the costs.

Your personal property is not covered

Umbrella insurance does not cover your personal belongings. That’s why The Ryan Insurance Agency recommends buying home insurance to protect your property. Umbrella insurance is only an extension of your home or auto insurance liability coverage.

Umbrella insurance is not the same as excess liability insurance

Many people in Clarkston, MI, often refer to umbrella insurance as excess liability insurance, but these are actually different types of policies. For instance, if you bought excess liability coverage on your home insurance, you’re likely to get additional protection in case a guest is injured in your home. However, you will not get coverage for libel or slander as it is not part of home insurance.

Malicious or intentional acts are not covered

If your child or another person living in your home attacks or damages another person’s property intentionally, both home and umbrella insurance will not cover the damages.

If you have more questions or need to buy umbrella insurance, you can always speak to our agents at The Ryan Insurance Agency, and they will be happy to assist you. Feel free to call us anytime.

The many benefits of commercial umbrella policies

The Ryan Insurance Agency can be relied on by Clarkston, MI area businesses for all of their insurance needs. If you are interested in learning more about the many benefits of commercial umbrella policies, we can help! Our team is knowledgeable and ready to help. Contact us today.

The many benefits of commercial umbrella policies

The main reason that business owners look into umbrella policies is to cover any gaps that may occur if their primary policies are exhausted. Most commercial insurance policies have lifetime limits, and once they are exhausted the coverage ends. Because of this, it is beneficial to have a supplemental policy that will kick in at this time. The main benefits of umbrella policies include:

  • Additional coverage beyond your primary commercial policy – in the event that your primary policy is exhausted by covered events, your umbrella policy will become active.
  • Protection can be tailored to your firm’s needs – these policies can be tailored to your company’s specific needs.
  • Peace of mind – your worries about a covered event exhausting your insurance protection will be no more.

These are just a few of the many benefits that you can gain from a commercial umbrella policy. Meeting with a local agent can help you to better understand how these policies work and if they are appropriate for your situation. 

Want to learn more? Call us today!

The Ryan Insurance Agency is here for Clarkston, MI area business owners. Call us today to set up your appointment and we can review the many ways that a commercial umbrella policy can help you. We look forward to working with you!

When Should You Buy Life Insurance?

Life insurance is never a priority for most people in Clarkston, MI. Specific age calls for specific financial planning, which makes it challenging to prioritize life insurance. In your 20s, you’re a graduate looking for a job, in your 30s, you’re already married with a mortgage, at 40, you’re planning your estate, and at 50, you’re thinking about retirement.

 At the Ryan Insurance Agency, we advise our customers to buy life insurance anytime they feel they have a reason to do so. Of course, there is no right time to get the policy, but there are a few questions you need to ask yourself when deciding to buy life insurance.

Do you need life insurance in your 20s?

There are so many reasons to buy life insurance at this age. Your responsibilities are fewer as you’re just settling into adult life. You’re young, strong and healthy, meaning that you will pay lower premiums than older adults.

Do you have debts that will take a long time to pay?

If you have long-term debts like a mortgage, you can buy term life insurance to help pay back the debts to avoid burdening your loved ones when you’re gone.

Do you have children or plan to have a child?

If you’re looking forward to being a parent, you now have someone depending on your income to live.  Being a parent comes with many financial responsibilities, and if something happens to you, your children will feel the weight of taking care of themselves.

Is your job high-risk?

Life insurance is designed to protect your family financially if something happens to you. If you work in a dangerous environment, you have a higher chance of dying than someone working in an office. If your Clarkston, MI employer hasn’t organized your life insurance already, you might want to buy ten times your annual income as your death benefit.

Don’t forget to seek advice from a professional at The Ryan Insurance Agency to examine and analyze your life insurance needs. We also help take you through the purchase process so you can have the peace of mind you deserve. Call us today!

How Does Auto Insurance Work?

Standard auto insurance is required in most states, meaning that driving without car insurance is illegal. The purpose of car insurance is to provide drivers with financial protection in the case of a car accident. An auto insurance policy is defined as a contract between a car owner and the insurance company. In exchange for your monthly premium payment, the insurance company will cover your losses as determined by the policy. 

There are different types of auto insurance:

  • Liability coverage. It helps cover damages for property damage and injuries. 
  • Collision coverage. It covers damage to a car after a road accident involving another car. This coverage pays for repairs and car replacements. 
  • Comprehensive coverage. It pays for damage to your car caused by such incidents as theft, certain weather events, accidents with animals, and vandalism. 
  • Uninsured motorist insurance. Its purpose is to protect policyholders against uninsured drivers. 
  • Underinsured motorist insurance. It protects you in the event of a car accident with a driver who does not carry sufficient insurance. 

How Does Car Insurance Work?

In the event of theft or a road accident, you will need to contact your insurance company in order to start a claim. The company will review your policy and provides coverage for damages to your vehicle, property damage, and medical expenses. The amount you will receive depends on the type of car insurance you have and some other factors, including your deductible. 

The Ryan Insurance Agency in Clarkston, MI – Your Safety Is Our Priority

Are you shopping for car insurance in Clarkston, MI or any other nearby town? Then contact The Ryan Insurance Agency. We specialize in all types of insurance, including auto insurance as well. Our mission is to provide our clients with the best level of protection for a reasonable price. If you want to know more, feel free to visit our website or call us. 

Required Commercial Insurance in Michigan

Every state has laws about small businesses and what kind of insurance coverage they have to have. These are not the only insurance policies that businesses should have, however, they are just the ones that are mandated by Michigan law. If you want to know more about commercial insurance in the state, give us a call at The Ryan Insurance Agency in Clarkston, MI.

Workers’ Compensation

Workers’ compensation insurance is a type of commercial insurance that many businesses in the state are required to have. If a business has at least one full-time employee, it must carry this insurance for that employee. This coverage pays for the medical bills that result from an employee becoming injured at work or developing an illness from their work. This protects you as the business owner by paying those medical bills, which can be extremely expensive. It also protects you from lawsuits after an injury happens or illness develops. 

Commercial Auto Coverage

Any vehicle that is owned by a business in Michigan must have a commercial auto insurance policy on it. The state has requirements for the types of coverage that must be included as well as the minimum amount of coverage for each of those categories. It has an amount requires for bodily injury for one person injured in an accident, another amount required for bodily injury liability for everyone who is injured in an accident and another amount required for property damage liability for each accident. While there are minimum amounts required, it’s often a good idea to add to that coverage to make sure you can pay for injuries and property damage that result in an accident that was your fault. 

Get Your Commercial Insurance Policies

If you need commercial insurance to keep your business protected, give us a call at The Ryan Insurance Agency in Clarkston, MI.

How Home Insurance Protects You

If you own a home, it’s important that you have an effective home insurance policy for it for as long as you live there. If you need a home policy, give us a call now at The Ryan Insurance Agency in Clarkston, MI.

Risks to Your Home

When you own a home, there are many risks that can threaten it. There are disasters that can cause untold damage to a house. There are accidents that can cause just as much damage. There are calamities that can require a lot of repairs. When you have a home insurance policy, you have coverage against a wide variety of risks that can damage a house. Without this insurance, you would have to come up with repair funds, or even rebuilding funds, all by yourself. A home insurance policy covers your dwelling and takes care of those covered situations by paying for repairs. 

Risks to Your Finances

In addition to the risks that your home faces, you could face even more risks to your finances. If a third party is in your home and becomes injured or ill there, you can be found liable for all of the medical bills that result from it. With the high cost of medical bills today, these bills can be enormous. However, with a home insurance policy, those bills are covered. You won’t have to come up with the money yourself. Liability coverage is included in home insurance, and it can save you from incredibly high bills after an accident in your home. 

Get Your Home Protected

If your home doesn’t have a home insurance policy, don’t wait. Call us right away at The Ryan Insurance Agency in Clarkston, MI to find out more about these valuable insurance policies. Don’t be caught without insurance protection for your home.