Had Your Home Renovated? Should You Increase Your Home Insurance Coverage?

If you have renovated your home in the greater Grand Ledge, MI area, you may wonder if you need to increase your home insurance coverage. Here at Bye Financial Group, LLC, we would love to answer this question for you. Read on to find out the answer.

Renovations and Your Home

If you have completed renovations to your home, you will likely need to change your home insurance policy. 

The first reason you may need to change your policy is to cover the new items you placed inside of your home. If you placed elements such as granite, marble, or other higher-end finishings that weren’t there before, you would want to ensure these items are included in your policy. If not, the replacement items for your home in the event of a tornado or other damaging event, may not include the higher-end finishings you just installed. 

The second reason why you may need to change your home insurance policy is to increase your home insurance coverage. If you completed home renovations, you might have increased the value of your home. If you have done so, you will want to have an appraisal done to determine the correct value of your home and then ensure that your home insurance policy covers the new value of your home. 

If you are looking for a new home insurance policy thanks to renovations you completed in your home, contact Bye Financial Group, LLC, serving the greater Grand Ledge, MI area today. We can help you determine what policy limits you need and write up the best home insurance policy for your situation. Also, try our online rating tool for quotes on home and auto insurance from home.

Why is health insurance important?

Bye Financial Group, LLC in Grand Ledge, MI does not stop finding creative ways to provide you with affordable coverage.

Why Health Insurance? 

  • Uninsured people are at risk. In 2001, a study by the Institute of Medicine found that a lack of medical insurance is associated with about 18,000 deaths. In 2009, according to the American Journal of Public Health, nearly 45,000 Americans would die annually as a direct result of being uninsured. Further, a study completed at Harvard Medical School found a mortality hazard ratio of 1.40, which meant that for those Americans without health insurance, they were 40% more likely to die than those with health insurance.
  • Those without insurance receive less timely medical care with poor health outcomes.
  • A more significant portion of the dollar is spent out of pocket causing a financial burden for families.
  • While safety-net care from hospitals and clinics improves access, this is not a substitute for health insurance. 

Stop Gap Short Term Health Insurance

The bottom line is to receive some form of healthcare insurance, even if it’s for the short term. Short-term policies are used when you begin a new job and need the temporary coverage between the waiting periods, you lost your job looking for an alternative to COBRA, you may have missed the ACA deadline, or you are over 26 and no longer qualify to be on your parent’s plan.

At Bye Financial Group, LLC in Grand Ledge, MI, our agents stay up to date with all the changes in healthcare policy. We are here for you. Questions? Please call us!

What Types of Life Insurance Contracts Are There?

Life Insurance Options with Bye Financial Group, LLC

In the state of Michigan, it is not legally required that a person must purchase a life insurance policy, however, many people choose to do so. This is because it can be a valuable tool in protecting assets and because it can protect loved ones from having to absorb funeral expenses as well as debts. Not all life insurance contracts are the same, and it is important to learn the differences.

Term Life Insurance

This type of contract offers death benefits only and does not build up any cash value. This is a good choice for people who are younger and in good health because it is often the most affordable insurance option. Term life insurance policies are written for a specific number of years, for example, 15, 20, 25, 30, or even more. The insured will typically need to re-qualify with their current health condition and age when the term expires, should they wish to keep their insurance.

Other Types of Insurance Contracts

Permanent life insurance lasts as long as the insured makes payments, and it provides death benefits and a cash value sum. Whole life insurance maintains the same terms, protection, and payment throughout the entire lifetime of the coverage, even if the insured was young when they bought their insurance. Universal life insurance — a form of permanent life insurance — has flexible terms, letting the insured decide what portion of their premium will go to death benefits or toward cash value. 

Bye Financial Group, LLC of Grand Ledge, MI Can Help

Bye Financial Group, LLC is experienced in serving the residents of Lansing and Grand Ledge, MI with their insurance needs. Our friendly professionals can discuss any questions you may have regarding the various life insurance contracts. Contact us to get your all your life insurance needs met today!

How Can You Protect Yourself from Uninsured Motorists?

Although the U.S laws have made it almost mandatory for every motorist to purchase auto insurance, there are still many people who have not insured their vehicles. According to recent statistics, in every eight drivers on the road today, one is not insured. The number might even be higher in some areas than others. The chances of being involved in an accident with a vehicle that is uninsured leaves you at risk to suffer significant financial loss. So how can you protect yourself from such instances?

Take Uninsured Motorist Coverage

An uninsured motorist policy is meant to secure you from drivers whose insurance is inadequate to cover damages caused to others. This insurance policy caters for damages created by others without insurance coverage. Having uninsured motorist coverage, also known as underinsured motorist coverage, will save you the stress of filing lawsuits against uninsured motorists.

Contact a Company That Understands You

If you want to secure yourself against uninsured motorists, then you need to seek the assistance of a reliable insurance company. Most companies are not open with their terms, and this results in the client being taken up and down when accidents occur. You need a company that will give you a complete breakdown of what uninsured coverage is all about and explains what is covered under this policy. This will help you determine whether the coverage will work for you or not.

If you are a resident of Lansing or Grand Ledge, MI, then you have an excellent opportunity to get quality services from Bye Financial Group, LLC. The company provides coverage against uninsured and underinsured motorists. You will also get advice on how to go about various accidents and claims processes.

Even if it is not mandatory to have an uninsured/underinsurance policy in your state, you should take one for security. You can contact Bye Financial Group, LLC in Grand Ledge, MI for assistance about this policy. Also, try our online rating tool for quotes on auto insurance.

Considerations For Commercial Insurance For the Service Industry

You Will Say Good "Bye" When You Insure With Bye Financial Group, LLC

The pun is intended because as a business owner you cannot afford to have inadequate coverage for your liability aspects or the property aspects of your business. You have to develop a good relationship with your broker or insurance agent. You have to choose a company that will be on top of the insurance requirements in Lansing or Grand Ledge, MI and the state mandates as well. 

Michigan Residents are Service Oriented Citizens

People who reside in our state are known for our tried and true work ethic. Getting great service is a given when you hit the state of Michigan. What are some of the items that people in the service industry need to consider when purchasing their commercial insurance policy?

  • The amount of liability that may be incurred when dealing with the public
  • The amount of service provided to the public 
  • Are there governmental bodies that may be able to share the insurance burden depending upon grants or funding they may contribute to your service industry?
  • Are services delivered in-house or in some other space? Liability varies widely in this area. 

In short, the main consideration for commercial insurance in the service industry is to sit down with an agent and determine where your company’s liability is. This process is not for the general public. A professional trained in commercial insurance is required for success. 

Stop by our office or give us a call today at Bye Financial Group, LLC in Grand Ledge, MI. We also serve Lansing, MI, and the surrounding areas. The complexity of commercial insurance can not be navigated without a professional aboard. Together we will find the best coverage to meet every aspect of your venture. 

Weathering the Storm: How to Prepare for the Worst

Storms can not only leave you without power or homebound for a few days but can also cause significant damage to your home. Bye Financial Group, LLC in Grand Ledge, MI knows the importance of preparing your home for seasonal storms.To help minimize your damage and protect your Michigan home this storm season, follow the tips below.

Maintain Trees and Shrubs in Your Yard

Whether it is straight line winds or heavy snow in the winter, branches and downed trees are one of the primary causes of home damage during storm seasons. Making sure to remove any dead or damaged branches or trees from your yard will help prevent expensive roof and window repairs.

Keep Your Gutters Clear

Throughout the winter months, ice can build up in gutters, downspouts, and along the edge of your roof. When these ice barriers form, melting snow may have nowhere to go but through your roof. This melting snow may cause water and ceiling damage in your home. Keeping your gutters clear of leaves, debris, and buildup will help to keep the water properly draining and prevent ice barriers.

Address Roof and Siding Issues

High winds and extreme temperature changes can cause roof shingles and house siding to become warped or damaged. Even the slightest cracks can cause water to get through causing damage to the walls and ceiling as well as the potential for mold and mildew. Each year you should closely check your siding and roof for any possible damage and make the necessary repairs.

Make Sure Large Patio Furniture is Secured

During storm season, when outdoor furniture is not in use, it should be secured properly. Heavy winds can pick up large pieces of furniture, knocking them into the side of your home causing window and siding damage.

If you would like more information on how to protect your home this storm season or are interested in a home insurance quote in Lansing, Grand Ledge, or the surrounding areas of Michigan, contact the experienced agents at Bye Financial Group, LLC in Grand Ledge, MI today.