What Happens if I’m Sued for Damaging Someone’s Home?

Even the most diligent person can accidentally damage someone else’s property. Maybe you accidentally knocked over someone’s vase. Perhaps you accidentally spilled coffee on someone’s computer. Things like this happen all the time. And when they do, there’s a chance you will be held liable for the damage.

If this happens, you’re probably wondering what to do. After all, litigation can be expensive and time-consuming. If you live in Grand Ledge, MI, Bye Financial Group LLC is here to help with a surprising tip involving your home insurance.

What happens when you’re sued for property damage?

The owner of the damaged property will likely file a lawsuit against you. This is called a ‘personal injury suit. The person suing you is called the ‘plaintiff,’ and the person being sued is called the ‘defendant.’ The plaintiff will likely claim that you were negligent and that this negligence caused the damage.

No matter what you do, you will have to defend yourself in court. This means that you will have to find an attorney to represent you. You will have to gather evidence to prove that you were not negligent. Or, if you were careless, you would have to work toward a settlement with the plaintiff.

How expensive is property damage litigation?

Lawsuits are notoriously expensive. Even if the settlement is small, hiring a lawyer, court fees, and other legal costs can add up quickly. Soon a payment of a couple of hundred dollars may turn into thousands you will have to pay.

How can your home insurance help you?

Some people don’t realize that the personal liability insurance they have on their homes is designed to help them if they are sued in the event of a personal injury. This doesn’t just mean injuries or damage that happen on your property. It also includes injuries or damage caused by you or a member of your household off-property.

Get in touch with Bye Financial Group LLC today to learn more about the benefits of having home insurance in Grand Ledge, MI.

What is not covered by the home insurance policy?

While a home insurance policy covers many aspects of your home and property, it doesn’t cover everything. You are required to cover additional coverage to protect yourself from what is not covered by your home insurance policy. Before signing for a policy, speak to Bye Financial Group LLC insurance agents in Grand Ledge, MI and confirm what is included and not included in your home insurance policy.

What is covered by a home insurance policy?

A home insurance policy is a necessity and covers the following aspects of your home

Damage to the exterior and interior of your home

In case the exterior of your home is damaged by hurricanes, lightning or is vandalized, Bye Financial Group LLC will compensate for your house repairs or have it completely rebuilt. The insurance company will replace your home’s clothing, furniture, and electrical appliances if an insured disaster destroys them.

  • Personal liability

This covers lawsuits filed by others, including your pets.

  • House rental while your home is being repaired.

A home insurance policy will cover the additional living expenses if you are forced out of your home when it is being repaired or rebuilt.

What is not covered by the home insurance policy?

Here is what will not be covered by your home insurance policy.

Earthquakes and water damage

The standard policy does not cover damage due to earthquakes, sinkholes or other earth movements. Other forms of water damage include sewer system flooding or overflow from your sump pump.

Maintenance issues

Issues resulting from neglect and failure to properly take care of your home are not covered by the insurance policy. Damages resulting from bird and rodent damage, termites and insect damage, rust, mold, and general wear and tear are not covered by the home insurance policy.

Other exclusions

The insurance company will not cover damages caused by nuclear hazards or wars in Grand Ledge, MI. Other exclusions include damages resulting from identity theft.

If you have more questions about what will not be covered by your insurance policy, please speak to Bye Financial Group LLC insurance agents in Grand Ledge, MI, who are more than ready to assist you. You can also get more information from our website.

What Does Home Insurance Cover in Michigan?

Homeownership in Michigan is a great accomplishment and one that you should be proud of. Whether you’re a first-time homeowner or this is the last home you plan on purchasing, ensuring your home is protected is one of the best decisions you can make.

If you have a quality home insurance policy, out-of-pocket costs are typically avoidable in the event of damage. With a reliable insurance company like Bye Financial Group LLC, Grand Ledge, MI residents gain peace of mind in knowing that anything can happen and their home is protected by insurance. 

Typical Coverage in Michigan

Standard coverage includes the structure itself, any personal belongings within the home, and any structures on the property like a pool or detached garage. Additional coverage, particularly flood insurance, is not usually covered by a standard home insurance policy. If you live in a high-risk flood area, mention this when shopping for insurance with an agent.

Basic insurance coverage is important to protect not only your home itself but the valuables inside the home as well. This is your personal property, like furniture, electronics, and other valuables. It’s difficult to put a price tag on that personal content, but it’s important to know the value of what you own. 

Liability coverage also should be included in your insurance policy. Liability simply covers you in the event that someone is injured on your property, either inside your home or on your land. It also covers you if you damage someone else’s home. 

For more information and guidance on selecting the home insurance policy that’s best suited for your lifestyle and needs, contact the team at Bye Financial Group LLC. We’re proud to serve the residents of Grand Ledge, MI with reliable insurance for their most important assets. 

What Should I Consider When Buying Home Insurance?

When buying home insurance within Grand Ledge, MI, your provider’s rating will probably be the first thing you look for. Next comes experience, after which you can now settle for your preferred coverage. While these are important, they are not the only things to consider. Bye Financial Group LLC tackles other factors to consider when buying home insurance.

Look at the Items Covered

Home insurance covers various items, such as the structure of your home, liabilities incurred, and your possessions. If disasters such as fire, theft or hail occur, your cover will compensate you for your repairs and replacement. Some content such as fine art and perils like flooding and earthquakes are, however, excluded. This means getting separate coverage, a factor that numerous homeowners are unaware of. Because of this, ensure that you look at items included in your policy and the exclusions.

Consider the Rebuilding Costs

Property value increases as time goes by, an aspect that also trickles down to the cost of rebuilding your home. Building costs often rely on factors such as estimated neighborhood values and the types of materials used to construct your house. With this, you can estimate how much to expect when disasters result in home renovation, allowing you to settle for the right home coverage for your property.

Be on the Lookout for Discounts

Home insurance often provides homeowners with benefits such as discounts, especially when you have security safeguards on your property. In addition to this, bundling your home insurance with policies such as auto coverage can also prove beneficial for you, with numerous insurance providers providing discounts as an incentive for getting multiple options. This makes it possible for you to get coverage not just for your house but other investments that need protection, proving beneficial in the long term.

If you reside within Grand Ledge, MI and need home insurance to protect your property, call Bye Financial Group LLC today for customized coverage.

Three frequently asked questions about home insurance in Michigan

It’s important to ask questions when you’re on the market for the right home insurance policy in Grand Ledge, MI. At Bye Financial Group LLC, we’re here to help you to do your research when selecting the right policy to secure your home.

The following are three frequently asked questions about home insurance in Michigan.

How much coverage does a homeowner need?

It’s important to think carefully about how much coverage you need. You should have enough coverage to cover the full value of your home. You should also have enough coverage to cover the full value of the possessions you have within your home. 

Another type of coverage you need is liability coverage. Liability coverage will protect you against lawsuits. Ideally, you should have enough liability coverage to cover your full net worth to protect your assets. You may need to add umbrella coverage on to your home insurance policy to have this much coverage. 

Why is homeowners insurance important?

You need home insurance to protect the investment you make in your home. You also probably need home insurance coverage if you have borrowed money to buy a home. Mortgage lenders require their borrowers to insure their homes. 

What does home insurance cover?

A typical home insurance policy will offer coverage for damage to the home due to a variety of causes including fires and certain natural disasters. However, home insurance won’t typically provide coverage for flood damage and several other types of damage.

It’s important to understand the limitations of your policy and buy added coverage like a separate flood insurance policy where necessary. 

Let us help you find the right insurance policy for your Grand Ledge, MI home. Contact us today at Bye Financial Group LLC to learn about the home insurance coverage we offer in Michigan. 

3 Ways to Protect Your Home While You Travel

Whether you like to travel by plane, train, or automobile, you’ll have to make sure your home is protected in Grand Ledge, MI while you are away. Would-be thieves scout areas looking for empty homes to plunder. Don’t let this be you. Read on to learn about three ways you can protect your home while you travel.

1. Install a Security System

Installing a security system is a nearly fool-proof way to deter burglars, according to Bye Financial Group LLC. Your system should include an alarm, touch-sensitive outdoor lighting, and a sign that goes in your yard letting thieves know you have a security system. When they see this, they will most likely pass right by your house.

2. Hire a House Sitter

While home invasions do occur in the United States, most thieves want to steal from a house with no one home. Circumnavigate this by hiring a house sitter while you’re away. This person can check your mail, set your alarm, and set your mind at ease knowing your house is taken while you’re on vacation or away on business.

3. Let the Neighbors Know You’re Gone

While you don’t want to announce your plans to the entire world on Facebook, you should let your immediate neighbors know about your travel plans. That way, if they see anything suspicious they’ll know to call you or the police. If you choose not to get a house sitter and have your neighbor keep an eye on your house, have them also collect your mail and any boxes left on your front step. Piled up mail and deliveries only lets thieves know no one has been home for a while. 

To learn more about this topic, and to protect yourself with home insurance in case you are the victim of a burglary, contact the team at Bye Financial Group LLC, serving Grand Ledge, MI. Our reputable agents will answer all your questions and get you the policy you need. 

How Does Personal Property Protection Under Home Insurance Work in Grand Ledge?

Personal property protection in Grand Ledge, MI refers to the contents of your home. From the furniture to the electronics to the jewelry, the things that you own can represent a significant percentage in terms of your assets. So what happens if they’re stolen, vandalized, or destroyed under your home insurance policy? Bye Financial Group LLC wants you to understand the specifics of protection and how you can ensure you’re taking the proper precautions. 

Requirements and Rationale 

It may come as a surprise to learn that home insurance is not always required. If your home is financed or you live in an HOA, you are likely required to have it, but if you own it outright, you don’t necessarily need to have it. Because an HOA or a lender is primarily concerned with the structure and the grounds, they don’t usually require you to have property protection either. This means that you’ll need to consult with your policy to see how your carrier will respond to a personal property claim. 

What You Should Know 

If you do want personal property protection under your plan, you should find out more about how everything is reimbursed. If you file a claim for a 10-year old TV, how will the carrier calculate depreciation? If you spent 5 years restoring an old coffee table, will your insurance company take this into account when calculating the value? What are the limits on your property and do they match the value of your possessions?

If you need help answering your questions in Grand Ledge, MI, Bye Financial Group LLC can be of service. We can help you answer questions about your policy and whether it’s the right one for you. Talk to us today to learn more. 

What Does Basic Home Insurance Cover in Michigan?

Standard homeowner’s insurance in Michigan will protect you and your loved one’s property from damage and loss. Plans may differ so it is good to know what is covered in a particular policy. It is best to speak with an experienced agent who can help you understand what your homeowner’s insurance will cover and how much it costs. Bye Financial Group LLC serving Grand Ledge, MI can help you with your homeowner’s insurance needs.

There are factors that determine pricing for homeowner’s insurance in Michigan. The size of your home, where you are located, and the likelihood of a natural disaster all determine how much your premium will be. 

Basic protection

A basic homeowners policy will cover personal property such as furniture that is inside your home. The dwelling coverage is what protects the actual structure of your home. Other structures outside your house like detached garages and outbuilding may be covered as well depending on your policy.

Liability

It is good to have liability for a time when someone may be unexpectedly injured on your property or if you damage another person’s home. Since people often wind up in legal situations, liability insurance can step in and help cover costs. This coverage can give you peace of mind for unforeseen events.

Other coverage

Additional coverage for particular situations like living expenses after your home becomes uninhabitable from a disaster. A qualified agent can discuss with you different options for additional insurance.

If you need homeowners insurance, speak to one of our agents at Bye Financial Group LLC serving Grand Ledge, MI. We can help you find the best policy that fits your individual needs. Give us a call today.

What Are the Benefits of Homeowners Insurance

More than likely, your home is the largest investment you’ve ever made. It may be so large that you had to take out a mortgage to finance it. However, even if you’ve paid off your mortgage, homeowners’ insurance has many benefits that can save you money in addition to protecting your home and others. Although it’s not a requirement like auto insurance, it may still be a good idea to invest in it. The Bye Financial Group LLC of Grand Ledge, MI understands homeowners’ insurance and wants to ensure that homeowners do too because many benefits come from investing in this form of insurance.

Homeowners Insurance Protects You and the Lender

If you are still paying a mortgage it’s usually a requirement to carry homeowners insurance. Mortgage companies require you to carry homeowners’ insurance if something happens to their investment before it’s fully paid off. This saves you from financial liability. In this sense, it protects both you and the lender in the event of some unfortunate incident involving your unpaid home. 

Homeowners Insurance Protects Your Home From Natural Disasters

Homeowners insurance can protect your home from unforeseen natural disasters by covering wind damage, fire, vandalism, tornadoes, hurricanes, and thunderstorms. All of these natural disasters may wreak havoc on your home but your insurance can either pay for repairs or a replacement. However, make sure that you select policy terms that cover the cost of replacing damaged property instead of reimbursing you for the actual value of your damaged property. 

Homeowners Insurance Protects Your Personal Belongings and Structures On Your property

If personal items in your home become damaged from some unforeseen circumstance, homeowners insurance can cover these items and give you funds to replace them. This insurance will also cover other structures on your property. This insurance extends beyond your actual house and covers other structures on your property as well as your items.

Homeowners Insurance Protects you From Liability

If you have a guest or visitor that gets injured on your property or a guest’s personal belongings become damaged, homeowners’ insurance will cover injuries to guests as well as damage to other people’s property while they are on your property. In other words, it prevents you from being held responsible and having to pay for damages or injuries out of pocket. 

Homeowners insurance has many benefits. It does have the ability to create peace of mind. Give Bye Financial Group LLC of Grand Ledge, MI a call. We can’t wait to serve you.

Finally Putting on that Addition? Take Another Look at Your Home Policy First

Residents in the greater Grand Ledge, MI area often build on to their homes rather than moving into a new one. If you need some more space but really love your neighborhood, an addition is probably something that is in your future plans. There are a lot of benefits to improving your current home, and the team at Bye Financial Group LLC is here to make sure that all of your improvements are covered. Make sure that you take a close look at your current policy before you start any major home improvements, as your coverage levels will likely need to be adjusted.

Increased Space and Increased Value

Additions can help your home better fit the needs of your family. Adding on a new bathroom or bedroom, or creating a new wing off of the back of your house can transform your house into the home of your dreams. There are a few considerations to make before you undertake this huge project, and a quick meeting or call with your agent can get you the information that you need. In addition to increasing your policy to match the new value of your improved home, you will likely want to increase your liability coverage while the work is done.

Your new space will create an increase in value for your home, and it is important that your current policy covers this new value. You may also want to increase the level of your personal items rider at the same time to cover large purchases.

Contact Bye Financial Group LLC today and learn more about how your new addition may impact your homeowner’s policy. We can review all the options that are available to protect your Grand Ledge, MI area home.