Trusts, Deeds, and Insurance

He who owns it, must be he who insures it

If you took the initiative to create a trust or LLC then you need to be sure that those are listed on your insurance policy. The individual or entity that appears on the deed/title should be the same name on your insurance policy. 

Example:
Last week you finally decided to take the advice of your lawyer and set up a living trust. Among the many assets you put in the trust for safe keeping, you decided to put your house in the trust. The trust is now the deed holder on your home.

This morning Sue Yu trips on the lawn gnome in front of your house and sustains a life altering elbow injury, losing the use of her left arm.  Sue seeks counsel to gain compensation for the pain and suffering she has endured after losing her arm to your lawn gnome.  One of the first things Sue's lawyer does is look up to see who owns the property on which the gnome was located in order to determine who to file suit against. The next week you get a letter in the mail advising of the law suit against your living trust. 

If your insurance policy does not list the living trust on the policy, then you could be leaving all of the assets of the trust at risk.  Luckily, you are insured with Mason Insurance Agency and because you read their blog so you knew to update your policy. The claim was covered and Sue has a brand new arm.

 

Is there coverage for my dirt bike on my home insurance policy?

Do you have a Polaris or Kubota UTV? How about a dirt bike or four wheeler? If you do, the next questions you should be asking yourself is 'does my policy cover this'?

Physical Damage:
If you want to make sure your recreational vehicle is covered for physical damage, the best answer is to just schedule it on your homeowners policy. This will ensure you get the proper value for your vehicle and provide coverage for additional perils not normally included.

Liability:
Most policies include recreational vehicle liability while you are on your own property, however it is usually excluded off premises. Even if you don't want to cover the vehicle for physical damage you should still purchase the recreational vehicle liability endorsement.

Personal Umbrella

What does a personal umbrella policy cover?

 If you are ever faced with a lawsuit, even if groundless, false, or fraudulent, chances are you are going to wish you had an umbrella policy to foot your defence costs.  Personal umbrella policies provide excess liability coverage for bodily injury, personal injury, and property damage lawsuits beyond the limits of your individual insurance policies. 

Umbrella policies provide an emense amount of coverage, starting at $1 million of protection.  Even with this much protection umbrella policies are typically inexpensive, starting at about $130 per year depending on your underlying policies. On top of that, some carriers offer discounts on your home and auto policies to lower the cost even further.

Feel free to email us with questions or visit our website to inquire about a quote.

MCCA - Michigan Catastrophic Claims Association

What is the Michigan Catastrophic Claims Association (MCCA)?

Have you ever looked at your auto insurance policy and notice a fee at the bottom for the MCCA? If you have, there are probably a couple of questions that popped into your head. The first question you most likely asked yourself is 'What the heck is the MCCA?' followed very quickly by '...and why is it costing me $186.00 per vehicle?'. 

The MCCA is a private non profit association created by the Michigan State Legislature that provides unlimited lifetime medical benefits for auto related accidents. Private insurance companies are reimbursed for personal injury protection (PIP) claims in excess of $530,000. Visit the MCCA's website for more information.

Currently, Michigan is the only state to offer unlimited lifetime medical benefits for PIP claims, with New York coming in second with a benefit cap of $50,000. MIC  Government officials are working hard in Lansing to reform Michigan no fault insurance. You can read more about no fault reform at the Michigan Insurance Coalition's  website.