Property Insurance in Michigan

By definition, property is anything that you own. When defining property in the realm of insurance however, it can be anything that you own that’s of significant value. The expensive things you have in your possession are investments, and as with any other investment, it’s important that you purchase the appropriate insurance to protect it from potential perils. Property insurance in Michigan will cover anything you feel needs to be protected, and this includes fine art. Find out what you need to know about property insurance for art so you can keep your beloved pieces protected at all times.

What you Need to Know about Property Insurance in Michigan for Art

  1. Insure Your Art as Soon as It’s in Your Possession – In the same way that you wouldn’t wait a day to buy insurance for your home or as you wouldn’t drive your car around town if you didn’t have coverage for it, so too should you buy insurance for your art as soon as you buy it. There are a large number of unique perils that surround your art – make sure you keep it protected as soon as it’s in your possession.
  2. You Might be Able to Include it in Your Homeowners Insurance – Did you know you can buy a rider to go along with your homeowners insurance that will cover the fine art in your possession? While it might seem a little more affordable than buying a separate policy, it might not offer you as extensive coverage as you would prefer. Discuss how much your insurance provider would be willing to give in case of loss or damage to your art. If you would prefer coverage that’s a little more extensive, buy a separate insurance to cover your valuables.
  3. Appraise Your Art Often – Because the value of art might change throughout the years, it’s ideal that you have a professional appraise your art pieces regularly. This is particularly important for those with art pieces that were created by prominent artists. The change of value could require a change of coverage. The last thing you want is to have an art piece in your possession that your insurance won’t be able to pay for in case of loss or damage. Adjust the coverage in your policy as necessary to ensure that your property insurance in Michigan fits the value of your art.

Medical Insurance in Michigan

Did you know that medical insurance in Michigan is actually mandated by the Affordable Care Act? This states that people who refuse to avail of medical insurance will have to pay a federal tax penalty. The local government in Michigan enacts this mandate so that individuals are never without the necessary funds to pay for medical services and procedures. There are lots of technicalities and specifics under medical insurance in Michigan and it is in understanding these that we can put ourselves in a better position to protect our health and our  finances from potential injury.

More about Medical Insurance in Michigan

The “individual mandate” provision of the Affordable Care Act states that individuals should purchase medical insurance in Michigan or pay a federal tax penalty. If an individual possesses coverage through an individual plan or through their employer, they are considered covered and will not have to pay for the penalty. But if a person has absolutely no form of health insurance or coverage, they will have to shell out the tax imposed by the local government. The value of this penalty has changed in recent years:

  • In the year 2014, individuals without medical insurance were mandated to pay $95 USD per adult or one percent of their taxable income.
  • In the year 2015, individuals without medical insurance were mandated to pay $325 USD per adult or two percent of their taxable income.
  • In the year 2016, individuals without medical insurance are mandated to pay $695 USD per adult or two and a half percent of their taxable income.

Obviously, there is an upward trend in terms of this federal tax, and many people choose to avail of medical insurance just to steer clear of these steep expenses.

When Will You Be Exempted from Buying Insurance?

Despite the fact that medical insurance is required of individuals residing in Michigan, there are certain instances when the local government will allow a person not to avail of coverage. These instances include lack of the financial stability or monetary resource to pay for insurance, religious and spiritual beliefs that prohibit the purchase and use of medical insurance, or if it would cost a person more than eight percent of their income to avail of health insurance. The federal tax penalty also does not apply to people who had health insurance issued in 2013 which was subsequently cancelled for whatever reason.