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Everyone Needs Home Owners Insurance
Homeowners need to purchase home insurance to protect their house and personal property. Michigan House Insurance and Renters Insurance protects your furniture and other personal property. Everyone needs protection against liability for accidents that injure other people while on your property or for damages to your property.

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Homeowners Insurance for Michigan Residents

 

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Michigan Homeowners Insurance

If you own a home or rent an apartment you should have Michigan House or Renters Insurance.  No one believes they will be struck by a tragedy but they still occur.

Most home owners are not aware that Home Owners Insurance in Michigan does not cover floods. Most believe it will never happen to them, however if there is any possibility you may incur flood damage you should purchase flood insurance. You can find the information for flood insurance at www.fema.gov/index.shtm
 

What damage to your home is covered with Michigan home owners insurance?

Damage caused by wind, wind-driven rain, damage to your home from trees or other falling objects, collapse of a structure due to weight of ice or snow are all covered under most standard Michigan homeowners insurance policies. Frozen pipes as the result of extreme cold weather may not be covered if the damage is due to negligence, such as failing to maintain an adequate temperature in the house when the ability to do so is there.

What damage to your home is not covered with Michigan House insurance?

Interior water damage from a storm, when there is no damage to the roof or walls of your home, damage as the result of a flood, removal of fallen trees (if the trees do not land on and damage your home) food spoilage due to a power outage and water damage from backed-up drains or sewers are not covered under most standard Michigan homeowners insurance policies. Some insurers offer endorsements (additional protection that may be purchased) for certain coverages not covered under the standard homeowner policy, so check with your agent or company to determine your needs

Flood Insurance
As Spring Rains and the Hurricane Season Approaches, Flood Insurance Should be Considered.

The standard Michigan homeowners’ insurance policy does not cover flood damage.


What is a flood?
The National Flood Insurance Program (NFIP) defines flood to be a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from: overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, mudflow, or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.

What is flood insurance?

  • Flood insurance is a special policy that is federally backed by the NFIP.
  • You may buy flood insurance that covers up to $250,000 for flood damage to your home. A standard flood policy will cover structural damage to your home, including damage to your furnace, water heater, air conditioner, floor surfaces (carpeting and tile) and debris clean up.
  • For an additional premium, you also may buy flood coverage for up to $100,000 of damage to the contents of your home due to a flood.
  • Coverage is available up to $500,000 for non-residential buildings and their contents.

How much does flood insurance cost?
According to the Federal Emergency Management Agency (FEMA), the average flood insurance policy costs a little more than $400 a year for about $100,000 of coverage. The actual cost to you will depend upon where you live and the amount of coverage you choose. 

How Can I Buy Flood Insurance?           
You can buy NFIP flood insurance directly from your property and casualty insurance agent or insurance company if your community participates in the NFIP. You can find out if your community participates by visiting the following NFIP Web link: http://www.fema.gov/index.shtm.
Your insurance agent or insurance company also can confirm whether flood insurance is available to you and what it would cost.
You can obtain more information about flood insurance at the NFIP Web site at www.fema.gov/nfip.

 

 

Important considerations when Purchasing Michigan Homeowners Insurance

1. Everyone Needs Michigan Home Insurance
Michigan Homeowners need to purchase home insurance to protect their homes and personal property. Michigan Renters need insurance to protect their furniture and other personal property. Everyone needs protection against liability for accidents that injure other people while on your property or for damages to your property.
2. Decide How Much Coverage You Need with your Michigan Homeowners Insurance.
The better your Michigan home owners insurance coverage, the less you will have to pay out of your own pocket if disaster strikes. In some cases, your mortgage lender decides how much coverage you need and may require you to buy a Michigan homeowners insurance policy that covers at least the amount of the mortgage. The amount of Michigan home owners insurance coverage you buy for your house, contents and personal property will affect the price you pay.
3. Compare Deductibles on Michigan Homeowners Insurance
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing an Michigan homeowners insurance policy that you are comfortable paying the deductible if you make a claim. A policy with a $100 deductible will cost more than one with a $250 deductible.
4. Replacement Cost or Actual Cash Value?
You may have the option to choose an Michigan homeowners insurance policy that either has replacement cost or actual cash value. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. It is important to have an Michigan House Insurance policy that covers at least 80 percent of your house replacement value. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation.
5. Shop Around Before You Buy an Michigan Homeowners Insurance policy.
You are not required to purchase Michigan home owners insurance from the company your lender recommends.
6. Ask Your Michigan House Insurance Agent About Discounts
In some states, homeowners insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof.
7. Basic Coverages Available for Michigan Homeowners Insurance
Whether you own or rent, there are different packages of Michigan home insurance offered to protect your home and belongings. Each package protects against a specified number of events that cause damage to property. Three examples are fire, windstorm and theft. In addition, each package policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments. Michigan homeowners policies do not normally protect against flood damage. This can be purchased through the Federal government as a supplement to your Michigan Homeowners insurance.
8. Read Your Michigan Home Owners Insurance Policy Carefully
You should be aware that an Michigan home insurance policy is a legal contract. It is written so that your rights and responsibilities as well as those of the Michigan insurance company are clearly Michigand. When you purchase Michigan home insurance, you will receive a policy. You should read that policy and make certain you understand its contents. Keep your policy in a safe place and know the name of your Michigan house insurer.
9. Review Your Michigan Home Insurance Needs Every Year
Check with your Michigan homeowners insurance agent at least once a year to make sure your policy provides adequate coverage. The addition of a room, new insulation or remodeling add value to your home, therefore it will increase replacement cost.

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