Everyone is shopping for a cheaper homeowner insurance quote in Michigan for a condo, house, or mobile home. Homeowner insurance coverage in Michigan is simply called “home insurance”. Average annual premiums in the state cost approximately $715.
Michigan insurance laws have ensured that every home in the state is insurable and it also allows for free and fair competition between the over 100 insurance providers that are based in the state. With such an insurance-friendly environment, there is certainly no excuse not to get an insurance policy in Michigan.
There is only one very important thing that every homeowner should remember when purchasing homeowner insurance in Michigan: Get the insurance coverage that gives your home more than minimum industry standards protection. This simply means, if you want the best coverage for your home, don’t just get the most basic policy. If you have applied for a housing loan, it is very likely that the mortgage lender would require you to get an insurance policy that would fulfill certain requirements before approving the loan. In a way, until the time that the loan is paid off, both the homeowner and the mortgage lender have a joint interest in the investment made on the property.
There are many types of coverage in Michigan that a homeowner might want to consider for their insurance policy. But the two general coverage are…
· Actual Cash Value Coverage: Amounts to the fair market value of the home up to the limits stated in the policy, minus the deductible. Determination of fair market value is accomplished by conducting an appraisal of the property in comparison to similar types of homes, minus the value of the land on which the property is built. It is important to note that Actual Cash Value Coverage has a limit regardless if the home appreciated in value.
· Replacement Cost Coverage: Although more expensive than Actual Cash Value Coverage, the homeowner can expect a payout that is more in line with what he or she would need, minus the deductible. This type of coverage means that the homeowner could rebuild or repair the home and replace its contents at current market prices.
A homeowner might want to get additional protection through special riders that are not included in the basic home insurance policy. These special coverage are…
· Personal Property: Most basic policies have a limited coverage for personal belongings. Getting Personal Property Coverage allows for personal belongings to be insured at a higher level.
· Additional Living Expense: Provides the homeowner and his family with the much needed funds to cover apartment rental, food and clothing while the home is being rebuilt or repaired.
· Flood Insurance: This type of coverage is a must especially if the home is located in a flood-prone area. If the insurance provider does not offer this add-on, a separate policy can be obtained from the National Flood Insurance Program.
· Renters Insurance: Provides coverage for loss of use of the rental unit and personal property, as well as Liability and Medical Payments coverage
· Condominium Insurance: Provides protection for the condo unit and the improvements made on it
· Mobile Homes: Provides coverage for homeowners who use mobile homes such as campers and trailers as a permanent residence.
Investing in a homeowner insurance policy in Michigan is the wisest decision that any homeowner could make to protect his or her home. There are so many unforseen events that can cause you to lose your largest investment.
Find homeowner insurance rates in each of these Michigan cities
Adrian – Albion – Allen Park – Allendale – Alma – Alpena – Ann Arbor – Auburn Hills – Battle Creek – Bay City – Beecher – Benton Harbor – Berkley – Beverly Hills – Big Rapids – Birmingham – Bloomfield Township – Bridgeport – Brighton – Buena Vista – Burton – Cadillac – Canton – Carrollton – Center Line – Charlotte – Clawson – Clinton – Coldwater – Comstock Park – Cutlerville – Dearborn – Dearborn Heights – Detroit – Dowagiac – East Grand Rapids – East Lansing – Eastpointe – Eastwood – Ecorse – Escanaba – Fair Plain – Farmington – Farmington Hills – Fenton – Ferndale – Flat Rock – Flint – Flushing – Forest Hills – Fraser – Garden City – Grand Blanc – Grand Haven – Grand Ledge – Grand Rapids – Grandville – Greenville – Grosse Ile – Grosse Pointe Farms – Grosse Pointe Park – Grosse Pointe Woods – Hamtramck – Harper Woods – Harrison – Haslett – Hastings – Hazel Park – Highland Park – Hillsdale – Holland – Holly – Holt – Houghton – Howell – Hudsonville – Huntington Woods – Inkster – Ionia – Iron Mountain – Ironwood – Ishpeming – Jackson – Jenison – Kalamazoo – Kentwood – Lambertville – Lansing – Lapeer – Lincoln Park – Livonia – Ludington – Madison Heights – Manistee – Marquette – Marshall – Marysville – Mason – Melvindale – Menominee – Midland – Milford – Monroe – Mount Clemens – Mount Pleasant – Muskegon – Muskegon Heights – New Baltimore – Niles – Northview – Northville – Norton Shores – Novi – Oak Park – Okemos – Owosso – Petoskey – Plymouth – Plymouth Township – Pontiac – Port Huron – Portage – Redford – River Rouge – Riverview – Rochester – Rochester Hills – Romulus – Roseville – Royal Oak – Saginaw – Saginaw Township North – Saginaw Township South – Saline – Sault Ste. Marie – Shelby – Shields – South Lyon – South Monroe – Southfield – Southgate – St. Clair Shores – St. Johns – St. Joseph – Sterling Heights – Sturgis – Taylor – Tecumseh – Temperance – Three Rivers – Traverse City – Trenton – Troy – Walker – Walled Lake – Warren – Waterford – Waverly – Wayne – West Bloomfield Township – Westland – Westwood – Whitmore Lake – Wixom – Woodhaven – Wyandotte – Wyoming – Ypsilanti
Homeowner insurance in Michigan provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Michigan above.