Whether you just built a new house or are moving to a different home, getting a fresh start is exciting. It is important to start everything off right by taking all of the necessary precautions with your Michigan property and that includes proper insurance.
No two homeowners’ situations are alike and neither are their needs. Insurance carriers cater to these differences by offering a variety of policy levels, inclusions and add-ons. With the future of your home at stake, it is critical to keep certain considerations in mind when shopping for and selecting Michigan property insurance.
6 Types Of Property Insurance Michiganders Must Have
In order to protect your wallet from steep expenses and your family from lawsuits, there are certain types of coverage you should make sure are part of your insurance plan.
1. Dwelling Coverage
Protection for the roof, walls and any other structural elements.
2. Other Structures
Covers the physical structure of other buildings on your property such as a garage or shed.
3. Personal Property Coverage
Provides protection for the items inside of your home. Examples include furniture and electronics. This coverage applies even if the items are stolen or are damaged outside of the house.
4. Liability Protection
Safeguards you against lawsuits from people injured on their property. Also covers you if you inflict damage on their property.
5. Guest Medical Protection
Pays for the medical expenses of anyone who sustains an injury on your property.
6. Additional Living Expenses Protection
Takes care of additional expenses that may arise if your home becomes uninhabitable after a covered loss.
7 Insurance Options That May Be Critical For Your Michigan Property
While basic property insurance Michigan is pretty thorough, it does not cover every event that can damage your home or belongings. That is why it is imperative to carefully consider your budget, lifestyle, geographic location and take an inventory of your belongings to determine whether or not optional coverage is right for you.
1. Business Property Coverage
Your furniture, jewelry, clothing and electronics are not the only items that can get damaged or destroyed. If you keep business-related items in your home and they are affected by an event, business property coverage increases the limits of coverage for them.
2. Identity Theft Restoration
Theft is not limited to physical items these days. There is a decent chance you could become a victim of identity theft, which can require hefty legal fees to resolve. Identity theft restoration covers these costs.
3. Scheduled Personal Property
The loss of valuable appraised items such as antiques or fine jewelry can be maddening. Fortunately, scheduled personal property protects you if this occurs.
4. Musical Instruments And Sports Equipment Coverage
Musical instruments and sports equipment can both come with high price tags. This is why there is separate coverage available for both.
5. Yard And Garden Coverage
Your garden and yard are as much a part of your home as your living room and kitchen. Yard and garden coverage increases the limits for landscaping, trees and the equipment used to care for them such as lawn mowers.
6. Water Backup Coverage
You could be left with a hefty bill if your sump pump malfunctions or your drain backs up. These pieces of equipment are expensive to repair and water damage is one of the most difficult types to clean up. Water backup coverage pays the costs associated with water damage.
7. Green Improvement Reimbursement
If any of your belongings are damaged, you may decide to replace them with items that are energy efficient. Green improvement reimbursement rewards you by taking care of additional costs incurred by purchasing and installing energy efficient items.
Choosing The Right Property Insurance
Certain factors affect how much your Michigan property insurance policy will cost. You should think carefully about the level of coverage you need and how it fits into your budget.
Selecting a dwelling coverage limit is required when setting up your policy. It covers the cost of repairing damage to your home or rebuilding it completely at equal quality. When deciding on this amount, you should take into account current costs, which you can do yourself or consult with an appraiser to get an accurate cost valuation.
Property insurance Michigan policies include a deductible – the amount you are required to pay before your insurance coverage pays the costs. In most cases, the higher the deductible you choose, the lower your premium, and vice versa.
Protect Your Home With Coverage That Works For You
You want to feel secure, comfortable and at ease in your home. Knowing you are fully covered for your unique situation offers the peace of mind you crave. Compass Insurance Agency understands this and works hard to ensure you get it.
We are a leading provider and we cater exclusively to Michigan. This means we know the specifics of Michigan property insurance inside and out. We work with 17 different carriers to give you a variety of choices.
Because we are an independent agency, we are under no obligation or pressure to recommend certain carriers over others – allowing us to make recommendations based on what type and level of coverage is most beneficial to you.
We are proud to partner with the following top insurance carriers:
- AAA Insurance
- Nationwide Insurance
- Liberty Mutual Insurance
- Travelers Insurance
- Citizens Insurance
- Progressive Insurance
- Safeco Insurance
- And More
Protect your home and your family, get a quote today from all these insurance providers and more!