Michigan Homeowners Insurance

• Premium – The rate charged by a homeowner insurance carrier to provide cover and pay claims.
• Deductible – The amount of money for which you are responsible to pay before your insurance company covers the remainder of the claim. A high deductible usually means a low premium and vice versa.
• Limit – The maximum amount an insurance policy will pay out for a covered loss.
• Liability coverage – Covers losses for bodily injury or property damage suffered by others while on the homeowner’s property, as well as medical and legal expenses accrued as a result of lawsuits.
• Property coverage – Protection of property or land against damage or loss.
• Dwelling coverage – Protection for the physical structure of your home.
• Guest medical coverage – Covers medical expenses incurred by anyone who sustains injuries while on your property.

While you may be tempted to choose a lower insurance rate, remember that your deductible will be higher. Along the same lines, a higher insurance rate will result in a lower deductible. It is up to you to decide which situation is right for you.

Along with the basic coverage, take into account any additional coverage you may need. For example, if you have expensive appraised jewelry at home, you may want to consider purchasing scheduled personal property insurance.