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Michigan Homeowners Insurance
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Bundle Your Michigan Homeowners Insurance To Save
Let us help protect you and your family with our knowledge, experience, and network of homeowners’ insurance options!
Compass Insurance Agency will get you the best coverage for your home, at the lowest possible rate, without sacrificing customer service. In addition to homeowner’s insurance, you can get more than 50% in potential discounts if you bundle your home, auto and business insurance together.
Why Compass Insurance Agency Is The Right Choice
- We work for you, not the insurance company
- Excellent customer service with our personal touch
- Servicing Michigan since 1969 (originating in Grand Rapids) with a solid reputation of trust
- Manage all of your insurance policies in one place, which saves you money and time
- We do the legwork and compare about 20 different insurance providers for you
- Deep involvement within our local community
Insurance Is Personal
To us, insurance is personal. We treat our clients like family because that is what they are to us. This entails taking the extra time to customize your coverage, responding promptly whenever you contact us, guiding and supporting you through the claims process and making ourselves available to you 24/7 through different communication channels.
We also commit our staff to continued education to ensure they are fully versed in the latest Michigan laws, requirements, and resources.
Our Commitment
When you start a policy, you invest in the value of your home and property. We take this seriously and commit ourselves to protect it. This includes delivering a personal level of service that demonstrates how important your trust is to us. Our staff will get to know you – not just as a name or policy, but as a person. And you will know who you are talking to when you call us.
We Work For You
We work for you, NOT the insurance companies. We can state this sincerely because we are independent agents. Besides putting you first, our independent status allows us to offer a variety of rates, policies, and levels of coverage from about 20 insurance providers.
In addition to delighting you, fostering a sense of community and giving back is also important to us. To that end, we stay actively involved in local charities and organizations.
Different Types Of Homeowners Coverage
There is a lot to take into account when choosing a Homeowners Insurance policy. Fortunately, Compass Insurance Agency can simplify the process for you. The exact level of coverage right for you is as unique as your home.
However, there are standard types of homeowner insurance coverage:
Dwelling Coverage
Protection for the physical structure of your home.
Personal Property Coverage
Protection for the items inside of your home that belong to you.
Liability Coverage
Protection for yourself in the event you are sued by someone who was injured on your property or by someone whose property you damaged.
Guest Medical Coverage
Coverage of medical expenses for anyone who sustains injuries while on your property.
Home is the place you go to unwind and find solace. We want you to rest assured that every inch of it is protected. To help give you peace of mind, we offer the following optional coverage:
- Scheduled personal property to cover valuable appraised items you keep at home
- Business property to cover business-related items stored in your home
- Sports equipment to cover high ticket sports gear you keep at home
- Musical instruments to cover instruments stored in your home
- Identity theft restoration for payment of legal fees if your identity is stolen
- Electric data recovery to cover expenses associated with recovering lost personal data
- Water backup for covering the cost of repairing water damage
- Yard and garden to cover landscaping, trees and related equipment
Start Your Homeowners Insurance Quote
Get your quote online by filling out our short form.
Michigan Homeowner Insurance Requirements
While the state of Michigan does not require residents to carry insurance on their home or personal property, the majority of lenders will. In most cases, if you finance your home, your lender will protect their financial interest in the property by requiring you to purchase coverage for the buildings.
In the event you fail to provide proof of coverage, your lender will likely purchase an insurance policy themselves and make payments on it using your escrow funds. This is known as “force-placed” insurance.
Even if you are not financing your home, purchasing homeowner insurance is a wise idea, as replacing your home and possessions if they suffer damage could be quite costly.
FAQs About Homeowners Insurance In Michigan
What affects my homeowners insurance rates?
The age of your home, roof, and materials are one of the most influential factors because they become more susceptible to damage from external and internal conditions as they age. Improvements made to your home can drive up your premium because they are more expensive for your insurance carrier to replace, so the cost of materials and construction for a home remodeling project will likely get figured into your rates.
Known in the insurance world as attractive nuisances, pools, and trampolines can increase your premium, along with wood-burning stoves and owning a breed of dog considered aggressive. Conversely, installing a home security system may reduce your premium.
Finally, previous claims can cause a spike in your premium because insurers perceive your home as a higher risk. If the claims start to stack up, you may lose your coverage altogether.
Which home insurance terms should I learn?
- 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.
How do I compare homeowner insurance quotes?
It is imperative to compare apples-to-apples in order to get accurate quotes. This means comparing the set of coverages, deductibles, and limits across every single insurance provider. Most homeowner insurance policy terms are 12 months in length, so this detail should remain consistent.
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.
Interesting Statistics About Michigan Homeowners
Did you know:
- Michigan’s average home insurance rate is $1,073, which is fairly close to the national average of $1,288, according to insurance.com.
- Michigan has one of the lowest scores for exposure to multiple natural hazards in the United States.
- There were 4,595,158 homes in Michigan as of July 2017.
