Home Insurance

It can be a daunting task to make your way through the many Michigan home insurance companies and fully understand what they offer in the way of coverage. You should carefully consider all the facts, especially when you realize that for most people, their home is their greatest investment. It is also most people’s greatest financial asset. So it is wise to make smart choices when it comes to formulating a policy that is right for you and your needs.

Many consumers don’t know a lot about Michigan home insurance and once they have purchased a policy, most tend to stay with the same insurer, year after year. Like all insurance policies, your home insurance coverage needs to be reviewed annually (or perhaps more often, depending on your circumstances).

It’s easy to forget that things you purchase for your home add value to your personal property, so the cost of replacing these items, whether due to theft, fire, smoke or water damage, can all increase substantially.

Also, improvements and/or additions you make to the structural property itself can increase its value and the amount of coverage you have with your policy may need to be increased accordingly. We are all aware of the problems many people had with their claims after natural disasters destroyed much or all of their property.

Unfortunately, many consumers are unaware that specific coverage for earthquakes, hurricanes, etc. are oftentimes considered “extra” and as such, they have to be written into your policy separately and at additional cost. You will need to consider Michigan home insurance to protect you in case of theft, also.

Most people greatly underestimate the replacement cost of all their possessions. And again, if you own high value jewelry pieces, artwork, antiques or the like, you may be required to list these items separately and have appraisals and photographs on file with the insurance company.

Remember that renters need Michigan home insurance, too! Your personal property has value and you need to protect it in case of theft or damage due to fire, storms, etc.

When you have read the following article and decided on the type of policy you want, contact the people at insuranceUSA.com. They will offer you reliable quotes for the policy that is right for you!

Choosing Your Michigan Home Insurance Policy
In general, there are two options available when you are looking for you Michigan home insurance policy. The first type is a monoline policy. This option only contains one type of insurance coverage, like liability, for instance. The second type of Alsaka home insurance policy is a package policy, which offers several different types of coverage. It is usually a better deal to purchase the package deal, rather than buying separate policies.

When you are looking for the right Michigan home insurance policy for your home and needs, InsuranceUSA.com is the company to turn to find out all the information you need!

There are basically seven different types of Michigan home insurance policy options to choose from. These are described briefly below, and InsuranceUSA can provide you with more details.

Homeowner’s-1 (HO-1): This type of Michigan home insurance policy actually offers very limited coverage, and is offered by few insurers. HO-1 offers coverage many types of damage, such as fire, lightning, wind, smoke, and theft. It is important to check the policy to find out exactly what is covered.

Homeowner’s-2 (HO-2): This type of Michigan home insurance policy covers all the items mentioned in the HO-1 policy, plus damage from falling objects, the weight of ice or snow, water from plumbing systems, freezing of the plumbing system, electrical damage to applicances, and water damage from a rupture of water heaters or heating systems.

Homeowner’s-3 (HO-3): This type of Michigan home insurance policy is often called the Special Form Policy, and it is the most widely used type of Michigan home insurance. It covers your home against all risk of physical loss, except those that are specifically excluded in the policy. It is important to carefully go over the policy so that you knw exactly what is covered.

Tenant’s/Cooperative Owner’s (HO-4): This Michigan home insurance policy is used to insure against damage to an apartment’s contents and against personal liability for injuries suffered in the unit.

Homeowner’s-5 (HO-5): This Michigan home insurance policy provides the same coverage that is in HO-3, plus coverage for personal possessions, except for those things that are specifically excluded in the policy. This coverage can also be obtained by buying the HO-3 policy, and adding a Special Personal Property clause.

Condominium Unit Owner’s (HO-6): This Michigan home insurance policy is designed specifically for condominium owners and offers the same coverage as the HO-4 Michigan home insurance policy.

Homeowner’s-8 (HO-8): This Michigan home insurance policy is similar to the HO-1 policy. The difference is that this Michigan home insurance policy offers the actual cash value coverage instead of a replace cost. This specific type of Michigan home insurance policy is generally used when the replacement value of the property exceeds the market value.

How Much Michigan Home Insurance Do you Need?
You may be asking how much Michigan home insurance do I need? The answer is only as much as needed to cover a loss but not so much that you can’t afford the premiums.

Most insurers will ask you have your house appraised by a professional home inspector before they’ll write you a policy. Furthermore, you will want to compile an inventory of all your major possessions such as furniture and appliances. Hang onto your receipts and take photographs. Also, update your policy at least once-a year or whenever you make any changes.

Should you ever have questions or concerns about your Michigan home insurance, make sure you contact your insurer for answers. And remember, InsuranceUSA.com is a great place to research Michigan home insurance and request a free quote!

Non-Renewals and Policy Cancellations
Michigan home insurance has a policy “term period” which means the insurance company cannot cancel or not renew a policy unless they are legally-justified in doing so.

Normally, most insurance policies will be cancelled if the policy-holder fails to pay their premiums or they submit fraudulent claims. Other instances, which might warrant cancellation are if the policy-holder is convicted of a crime; they make changes to the property rendering it uninsurable; or if they create unsafe conditions that increase the insurer’s risk.

Usually, after the policy term ends, the insurer, if they wish to cancel or not renew your policy, will have to provide adequate notice.

Acquiring the Michigan Home Insurance that you need
Checking to see if the insurer that you are interested in acquiring your Michigan home insurance is from is legitimate is the first step in the process. If you don’t know the reputation and legitimacy of the provider just request a copy of their Michigan home insurance certificate. This will give you their official license number.

A questionnaire will be given to your by the insurers that you consider using. Make sure that you fill this in completely so that the insurer can tailor the insurance offered to you to your specific needs.

Service is as important as price when it comes to Michigan home insurance. The cheapest isn’t always the best option. You don’t want to have to wait a long time for a response if the need to file a claim arises.

Acquiring Michigan Home Insurance using the Internet
Comparison shopping when buying Michigan home insurance is very important. One way to do this is to shop on-line. You can either use individual companies or else you can buy your Michigan home insurance using InsuranceUSA. Just complete the forms fully and accurately and you will get a quote that suits your needs.

Price should not be your only consideration when buying Michigan home insurance. You also need to be happy with the service levels of the company that you are thinking about buying your home insurance from. They should be responsive and deal with you quickly and fairly.