Harsh winters can add up for a home

Insurance companies in Michigan have experienced an increased number of weather-related claims in recent years because of snow, heavy thunderstorm activity, and tornadoes in the southern part of the state. Michigan homeowners should consider purchasing a home insurance policy to protect themselves against the elements as well as other unforeseen events.

How Much Does Michigan Home Insurance Cost?

According to the Insurance Information Institute, in 2010, the average annual premium for homeowners insurance in Indiana was $743. Insurance companies offering home owners insurance policies consider a number of factors when it comes to determining the total cost of premiums, including the age, location, and construction materials of a home. Even amenities like pools and hot tubs can raise premiums due to the fact that these features increase the potential of bodily harm to others. The amount of coverage you select for your personal property insurance, along with the amount of liability insurance you choose will increase your premium, as well as the deductible amount.

When you select a policy, make sure you understand what losses your policy covers and what it excludes. Keep in mind that homeowners purchase insurance for a limited term, usually one year. Individuals must renew their coverage to ensure that their home remains protected. Some lenders or banks may require home owners to purchase insurance.

What Does It Cover?

A homeowner’s insurance policy will cover any damages done to the structure of your home as well as the contents within, including furniture, appliances, rugs, clothing, and personal belongings. Home insurance can also help pay for living quarters if your home requires repairs following catastrophic damage. Liability coverage is generally, but not always, a part of most homeowner’s policies, and protects you against bodily injury and property damage claims arising from accidents to others on property that you either own or rent. It also protects you from accidental damage you may cause to the person or property of others while away from your property and includes the cost of defending a claim against you.

Do I Have to Get Home Insurance in Michigan?

Home insurance is not required by law in Michigan. But buying insurance can help protect your house and property against damage from unforeseen circumstances, and liability for accidents that injure other people or damage their property. The Michigan Office of Financial and Insurance Regulation has more information for consumers about home insurance.

Optional Coverage to Consider

  • Flood. If you live in a low-lying area or near designated flood zones, you should consider purchasing flood insurance. In some cases, mortgage companies may require borrowers to purchase flood insurance. Flood damage is not covered under a standard flood insurance policy. Homeowners may purchase an additional flood insurance policy from their provider or the National Flood Insurance Program (NFIP). Keep in mind that flood insurance will not pay a claim unless it has been in effect for at least 30 days before flood damage occurs.
  • Fire and Lightning. Most homeowners policies in Michigan place fire and lightning protection under basic coverage, but you should ensure you understand the details of your policy to make sure you will be covered in the event of a fire in your home. Your policy should cover the cost of damages to your home or valuables caused specifically by fire or lightning. Tell your insurance company if your home has smoke detectors, fire extinguishers, or sprinkler systems since there may be discounts available for having these installed in your home.

Mobile Home Insurance in Michigan

In Michigan, purchasing mobile home insurance is optional. A retailer cannot require you to buy any type of insurance as a condition for closing on a home. However, your lender may require insurance as a condition of financing. Mobile home owners may purchase a specific policy that insures mobile homes, also known as manufactured homes. The standard insurance package includes coverage in case of property loss and theft and liability protection.

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