Homeowners insurance protects you financially if the unthinkable occurs. The State of Michigan does not require you to carry homeowners insurance. Lenders, however, may require you to purchase insurance to protect their interests in the property. Your loan documents will specify the amount of coverage they require and how the proof of coverage needs to be submitted. If the insurance is not maintained, the lender will purchase coverage, called force-placed, and charge you for the policy. Unfortunately, such a policy protects only the lender, not your interest in the home. Homeowners who do not purchase insurance and are not being financed will be responsible for replacing or repairing their home and possessions if they are damaged or destroyed.
Under Michigan law, almost everyone is eligible for homeowners insurance. If you are eligible, insurance providers cannot deny you insurance because of your home‘s location, neighborhood or age. Even if your home is not in the area where the agent is located, the agent is required to provide you with a quote.
When contacting an agent, be prepared to provide some basic information. This will include your personal information, such as address, phone numbers and drivers license number. The agent will also need information about your home including a description, square footage, fire and security devices and the distance from the nearest fire department and fire hydrant.
Ensure that the policy you select is appropriate for your situation. Discuss the policies with the agent making sure you understand what the policy covers and what it doesn‘t. Additional coverage may also be available. This could be important for things like antiques, jewelry, firearms, water damage or back-up of sewers and drains. The agent will give you recommendations of additional coverage that might be appropriate for your situation.
Homeowners insurance helps you recover following many types of catastrophes. Our agents are happy to help you find the right policy to protect your home and possessions. Today is the day to contact our local agents or utilize our online quoting tools for quick information.