Michigan Home Insurance
Your home insurance policy requirements will vary depending on where you live. For example, if you live in Michigan, your home may be at high risk for tornadoes and flooding. In 1953, the Flint-Beecher tornado in southeastern Michigan caused $125 million in damage (this figure has been adjusted for inflation).
Flooding is a significant risk in Michigan, occurring from excessive rainfall, snow melting and storms. According to the Michigan Department of Environmental Quality, approximately 6 percent of Michigan’s land is at high risk for flooding. Be advised, however, that flood insurance coverage is not part of your regular homeowners insurance policy and will need to be purchased in addition to your existing home insurance if you reside in a high risk area.
Find the right home insurance policy in your area with a free quote >>
It’s important to note that Michigan has regulations in place for home insurance that protect their consumers. By law, Michigan insurance companies cannot charge excessive rates because the state industry is regulated on a competitive basis. Insurers also must communicate with their customers yearly to disclose information about rating classifications and the development of rates. If a consumer does not think the premium is correct, they can request that the company review the rate.
Michigan law also states that almost every person in Michigan is eligible for coverage, and it also allows companies to provide discounts. If you are found ineligible by an insurance company, you may still get coverage through the Michigan Basic Property Insurance Association.
In addition to finding the best coverage and most affordable rate, always carefully research the company’s customer service and attention to handling claims. Michigan’s laws are helpful to consumers by making home insurance available to anyone, and at reasonable rates, but the role of a good consumer is to do the necessary homework and make informed decisions.
Find the right home insurance policy in your area with a free quote >>
Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
|
