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Home Insurance in Michigan
Are you a first-time home buyer? Or, are you an experienced homeowner?
Either way, it is likely that your home purchase, whether it be in Detroit, MI or elsewhere in the state, will eventually become your most valuable investment. Premier Insurance Agency serves the state of Michigan and can help homeowners understand the specifics of a homeowner’s policy that protects their investment.
The evolution of home insurance began during the ‘Ozzie and Harriet’ years, the 1950's. The home insurance standard form – HO-3 has an ultimate purpose of providing a comprehensive policy that covers a house, its contents, and related liability risks simultaneously. HO-3 provides coverage for your Michigan home against most risks. A policy can provide protection against damage to your home, theft, and liability in some cases. It is important to talk with your insurance agent about the wide range of options available when starting a home insurance policy.
What's Not Covered?
Although floods and earthquakes are widespread across the United States, the damage caused by these weather events is not characteristically covered by the standard HO-3 policy. For this coverage, one needs to obtain Flood or Earthquake Insurance.
Loss and Recovery
The value of the real property—your home, garage, shed, etc.—is typically based upon the home’s market value. However, homeowner’s insurance also covers personal property.
Premier Insurance Agency offers guaranteed replacement cost coverage across all of Michigan. Replacement cost reimburses for losses without the consideration of depreciation or delineating dollar limits.
Unless a homeowner’s policy specifies that the insured receives their home's replacement value, the coverage defaults to actual cash-value. Upgrading from actual cash-value to replacement coverage typically raises premiums by ten to fifteen percent.
By becoming familiar with your homeowner's insurance policy, you ensure that you will have the appropriate coverage for your home. Drop by our Detroit, MI location or one of the 11 offices located across the state to talk with an agent about your needs and discover what policies will benefit your situation. Also, try our online rating tool for quotes on home and auto insurance.