Is Your Home Really Protected?

Is Your Home Really Protected?

Is Your Home Really Protected?

If you own a home in Michigan it is important to review your home owners insurance MI each and every renewal. Most home owners will glance over the home insurance renewal just to see their new premium. While the new premium is important, the way your home is protected is more so. Approximately 40 percent of homes in the state of Michigan are under insured. You should make sure you do not fall into this category by sitting down and dedicating time to review your home insurance policy. Know what to look for and what to ask your agent to make sure your home is adequately protected.

Dwelling Coverage

All home insurance policies in the state of Michigan include Dwelling Cover. Dwelling coverage will pay to repair or rebuild your home if the event of a covered loss up to the limits listed on your policy. Home owners have the option to set their own dwelling limit based on how much it will cost to rebuild their home in the event of a loss. It is important to understand that your Dwelling coverage will not be the amount you financed your home for. Property values and the home market are not a factor. The limit should be set strictly on how much materials and labor will cost. When you sit down, make sure your policy automatically calculates inflation. If you file a claim 20 years down the line you want to make sure you are protected.

Personal Property Coverage

Personal Property coverage in a home owners insurance MI policy will pay for all of your belongings that are not permanently fixed to the dwelling structure. Throughout the years, you may accumulate tons of property. You will need to catalogue your personal property every 3 years to ensure you have sufficient coverage. If you have antiques or collectibles, be sure to schedule these belongings separately.

Discounts

If you have recently renovated your home, you may qualify for special discounts. Most insurers will offer home discounts if you have redone the electric, roof, or HVAC system. Maintaining your property will qualify you for lower premiums. Each time you make a change to your home you should sit down with your agent. You should also consider taking advantage of multi-line discounts for carrying auto insurance with the same company if you do not already.

Many times, home owners invest in insurance when they secure a mortgage and never look at their policy again. You need to make sure your home is adequately protected before you suffer a loss and have to file a claim. Sit down with your agent each and every renewal and make the necessary adjustments. When you review your insurance, you will not have to worry about gaps in your home owners insurance MI policy.

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