Insurance for your Home, Condo, Rentals and Landlords

Choosing the Right Michigan Home Insurance

Homeowners, Condos, Rentals, Landlords, we have multiple companies for all of these insurance products.  Homeowners coverage is by far the most widely used and a lot of people have questions on Replacement costs vs. Market Value.  When you insure your Homeowners with us you will have Replacement Cost which means your home will be rebuilt brand new from the ground up if you were to have a total loss.

Example of Replacement Cost vs Market Value,  If you were to build your home on a Lake your homes Market Value would be a lot more then if you built that same home in a subdivision.  It is still going to cost the same amount to rebuild that home but the Market Values are drastically different between the two.

Laws in Michigan do not require you hold home or personal property insurance, however, if you have financed your home, you will be required by your lender to purchase insurance. Depending on your circumstance, you may be required to carry:

Homeowners and Condos

Homeowners Insurance usually includes coverage for all of the below, but there are optional coverages that you can also purchase to supplement your base policy.

• Dwelling – To pay the cost to replace your home or property due to natural disaster. Note: not all disasters are included in this coverage so speak with your agent for specifics.
• Liability – Helps cover expenses against lawsuits resulting from bodily injury or property damage caused by you.
• Medical Payments – In the case someone is hurt on your property, this coverage will pay for transport via ambulance or any other first aid needed.
• Personal Property or Possessions – Pays the cost of replacement of personal property such as furniture, electronics and clothing.
• Additional Structures (Appurtenant Structures) – Cost to repair or replace structures such as sheds, detached garage or swimming pool.
• Living Expenses – Pays expenses in the case you cannot live in your home, including hotel and restaurant expenses.

Landlord Insurance

If you own more than one home and you rent your residential property, you should speak to your insurance agent about purchasing specific insurance for your rental. Landlord Insurance usually includes everything that your homeowners insurance will cover with a few additional clauses including:

• Fair Rental Income Coverage – Helps to pay the rental income that is lost in case your rental home is destroyed and can no longer be inhabited.
• Premises Medical Protection – Covers the cost of medical expenses in case someone is hurt on your rental property.
• Vandalism and Burglary Coverage – Helps cover expenses related to the cost to repair or replace what has been stolen or damaged.

Rental Insurance

Rental Insurance is fairly straight-forward and covers only the personal property you own inside of the property. Each rental insurance policy is written specifically for the individual and the cost associated varies due to the contents of your home. Rental Insurance will be paid up to a limit as specified when the policy is written. If you own anything above the norm, such as expensive jewelry or antiques, you must specifically specify these when purchasing your insurance.