What your policy covers, why premiums are rising, and the gaps Michigan homeowners should know about.
Ask Samantha a questionCall (734) 525-9450A standard homeowners policy covers your dwelling, other structures like a detached garage or fence, your personal belongings, additional living expenses if you can’t live at home after a covered loss, personal liability, and small medical payments for injured guests.
Mostly because it costs more to rebuild. Materials and labor are more expensive, carriers raise dwelling limits to keep pace, and storm and water claims have increased across the region. Roof age and older home systems also affect pricing. Read more in our guide to rising home insurance.
No, not by default. Flood is excluded from standard home policies and requires a separate flood policy. Water that backs up through a drain or sewer line is also excluded unless you add water backup coverage, which is usually inexpensive and important for homes with finished basements.
Replacement cost pays to repair or replace damaged property with new items of similar kind and quality. Actual cash value subtracts depreciation, so you receive less for older items and roofs. Replacement cost costs a bit more but pays far better after a loss.
Enough to rebuild your home at today’s construction costs, which is often different from its market value or what you paid. We’ll estimate rebuild cost and make sure you aren’t underinsured.
Yes. Condo owners need an HO-6 policy that covers interior walls, fixtures, belongings and liability, matched to what the association’s master policy covers. Renters need a renters policy, because the landlord’s insurance doesn’t cover your belongings or your liability.
Talk to a local, independent agent. Consultations are always free.
Book a free callCall (734) 525-9450