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Insurance Coverage For Every Type Of Byron Center, Michigan Home
Home insurance may not be legally required by the state of Michigan, but it is essential to carry nevertheless, for the following reasons:
- 70% of home insurance claims are the result of natural disasters
- Wind damage – 25%
- Non-weather-related water damage – 19%
- Hail – 15%
- Weather-related water damage – 11%
- Theft is the cause of 6% of claims
Any of these weather-related events can occur in Michigan and theft can occur anywhere. You are not immune to any of them. Do not take the risk of leaving your finances vulnerable to the staggering costs of repairing or rebuilding your home.
Get The Right Type Of Home Insurance
Most people assume that home coverage is limited to homeowners insurance. While homeowners insurance is one type of policy available, it will not cover everyone and every situation.
Homeowners Insurance Byron Center, MI
Deciding how much homeowners insurance coverage to get is a personal decision. It must offer you a sufficient level of protection, whether your home is damaged, destroyed or you become the victim of theft.
While you should always choose coverage based on your needs and budget, there are standard types of coverage that most mortgage lenders want to see when reviewing your loan application.
- Dwelling coverage – protects the physical structure of your home
- Personal property coverage – protects your possessions
- Liability coverage – protects you if someone sues you after getting injured on your property or after you damage their property
- Guest medical coverage – pays the medical expenses of anyone who gets injured while on your property
There are also optional types of homeowners insurance for which you can get quotes. They include:
- Scheduled personal property – covers valuable appraised items in your home
- Musical instruments – covers musical instruments you keep in your home
- Sports equipment – covers high-ticket sports gear you store at home
- Business property – covers business-related items you keep in your home
- Water backup – covers the cost of repairing water damage
You are not protected by your condo association’s master policy. Why? It does not cover your condo from the walls inward. This means that none of your possessions, including highly valuable items and items that have great sentimental value, are covered. Plus, the majority of condo associations in the state of Michigan require unit owners to carry their own condo insurance.
A condo insurance policy may also include fire, flood and theft.
A homeowners insurance policy does not include damage caused by flooding. This type of water damage is extremely costly to fix. You do not want to get stuck paying it yourself. This is the first reason why you should obtain flood insurance. Secondly, most mortgage policies require you to carry flood insurance if you live in a flood zone.
Flood insurance covers both the structure of your home, as well as the contents within. There is a difference between non-weather-related water damage and flood-related water damage. Our knowledgeable agents will make sure you know the difference so that you can make smart decisions.
Are you renting an apartment or home in Michigan? Have you considered what happens to your personal belongings in the event of a loss to your home? Apartment buildings have master policies for insurance, but these policies do not cover tenant possessions. That’s why renter’s insurance is essential and very affordable – it will safeguard the electronics, clothes, jewelry, and valuables within your home from theft, fire, or damage.
While the term “umbrella” may invoke the image of water damage coverage, this is not the case. It is, rather, indicative of the overarching coverage umbrella insurance gives you in certain financial crises. Umbrella insurance provides protection if you are at the receiving end of a civil lawsuit or you are faced with medical expenses for which you are not insured. This type of insurance pays the balance left over when you exceed your insurance coverage limits.
Getting Byron Center, MI Home Insurance Through Us Is Different
Finding the proper amount of home insurance coverage is about more than just insurance quotes. When you obtain home insurance through Compass Insurance Agency of Byron Center, you will receive an elevated level of customer service.
The Compass Insurance Agency difference includes:
- Our agents work for you, not the insurance companies
- We partner with about 20 insurance carriers to give you a variety of quotes
- Our agents possess the expertise to find you the right coverage at the best price because we serve Michigan exclusively
- We eliminate the hassle of working with multiple agencies by managing all of your auto, home, boat and ATV insurance