Are you planning to move to Michigan in the near future? Are you looking forward to purchasing that colonial home facing Lower Long Lake?
Last month we briefly reviewed the basics of Bloomfield Hills Homeowners Insurance Checklist. This month, we want to help you take the next step forward, and help you apply that information to your new Bloomfield home. This way you can purchase a home and accompanying homeowners insurance policy that’s best for your family’s needs and budget. After all, it’s senseless to purchase your dream home, but not be able to afford a homeowners insurance policy.
Obtaining proper homeowners insurance coverage is essential to protecting your dream home. It may seem costly, but it does save you money in the event of an emergency.
Take some time to review our Bloomfield Hills Homeowners Insurance checklist and don’t forget to bring this supplemental tool with you when visiting potential homes and/or shopping around for an insurance agency.
* Keep in mind, homeowner insurance differs with each state, insurance agency, and policy.
1. Check Your Credit Score: Aside from mortgage purposes, a strong credit score may qualify you for a discount on your Michigan homeowners insurance.
There are several factors insurance agencies consider when writing your policy, some of which include:
2. Fire Department: Choose a home near a quality fire department (trained firefighter and proper equipment)
- Hurricanes: Purchasing a home near the coastline typically costs more due to their susceptibility to hurricanes and windstorms. The percentage deductible is obtained by the potential cost to rebuild a coastal home.
- Flood: If the Michigan home you’re purchasing is in a high risk flood zone, you will have to purchase a separate policy.
- Earthquakes: If your home is located in a community with a history of earthquakes, you will have to purchase a separate policy. Typically, older buildings and brick building cost more to insure.
4. Condition of Home: Hire a licensed home inspector to review the following features
- Age: Generally, older homes are more costly to insure because
(1) old plumbing and electrical systems that can become unsafe
(2) plaster walls, ceiling molding and wooden floors may cost more to replace
* Before purchasing a Michigan home that dates back to the colonial period, ask about its cost replacement value.
- Up to Code: Ensure that your future home is well built and up to code.
- Roof: Homes equipped with fire and hail resistant roofs may qualify for a policy discount
5. High Risk Features– Homes with fences, pools and outbuilding are typically covered only minimally by a standard Michigan homeowners policy. Ask your insurance agent about an umbrella liability policy to ensure proper coverage.
What will your Policy Cost? Get a free rate quote.
Let Capital Insurance Group put together the best possible homeowners insurance policy for you, at the most competitive price we can find. We work with some of the most respected carriers in the country, and once we have your information and the features you want to be included, we can start putting together the right plan for you.
Call us today for Michigan Homeowner Insurance. (888)296-0418