Serving Clients Throughout Michigan
Your home is your sanctuary: a place to rest your head and relax away from the hustle and bustle of life. Doyle & Ogden would like to make sure that your home stays that way. We take great pride in being able to offer Michigan homeowners throughout the greater Grand Rapids area the best coverage at the best rates. Protect your home and your family with insurance coverage that will provide you with the peace of mind that you deserve.
Home Insurance Basics
As you search for the right home insurance provider, it’s helpful to understand the basic concepts surrounding home insurance. The more you know, the more empowered you’ll be to make an informed decision.
Why Do You Need Home Insurance?
Unlike auto insurance, Michigan residents can decide whether or not they’d like to purchase insurance for their home (with exceptions). Despite not being required, it’s in any homeowners best interest to consider home insurance.
You’ve worked hard to purchase your home. You’ve likely made many great improvements and filled your living space with a life’s worth of important possessions and keepsakes. It would be devastating to lose everything you’ve worked so hard for in the event of an accident.
Moreover, home insurance can shield you from costly medical bills and legal expenses in the event someone is injured on your property. Monthly premium payments for a policy are far less than what you could have to pay out of pocket when disaster strikes.
Basic Insurance Terms
A premium is the amount of money an insurance company charges for an insurance policy. Premiums vary from policy to policy and company to company. There are a number of factors insurance actuaries use to determine your insurance premium.
When you enter into an agreement with an insurance company, a deductible will be part of your agreement. An insurance deductible is an amount of money an insured homeowner will have to pay out-of-pocket before insurance steps in to cover the rest. Your deductible for your home insurance policy should be listed in the terms and conditions of your insurance agreement.
As defined in the dictionary, liability is the state of being responsible for something. In the context of home insurance, liability refers to the degree in which you’re legally responsible in the event of an accident.
Limit of Liability
Limit of liability will be included in any insurance contract. The limit of liability is the maximum amount an insurance company can pay for coverage as outlined in your policy.
Factors That Affect Your Home Insurance Rate
Home insurance rates vary from home to home. There are a number of different factors that go into rate calculation. Factors include home condition, age and construction of the home, replacement costs, proximity to a fire station, proximity to a body of water, and more. Actuaries will take these factors and more into account when setting premiums for policies.
What Risks Do Grand Rapids Homeowners Face?
While Michigan doesn’t encounter catastrophic weather events such as tornadoes or earthquakes often, there are still plenty of threats Michigan homes face. Outside of accidents, there are ultimately three major risks homeowners should be concerned about.
Theft/burglary is one of the greatest risks Grand Rapids homeowners face. While crime has been decreasing year over year, Grand Rapids homeowners still have a 1 in 49 chance of becoming a victim of a property crime.
On average, Grand Rapids receives 64 inches of snow each year. Winters can be incredibly harsh with the lake effect and the freezing temperatures combined with heavy snowfall can do a number on a home. Roof damage, frozen pipes, and more can result from snowfall and cold temperatures.
Lightning storms can be particularly hazardous for your home. A lightning strike can cause electrical damage or send a tree slamming down on your house. In Michigan there are typically over 200 severe weather reports a year (the average being 524).
What Are The Requirements For Home Insurance In Michigan?
The state of Michigan currently does not require homeowners to purchase homeowners insurance. However, if you finance the purchase of your home with a mortgage lender, the lender will require that you protect their financial interest in the property by obtaining insurance.
Should you fail to provide proof of insurance coverage, your lender will likely purchase a home insurance policy on your behalf and make payments on your insurance through escrow (also known as force placed insurance). Even though home insurance isn’t required by law, there are still many benefits to considering a policy.
What Types Of Homeowners Insurance Coverage Should I Consider?
If you’re considering home insurance, you’ll quickly find that there are many different coverage options. An experienced insurance agent can listen to your needs and help you determine the level of coverage that’s right for you. If you have a mortgage or are taking out a mortgage, your lender will specify all of the hazards your insurance must cover. Standard types of insurance coverage can be found below.
Dwelling coverage offers protection for the physical structure of your home. Dwelling coverage will provide for the repair or rebuilding of your home if it is damaged by a covered hazard. Dwelling coverage typically includes coverage for damage due to theft, vandalism, fire, lightning, falling objects, hail, windstorms, damage from a motor vehicle, or damage caused by the weight of snow, sleet, or ice. Of course, coverage varies by region and policy.
Personal Property Coverage
Personal property coverage offers protection for items and belongings inside of your home. You can receive compensation for damaged or stolen items such as furniture, jewelry, appliances, and other personal possessions. Coverage varies by policy, but typically includes protection from hazards such as fire, lightning, hail, ice, theft, vandalism, riots, falling objects, and damage from electrical currents.
Liability coverage is a crucial component of home insurance. Liability coverage helps protect you in the event you are sued by someone who is injured on your property. This could be an injury due to a slip on ice, a fall off of a balcony, a trip on a broken stair, a slip on a wet pool deck, etc. Medical and legal bills can add up quickly. Liability coverage is not something to ignore when shopping for home insurance. Learn what kind of liability insurance your policy will provide and the limits that will apply.
Guest Medical Coverage
Guest medical coverage (also known as goodwill coverage) is designed to cover basic medical expenses for anyone that sustains an injury while on your property. The coverage can prevent legal complications from arising when a guest is involved in an accident on your property. Covered medical expenses will vary by policy, but typically include compensation for things like hospital stays, surgical procedures, x-rays, ambulance rides, etc.
How To Compare Home Insurance Quotes
As you shop for home insurance quotes, it’s important to be able to properly compare the quotes you receive so that you can ensure you’re getting the best coverage at the best rate. It’s always difficult to compare apples to oranges. Make sure you’re receiving all of the features and coverage you’re looking for. As you get quotes, it’s important to compare quotes for similar or identical policies. A policy with a low premium from one company might seem great compared to a higher premium from another until you analyze the differences in coverage are drastic. Putting every company on the same playing field will help you better determine who is really giving you the best deal.
Save Money On Home Insurance By Bundling
Homeowners can save hundreds of dollars a year on a home insurance policy when they bundle with other insurance policies. Doyle & Ogden is a full-service insurance agency with protection available for your car, boat, motorcycle, or business. The more you bundle with Doyle & Ogden, the more you stand to save. Talk to one of our agents today to see how much you could save by bundling.
Why Choose Doyle & Ogden As Your Home Insurance Provider?
Your home is one of your most precious possessions insure it properly with one of our A+ rated companies.
We are a local, independent agency serving the Greater Grand Rapids area since 1958. With over 10 companies to shop and compare we are confident that we can offer better coverage for the best price.