The right types of insurance can help you keep your property safe and help you cover the cost of any repairs or replacements if your property is damaged by a covered event. However, there are many different types of property insurance that you’ll want to consider investing in to make sure your property is fully protected from common threats. Here are some of the most important types of coverage that Michigan property insurance claims attorneys want you to keep in mind as you start looking at coverage options.
Homeowner’s Insurance
If you own a home, whether you own it outright or are still paying down your mortgage, investing in a comprehensive homeowner’s insurance policy is an absolute must. These policies are designed to protect your property from the most common types of damage. Most policies include coverage for the following events:
- Hailstorms
- Wind
- Tornadoes
- Fires
- Vandalism
- Theft
The exact coverage will depend on your policy. If you’re concerned about a potential hazard, you’ll want to speak with your insurance provider. They’ll help you identify the best policy for your needs.
Flood Insurance
Though home insurance policies protect your property from certain types of storm damage, including water damage, most won’t protect your home from floods. To make sure your property is safe, you’ll want to invest in a dedicated flood insurance policy.
Without this type of coverage, you could have to pay the full cost of any repairs for damage caused by a flood event. This coverage is completely optional, so consider your property’s flood risk before you purchase a policy. If you live in a flood-prone area, near a river or lake, or are close to a drainage ditch that could flood after severe weather, investing in a policy could be a good choice.
Sewage Line Insurance
Believe it or not, most homeowners policies have a built-in exclusion for damage caused by sewage backup. If your sewer main backs up into your home, you’ll have to pay for the full cost of repairs out of pocket. However, many insurance providers offer a sewage line insurance policy that you can add to your homeowner’s policy. With this policy in place, you’ll be able to file a claim if your sewer line backs up.
This policy can cover repairs like cleanup, mold mitigation, replacement of sewer lines, and more up to the limits of the policy. Discuss your needs with your insurance agent before you purchase coverage. This way, you’ll be fully covered as soon as the policy is in place.
Renter’s Insurance
Homeowner’s insurance is only available to people who own their homes. If you rent, you’ll want to invest in renter’s insurance. These policies protect you from liability if anyone is injured in your home and help cover the cost of repairs if anything is damaged as a result of your actions. These policies are typically much cheaper than homeowner’s insurance, so you should be able to find an affordable policy with ease. Keep in mind that these policies only cover the rental you’re in at the time of purchase. You’ll need to buy a new policy when you move.
Earthquake Insurance
Michigan is lucky to not experience many earthquakes throughout the year, and the ones that do happen are typically mild. However, even minor earthquakes can damage your home and property. Unfortunately, your homeowner’s insurance policy won’t cover earthquake damage. If you’re worried about the risk of earthquakes, investing in a dedicated earthquake policy could be a good choice.
You’re Only Covered if Your Policy Says You Are
Insurance policies have clear limits about what they cover. And even if the type of damage you’re filing a claim for is explicitly outlined in your policy, your insurance provider may decide to deny your claim. If they do, work with a Michigan property insurance claims attorney at Fabian, Sklar, King & Liss. Contact us today to schedule a free consultation.