Which type of Michigan Home Insurance is right for you?

There is no law that requires you to purchase Michigan home insurance, however if you are purchasing a home your lender may require you to buy a policy to insure your home while you are paying off your home loan. If this is the case, then your lender should inform you as to which policy they wish you to purchase to ensure their requirement is met. If you aren’t just buying your home, but want to ensure it can be repaired if damaged by one of the many perils that the state of Michigan can throw your way, then here are the various policies you can choose from.

HO-2 or Broad

This kind of policy is considered a named policy and will only cover the perils that are named on the policy. Many of these perils include vandalism, hail, vehicular, aircraft, riot, theft, explosion, and more. This is a good option for Michigan home insurance when you aren’t concerned about the perils that are not named on your policy.

HO-3 or All Risk

This is the most popularly purchased Michigan home insurance from https://insurancequote.deals/michigan-homeowners-insurance-quotes/, as the only perils not covered will be listed. If a peril isn’t listed as uncovered on the policy, then the insurance company will cover the damage and ensure the repairs are made. If the damage is listed as uncovered, then you will have to pay for the damages yourself.

HO-4 or Renters

Renters insurance is only necessary if you are renting a house or apartment. This specific policy will only pay for your personal property, but not damages to your home. There are named perils on this policy, however the owner of the home will be responsible for the damage to the house and not your property. While this isn’t true Michigan home insurance, it is important to understand this option.

HO-6 or Condo

If you own a condo or are renting one, then this may be the policy for you. However it is much like renters insurance in the way it only covers your property and the part of the condo that is owned by you. Condos are popular in Michigan and it is important to understand that this is part of your various options for Michigan home insurance. Since condos are generally built like town homes, you should ensure that your neighbor possesses condo insurance as well to ensure the entirety of the condo can be repaired.