What are Michigan Homeowners Insurance Discounts

Homeowners insurance is needed if you are planning on purchase a house or condo in Michigan. Making the right selection and choosing the correct discounts will determine how much you pay for your homeowner’s policy.

Talk to your agent to make sure that you have adequate coverage for your home and belongings.   The mortgage company will require that you have homeowners insurance and that the coverage on your home has to exceed the mortgage that you have. There are two types of policy that you can get, and the type of policy will determine how much you pay for your homeowner’s insurance

Michigan Homeowners coverage discounts

  • Replacement Cost This policy will allow you to replace, repair, or rebuild your damaged property to its original condition, with the same kind and quality materials. That means if you have plaster walls, the replacement will be plaster walls.  To purchase this type of policy, you must insure your home for an amount of insurance equal to or greater than 80% of what it would cost to replace your property.
  • Market value This type of policy allows you to replace, repair, or rebuild your damaged property to a condition similar to what it was before the damage, using modern materials. This option means that if you have plaster walls, the replacement option will be drywall.  To buy this type of policy, you must purchase an amount of insurance equal to the market value. In general, this type of policy provides less coverage than a Replacement cost policy.

Get an assessment from a realtor or your agent to make sure that you are not over-insuring your property.

View this post for more details on what is covered by a Michigan homeowner’s insurance policy.

Discounts Available for your Michigan Homeowners Insurance:

Safety Discounts

Many companies offer discounts for installing smoke detectors, fire extinguishers, alarm systems, and deadbolt locks on the doors.

Renewal or Claims Free Discounts

Most companies have policies that reward loyalty or offer discounts if you renew with the same company for multiple years.  Companies can also offer lower rates if you haven’t had prior homeowner’s claims.  These discounts will be based on different criteria and will vary from company to company.

New Homeowners Insurance Discounts

Insurance companies will give a discount for new homes and will extend that discount for several years.

Senior Citizens

Many Michigan homeowners insurance companies offer some form of a senior citizens discount.  You should check with your agent to see if this discount is available from your company.

Multi-policy Discounts

Check with your agent to see if your company offers a Multi-policy discount.  This policy will reduce your premium if you carry different lines of insurance with the same company.  For example, if your auto and home are with the same company, both policies will qualify.

Deductible

Increase your deductible, you will have to pay more out of pocket to repair the damage, but your premiums will be lower.

Contact local Michigan agents to find additional Homeowners discounts.

Finally, you can start a Michigan homeowner’s insurance policy with a phone call 248-277-4505 or online to get a Michigan homeowner’s insurance quote.