Of the premier suburbs of Detroit, Bloomfield Hills, MI is probably the most exclusive. The leafy neighborhoods lie within an easy drive of the city, though, making it a great place in which to live with urban and rural amenities all over. A home here is a treasure, and it needs insurance to be protected like one. The choices you have for Bloomfield Hills home insurance are not too daunting, but you need to find the right insurance for your lifestyle and budget.
Your Independent Insurance Agent can help you navigate your options to find the right insurance. Your agent will get you many quotes from different agencies so that you can compare them and find the one that covers you the best without hurting your wallet. Because of mild weather and no other common weather patterns, Michigan has one of the lowest rates for home insurance in the United States:
- The national average in recent years was $1,034 for home insurance.
- Home insurance averaged only $802 in Michigan.
- This puts the state 37th overall for homeowners insurance cost.
The cost of insuring your home is based on a number of factors, the most important being its size. As you might guess, it is more expensive to replace a larger home damaged by a storm or other disaster. Historic or architecturally significant homes like those you often find in Bloomfield Hills are also a bit more expensive to replace, driving insurance costs up. You want to check on the cost for any particular property and shop around.
Second Home and Vacation Home Insurance
Second homes for people who need to have easy access to Detroit are found in Bloomfield Hills, although not common. If you do have a second home here, you will find it is best to insure it just as you would your primary home. You may decide not to insure the contents on a second home, but that means that you carry the risk from damage or theft yourself. Second homes can be more expensive to insure because of the potential for theft or vandalism. With no one there to watch it all the time, there is more risk of something happening. You can keep this to a minimum by living in a gated community or a multi-family dwelling as well as having your own security system.
Number of Thefts in Michigan
Thefts from homes are more common in Michigan than in other states, which is the one factor that can drive up the cost of home insurance. In recent years, these were the statistics:
- The average had 37,814 break-ins.
- Michigan had 56,344 home thefts reported.
You can opt for many levels of coverage on the contents of your home, with the most affordable being current value. There is also coverage at full replacement value if you want, which would guarantee that in the case of theft, you can have everything replaced as if nothing ever happened in the first place. Your homeowners insurance still pays for any damage on your property caused by a break-in, no matter what.
Number of Catastrophes in Michigan
Michigan has one of the lowest rates of major catastrophes in the nation due to a low rate of severe storms. There were not many reported in recent years:
- In Michigan, there were 301 incidents of loss by catastrophe.
- Only nine tornadoes were reported.
- Disasters still caused $1.8 billion in damage, even with few storms.
- 1 in 15 insured homes has a claim every year
The low rate of widespread damage from catastrophes is the main reason Michiganders enjoy low homeowner insurance rates. It’s still vital to be covered, however, because when a storm does hit, the damage can be severe. You want to get things repaired quickly so that you can go back to enjoying your life in Bloomfield Hills.
What Are the Risks in Bloomfield Hills?
Homeowners insurance covers much more than storm damage and theft. A swimming pool, for example, may be considered an “attractive nuisance” that can injure someone – invited onto your property or not. A trampoline falls into the same category. You can take steps to minimize this risk with a fence, and some insurance companies will lower the cost of your premium for that effort.
This is why the best insurance for you is not always the cheapest. Whether cleaning up from a storm or giving you credit for the improvements you make to lower your risk, every insurance company is as different as your home is. It’s important to know your insurance and be sure that you have what you need.
Compare Bloomfield Hills Home Insurance Quotes
For all your homeowners insurance needs, there is no person more important than your Independent Agent. Because agents live here in Bloomfield Hills, they know which insurance companies will work with you and which are the most dependable after a hurricane. They will also give you multiple quotes so that you can compare your options.
Talk to an agent today to get the best homeowners insurance for yourself.