The bedroom community of Lincoln Park is home to about 37,000 people. Many are attracted to this Detroit suburb because of its affordable housing, warm and friendly atmosphere, and many recreational and cultural opportunities.
If you have purchased a house in this Downriver community, you can protect your investment by covering it with a solid homeowners insurance policy.
Independent insurance agents in Lincoln Park are available to help you find the best home insurance coverage. These agents can obtain a selection of customized quotes on your behalf so that you can find the policy that is offered at the most affordable price. Find an insurance agent near you to get started.
How Much Does Homeowners Insurance Cost in Lincoln Park, MI?
To get an idea of how much a policy will cost you, let’s look at some average rates.
- National average yearly premium: $1,211
- Michigan average yearly premium: $942
- Lincoln Park average yearly premium: $534
The average homeowners insurance rate in Michigan is lower than the national average, but in Lincoln Park, where housing prices are on the low end, rates tend to be much less expensive. This is great news for area homeowners who are looking for an affordable policy.
Of course, your quoted costs are likely to vary from these figures because home insurance rates are based on several factors such as:
- The age, size, and value, of your house
- The type of house you are covering (e.g., single-family detached, mobile home, townhouse, vacation house, etc.)
- The number of stories your house has, and whether it includes a basement
- The crime rate and weather risks in your ZIP code
- The amount of property coverage you want to purchase
- Your claims history and credit score
- The amount of your deductible
An independent agent in Lincoln Park can help you find the best home insurance policy to meet your coverage and budgetary needs and can ensure that you are receiving any discounts for which you may be entitled.
Lincoln Park Homeowners Insurance Covers Your Property
Homeowners insurance is designed to cover loss or damage to the structure of your home (dwelling insurance) as well as to the personal property you keep inside it (contents insurance) if the damage is caused by a covered event.
Catastrophic events in Michigan
- Number of federally declared disasters in Michigan: 42
- Most common causes of disasters in the state: Floods, severe storms, and tornadoes
- Average number of tornadoes per year in Michigan: 16
- Average amount of property damage per year in MI: $897 million
- 1 in 15 insured homes has a claim each year.
Tornado activity in the Lincoln Park area is 34% greater than the national average. One of the worst to strike in this city was an F4 twister that touched down within city limits in 1956. This tornado caused significant damage to area homes and businesses.
Other risks you are likely to face as a homeowner in Lincoln Park include property crimes, accidental fires, and severe weather events like windstorms, electrical storms, hail, heavy snows, and freezing temperatures. When temperatures dip below freezing for long periods, it can cause water pipes to burst, particularly if you are experiencing a power outage and are unable to heat your home.
You will want to be sure that your dwelling and contents coverage limits are high enough to allow you to fully rebuild, repair, or replace damaged property if your home is severely damaged by a catastrophic event like an accidental fire or a tornado.
A Word about Flood Insurance in Lincoln Park
Be aware that home insurance does not cover against flood damage. This is true even if the flooding is the direct result of a covered storm.
If your house is in a FEMA-designated flood zone, you will be required by your mortgage company to carry flood insurance until your loan is paid in full. Otherwise, flood insurance is optional.
In Lincoln Park, it’s not just homeowners near waterways like South Branch Ecorse River that are at risk for flood damage. When heavy rains fall on already saturated ground, it can overwhelm drainage systems and lead to flash flooding just about anywhere in this city.
Flood damage can be very expensive. According to FEMA, just one inch of rainwater in your home can result in up to $25,000 in damage. A flood insurance policy may therefore be a good investment.
A local independent insurance agent can help you evaluate your flood risk. If you believe that flood insurance is a good idea, your agent can help you secure an affordable policy through the National Flood Insurance Program (NFIP).
Homeowners in Lincoln Park Need Liability Insurance
Homeowners insurance does more than just cover your property. It also provides a significant amount of personal liability insurance. This is important because liability lawsuits can grow extremely expensive if you do not have coverage against them.
Homeowners liability coverage is designed to absorb expenses like court costs, legal fees, and damages if you or someone in your household is unintentionally responsible for injuries, financial losses, or property damage to others.
Examples of times that you may need to use this liability insurance include if:
- A visitor to your home slips on an icy walkway and suffers a serious injury that necessitates calling an ambulance.
- You accidentally hit someone with a golf ball while hitting the links at the Southgate Golf Course.
- Your dog gets loose and bites a delivery person. According to the Insurance Information Institute, dog bites account for one-third of all homeowners liability insurance claims.
- Someone accuses you of libel or slander.
Most homeowners insurance policies offer between $100,000 and $300,000 in personal liability coverage. If you want to have even more liability coverage than your home insurance policy can provide, an independent agent can also help you secure an affordable umbrella insurance policy.
Homeowners Insurance Covers against Property Crimes in Lincoln Park
The burglary rate in Michigan is lower than the national average. However, in Lincoln Park, the risk is significantly higher. There are about 200 burglaries reported in this city every year.
- Number of burglaries per 1,000 homes in the US: 3.76
- Number of burglaries per 1,000 homes in Michigan: 3.17
- Number of burglaries per 1,000 homes in Lincoln Park: 5.35
There are things you can do to reduce your risk of being targeted by burglars. They include keeping all entryways well-lit and unobstructed, putting your mail on hold and using timers for your lights when you are away, and using secure deadbolt locks.
The most effective theft deterrents are home security systems, particularly those that include surveillance cameras and automatic calls to authorities if the alarm is triggered. That is why many insurance companies offer discounts to policyholders who have these systems installed in their homes.
If your house is broken into, you may find it comforting to know that once your deductible is met, your homeowners insurance can provide you with compensation for your losses. Be sure to contact the authorities, because you will need a copy of the police report when you file your claim.
Sometimes, particularly valuable property like collections or original artwork may need to be covered with special endorsements. Your local insurance agent can help you review your policy’s contents coverage so you can be sure that your most valuable belongings are suitably covered.
What about Insurance for Second Homes and Vacation Homes?
Maybe you own a house nearby in Detroit that you rent out to young families to make a little extra income. Or perhaps you own a cabin that you retreat to when you need to get away from it all.
Whatever their purpose, if you are among the Lincoln Park residents who own more than one house, you may be required to purchase specialized home insurance coverage.
These homes have higher liability and property damage risks than houses that serve as primary residences. These properties also need less in the way of contents coverage, since your tenants will need to cover their own belongings with renters insurance.
Landlord insurance offers the right blend of coverage for rental properties and is likely to be required by your insurance company if the home is occupied by tenants.
These homes are frequently left vacant and unattended for several months out of the year. This increases the likelihood that they will experience significant property damage due to severe weather events, slow water leaks, property crimes, and other hazards.
In this case, your insurance provider is likely to require you to carry vacant home insurance during the times that the property is not in use.
Get the right coverage for all your secondary properties
A local insurance agent can help you review the coverage needs of any extra residential properties you may own and can help you find the best home insurance coverage to cover them.
Why Work with an Independent Insurance Agent in Lincoln Park, MI?
Independent insurance agents can help you find the best and most affordable homeowners insurance policy for your Lincoln Park home. These local agents are available to answer your insurance-related questions and to help you be certain that your property is sufficiently covered.
Contact an insurance agent with an office near you to learn more. You will soon discover how easy it can be to review customized, competitively priced quotes from a variety of highly rated homeowners insurance companies.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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