Oak Park Homeowners Insurance

Your Complete Guide to Oak Park, MI Homeowners Insurance

Let a local independent insurance agent help you find the best and most affordable policy.

Oak Park Michigan Homeowners Insurance

The Detroit suburb of Oak Park is home to about 33,000 people. This city is a great place to buy a home and raise a family, thanks to its rich cultural diversity, safe and secure neighborhoods, and affordable housing options. If you own a house in Oak Park, you can protect your investment with a solid homeowners insurance policy.

Independent insurance agents can help you find the best and most affordable insurance coverage for your Oak Park home. Talk to an insurance agent near you to learn more and to start comparing customized quotes from a variety of top-rated insurers.

How Much Does Homeowners Insurance Cost in Oak Park, MI?

The average cost for coverage in Michigan is lower than the national average, and it's around the same in Oak Park. This is great news for residents who are looking for an affordable policy.

  • National average yearly premium: $1,211
  • Michigan average yearly premium: $924
  • Oak Park, MI average yearly premium: $915

Homeowners insurance rates are calculated individually according to several considerations such as:  

  • The size, age, and value of your house
  • The type of house you are buying coverage for (e.g., single-family detached, multi-family, condominium, mobile home, vacation home, etc.)
  • The number of stories your house has and whether it has a basement
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score
  • Whether you qualify for discounts for bundling your coverage with another policy like car insurance

Comparing quotes enables you to choose the homeowners policy that offers you the coverage you want at the lowest price. Independent insurance agents in Oak Park make comparison shopping easy.

What Types of Damage Does Oak Park Homeowners Insurance Cover against?

Your homeowners insurance policy is designed to cover you against most of the hazards you are likely to face as a property owner in Oak Park, Michigan.

Covered hazards include damage caused by fires, property crimes, and severe weather events like tornadoes, electrical storms, windstorms, hail, heavy snows, ice accumulation, and freezing temperatures.

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.

The risk of tornado activity in Oak Park is 34% greater than the national average rate. One of the worst to strike in the area was an F4 twister that touched down less than 5 miles from the Oak Park city center in 1957.

Disasters like tornadoes and accidental fires can cause significant destruction. You will therefore want to be sure that your dwelling (structural) and contents (personal property) coverage limits are high enough to enable you to rebuild and replace in the event of a disaster.

Also, you may find it comforting to know that if your house is rendered uninhabitable due to damage caused by a covered event, your home insurance can cover your temporary living expenses until repairs can be made and you can return home.

What about Coverage against Floods in Oak Park?

It is important for Oak Park homeowners to be aware that flood damage is not covered by homeowners insurance. Unfortunately, many people don’t find this out until it’s too late.

Flood insurance, which can be purchased through the National Flood Insurance Program (NFIP), is only required if your house is located in a FEMA-designated flood zone and you currently hold a mortgage or a home equity loan. However, just because you don’t live in a high-risk flood area doesn’t mean that you are safe from this hazard.

When prolonged, heavy rains fall, drainage systems can clog and become overwhelmed, and flash flooding can occur just about anywhere in this city. In fact, according to FEMA, as many as 20% to 25% of all flood claims filed are for properties that are located outside flood zones.

Flood insurance takes 30 days to go into effect, so do not wait until heavy rains are imminent to purchase a policy. Talk to a local independent insurance agent for help securing an affordable policy.

Why Do Oak Park Homeowners Need Liability Insurance?

Liability lawsuits can happen to anyone. If you find yourself on the wrong end of a lawsuit, things can get very expensive very quickly. Fortunately, all home insurance policies include a significant amount of personal liability coverage.

Homeowners liability insurance is designed to cover the various expenses that you may incur if you or anyone in your household is unintentionally responsible for injuries or property damage to others. Some examples of situations in which this liability coverage can protect you include:

  • If you do not shovel your walkway after a heavy snow and a visitor to your home slips on ice and suffers a serious back injury
  • If you accidentally cause significant injuries to someone during a friendly game of basketball at David H. Shepherd Park
  • If one of your children accidentally hits a baseball through your neighbor’s picture window while playing in your backyard
  • If your dog gets loose and bites a delivery person
  • If someone sues you for libel or slander

Homeowners insurance companies typically offer between $100,000 and $300,000 in personal liability coverage. If you wish to have even more liability coverage than your home insurance policy will allow, your local insurance agent can also help you find a suitable umbrella insurance policy.

Talk to an independent agent near you to learn more about your liability coverage options.

Does Oak Park Homeowners Insurance Cover Against Burglaries?

The burglary rate in Michigan is a little lower than the national average, and in Oak Park, the rate is even lower. This is not to say that the risk does not exist. Residents of this city report about 70 burglaries a 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 Oak Park: 2.32

If your house is broken into, you may take some comfort in knowing that your homeowners insurance can reimburse you for your losses as well as for any property damage the burglars may have caused.

You can lower your risk of burglary by taking precautions such as keeping your doors and windows securely locked, making sure your home’s entryways are well-lit and unobstructed, and by stopping mail delivery or having someone stay in your house while you are away on vacation.

Burglar alarms are among the most effective theft deterrents. That is why many insurance companies offer discounts to policyholders who have home security systems installed in their houses. Learn more about this discount as well as any other potential discounts for which you may qualify by speaking with a local insurance agent.

What about Insurance for Second Homes and Vacation Homes?

Maybe you are fortunate enough to own a vacation house in a warmer climate that you can retreat to during the cold Michigan winters. Or maybe you have invested in property nearby in Detroit that you rent out to young families to make some extra income.

Regardless of their purpose, if you own more than one residential property, you will need to cover each of these homes with appropriate insurance.

A house that does not serve as your primary residence will have additional risk factors that insurance companies will take into consideration. This means that you may be required to purchase specialized home insurance products. 

  • Vacation homes that are left unoccupied for several months out of the year have an increased risk of sustaining significant property damage. Your insurer may require you to carry vacant home insurance whenever the house is not in use.
  • Rental homes have lower contents coverage needs, but higher liability and property damage risks. These properties can benefit from the specialized coverage provided by landlord insurance, which may be required by your insurer if the home is occupied by tenants.

An independent insurance agent can help you review the coverage needs of all your residential properties and can help you find the best and most affordable policies to insure each of them.

Why Work with an Independent Insurance Agent in Oak Park, MI?

The easiest way to find the best and most affordable homeowners insurance policy is by working with an independent agent. These agents live and work in your community, so they understand the concerns you have as a homeowner in Oak Park.

Best of all, independent agents work for you, not for a specific insurance company, so you can be sure that you are getting trustworthy guidance as you shop for the right policy to cover your Oak Park home. Contact an insurance agent near you to get more information and to start comparing customized homeowners insurance quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.oakparkmi.gov/
https://www.city-data.com/city/Oak-Park-Michigan.html
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
https://www.fema.gov/flood-insurance