Your house is one of the biggest investments you will make in your lifetime. You will therefore want to be sure to protect that investment with a solid and reliable homeowners insurance policy. Understandably, you will want to be sure that you are getting this coverage at a competitive rate.
Independent insurance agents in Wayne, MI, can help you find the best and most affordable coverage for your home. Contact an insurance agent near you to get more information and to start comparing customized homeowners insurance quotes.
How Much Does Homeowners Insurance Cost in Wayne, MI?
The average cost of homeowners insurance in this state is lower than the national average. And, in Wayne, where there is an abundance of affordable housing, rates tend to be even lower still.
- National average yearly premium: $1,211
- Michigan average yearly premium: $942
- Wayne average yearly premium: $660
Of course, your actual homeowners insurance quotes are going to differ from the average rates mentioned above. This is because costs are calculated individually according to several factors such as the following.
- The age, size, and value of your home
- The type of house you are insuring (e.g. single-family detached, townhouse, manufactured home, vacation home, etc.)
- The number of stories in your house
- The materials used in your home’s construction and the age of your roof
- The crime rate and weather risks in your ZIP code
- Your claims history and credit score
- The amount of your deductible
- Whether you are bundling your coverage with other policies like car insurance or life insurance
Every insurance company has its own proprietary way of assessing risk and calculating rates. Comparing a variety of quotes lets you choose the policy that offers the coverage you want at the most affordable price. Independent insurance agents in Wayne make comparison shopping easy.
What Damage Is Covered by Wayne Home Insurance?
What would you do if your house were flattened by a tornado? This is something to think about given that the risk of tornado activity in Wayne is 47% greater than the national average.
Home insurance policies are designed to pay for the cost of repairing or replacing your property if it is lost or damaged because of a covered event. Dwelling insurance covers the structure of your house while contents insurance covers the personal property you keep inside it.
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
Wayne residents are most at risk for damage caused by severe storms, including windstorms, electrical storms, and tornadoes. Additionally, heavy snowfalls can damage your roof and gutters, and freezing temperatures can cause water pipes in your home to burst.
Fortunately, each of these hazards are covered by most home insurance policies. Flood damage, however, is not.
What about Coverage against Floods?
Homeowners property insurance specifically excludes flood damage from its coverage. Because of this, the only way to cover against floods is by purchasing a separate flood insurance policy.
If your property is in a FEMA-designated floodplain, your mortgage company will require you to carry flood insurance until your home loan is paid in full. Otherwise, this insurance is optional.
Regardless of whether it is required, it is a good idea for most property owners. In fact, FEMA reports that just one inch of rainwater in your house can cause as much as $25,000 in damage and that about 20% of all flood insurance claims are for properties located in low-risk areas.
A local independent insurance agent can help you assess your flood risk and, if you’d like, can help you supplement your homeowners coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP). Flood insurance policies take 30 days to go into effect so do not wait until heavy rains are imminent to buy this important coverage.
Why Is Liability Insurance Important for Wayne Homeowners?
Everyone makes mistakes once in a while, and sometimes these mistakes result in expensive lawsuits. That is why homeowners insurance provides personal liability insurance as a standard part of every policy.
Homeowners liability insurance is designed to cover court costs, legal fees, and financial damages if you or someone in your household is unintentionally responsible for property damage or injuries to others.
Chances are good you’ll never use this insurance, but if you find yourself in a situation where you need it, you’ll be very glad it’s there. Some examples of times your homeowners liability coverage can help include the following.
- If a visitor to your home is badly injured in an accident that can be attributed to negligence on your part, such as if someone falls on an icy walkway and suffers a significant injury.
- If you accidentally injure someone during a friendly game of basketball at Shafer Park.
- If your dog escapes from your fenced-in yard and bites a neighbor. (Believe it or not, dog bites account for nearly one-third of all homeowners liability insurance claims!)
- If someone accuses you of libel or slander.
Most insurance companies offer between $100,000 and $300,000 in homeowners liability coverage. If you want to have even more liability coverage than your policy will allow, your local insurance can also help you obtain an affordable umbrella insurance policy.
Talk to a local independent insurance agent to learn more about what homeowners liability insurance can do for you.
Does Wayne Homeowners Insurance Cover against Burglaries?
The burglary rate in Michigan is lower than the national rate. However, in Wayne, the rate is higher. Residents of this city report an average of about 100 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 Wayne: 4.15
If your home is targeted by burglars, the resultant property loss and the invasion of your privacy can be quite stressful. However, you may gain some peace of mind from knowing that your homeowners insurance policy can reimburse you for lost or damaged property. You will need to have a copy of the police report when you file a claim.
To lower your risk of burglary, you can take preventive steps like having a friend house-sit while you are on vacation, keeping your entryways well lit and unobscured, and using a home security system.
In fact, home security systems are so effective at lowering your risk of burglaries that many home insurance companies offer discounts to policyholders who have installed them.
Learn about this and other potential discounts by talking to a local independent insurance agent.
What about Wayne Residents with Second Homes?
Some residents of Wayne own more than one house. In some cases, these extra properties will home insurance coverage.
Maybe you own a second house that you rent out to young families so you can make a little extra income.
These properties have higher liability and structural damage risks than primary residences. On the other hand, they have lower contents coverage needs since your tenants are expected to cover their own property with renters insurance.
Landlord insurance offers the perfect blend of coverage for rental properties and is typically required by insurance companies for houses that are occupied by tenants.
Perhaps you own a cabin you can use for weekend fishing trips. Or maybe you are fortunate enough to own a winter home in a warmer climate.
Second homes that are left empty and unattended for several months out of the year have an increased risk of sustaining property damage due to risks like severe weather events, animal infestations, slow water leaks, and property crimes.
Your insurance company may require you to have vacant home insurance during the times your vacation house is unoccupied.
A local independent insurance agent can help you be sure that all of your residential properties are suitably covered.
Why Work with an Independent Insurance Agent in Wayne, MI?
The easiest way to find the best and most affordable insurance coverage for your house in Wayne is by working a local independent agent. These agents work for you, not for a specific insurance company, so they are able to shop around to help you find reliable coverage at a great price.
Find an independent insurance agent with an office near you to schedule a one-on-one consultation. You will be able to start comparing customized homeowners insurance quotes in no time.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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