Wyoming Homeowners Insurance

Your Complete Guide to Wyoming, MI, Homeowners Insurance

(Be sure to fully cover your house and property against all potential risks)

More than 72,000 people live in the Grand Rapids suburb of Wyoming, Michigan. With its many job opportunities, 21 well-appointed parks, and abundance of affordable housing, many find this city to be a great place to purchase a house. If you are among these proud property owners, you can benefit from having a comprehensive homeowners insurance policy.

Local independent insurance agents can help you find the best and most affordable coverage for your Wyoming home. Contact an insurance agent near you to start comparing customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Wyoming, MI?

The average cost of home insurance in this state is lower than the national average. This is great news for Wyoming residents who are looking for a home insurance policy at a great price.

  • National average yearly premium: $1,173
  • Michigan average yearly premium: $908

Of course, your actual homeowners insurance quotes are likely to be different from the average rates mentioned above. This is because costs are calculated individually according to several different factors. These can include such things as:

  • The age, size, and value of your home
  • The number of stories in your house and whether or not it has a basement
  • The materials used in the construction of your house
  • Your claims history and credit score
  • The crime rate and weather risks in your ZIP code
  • Whether you are bundling your coverage with other policies like car insurance or life insurance

Every insurance company has its own way of assessing risk and computing rates, so comparing a variety of quotes lets you choose the homeowners insurance policy that offers the coverage you need at the best price. Independent insurance agents in Wyoming make comparison shopping easy.

What Damage Is Covered by Wyoming Home Insurance?

Home insurance policies are designed to cover your property against damages caused by most of the hazards you are likely to face as a property owner in Wyoming, Michigan.

This includes risks ranging from accidental fires to severe weather events. 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: 41
  • Most common causes of disasters in the state:  Floods and severe storms
  • Average number of tornadoes per year in Michigan:  14.7
  • Average amount of property damage per year in MI:  $1.16 billion
  • 1 in 15 insured homes has a claim each year.

Wyoming residents are most at risk for damage caused by severe storms, strong winds, hail, and tornadoes. Additionally, heavy snowfalls and freezing temperatures in the winter have the potential to damage your house due to frozen water pipes, or your roof and gutters due to ice dams and buildup.

Fortunately, these hazards are covered by most home insurance policies. Flood damage, however, is not.

What about Coverage against Floods?

Many residents of Wyoming are at risk for damage caused by floods. Those with properties near waterways like the Grand River and Plaster Creek are most at risk, but when winter snows melt and heavy rains fall in the area, flash flooding can happen just about anywhere.

Flood damage can be very expensive. According to the Federal Emergency Management Agency (FEMA), just one inch of rainwater in your home can cause up to $25,000 in damage. That is why a flood insurance policy is a good idea.

Your insurance agent can help you supplement your homeowners insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP). These policies take 30 days to go into effect so do not wait until heavy rains are imminent to purchase your policy.

Why Is Liability Insurance Important for Wyoming Homeowners?

Liability lawsuits can happen to anyone, and when they do, they can be extremely expensive. Sometimes they can cause so much financial harm that you could potentially lose your home. That is why homeowners insurance also 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 are sued for a covered event. Some examples of times your homeowners liability coverage may prove invaluable include:

  • If a guest in your home is badly injured in an accident that can be attributed to negligence of upkeep on your part.
  • If you accidentally cause serious injuries to someone while you are away from your home, such as while playing a friendly game of softball in Lamar Park.
  • If someone is your household, such as your children or your pets, does something that causes injuries or property damage to someone else.
  • If you are accused of libel due to something you posted on social media.

If you want to have more liability coverage than your home insurance will provide, you can also purchase umbrella insurance. This is an affordable way to significantly boost all of your liability coverage.

A local independent insurance agent can help you acquire all the liability coverage you want at a competitive price.

Does Wyoming Homeowners Insurance Cover against Burglaries?

The burglary rate in Michigan is lower than the national rate; and in Wyoming, the rate is even lower. This is not to say that the risk does not exist. Residents of this city report approximately 250 burglaries every year.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Michigan: 3.99
  • Number of burglaries per 1,000 homes in Wyoming: 2.99

You can reduce your risk of being targeted by burglars by taking precautionary steps like keeping all entryways securely locked, leaving lights and a radio on when you are away, and using a burglar alarm system. Many insurance companies offer discounts to policyholder with home security systems.

However, nothing is foolproof against a determined burglar. Fortunately, if your house is broken into, your homeowners insurance can reimburse you for your losses as well as for any damage the burglar may have caused.

If you own any particularly valuable possessions, you may need to add special endorsements or riders to your homeowners insurance policy in order for them to be fully covered. A local independent insurance agent can help you be sure that all of your most precious property is properly insured.

What about Wyoming Residents with Second Homes and Vacation Homes?

Maybe you maintain a winter vacation home in Florida; or perhaps you have a second home nearby in Grand Rapids that you rent out to young professionals for additional income.

Whatever your reasons, if you own more than one house, you will need to be sure that all of your properties are covered by appropriate homeowners insurance policies. In some cases, you may be required to purchase specialized home insurance coverage. For example:

  • Vacation properties that are not used for several months out of the year typically have an increased risk of property damage. Your insurer may require you to have vacant home insurance during the times your vacation house is unoccupied.
  • Second homes that are occupied by tenants have higher liability risks and a greater chance of sustaining serious property damage. These homes typically need to be covered by landlord insurance.

A local independent insurance agent can help you be certain that all of your residential properties are properly covered.

Why Work with an Independent Insurance Agent in Wyoming, MI?

The easiest way to find the best insurance for your Wyoming home is by working a local independent agent. These agents work for you, not for a particular insurance company, so they are able to shop around in order to find you reliable coverage at a competitive rate.

Find an independent insurance agent with an office in or near Wyoming to schedule a one-on-one consultation. You will be able to start comparing customized homeowners insurance quotes in no time.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
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