Although homeowner insurance is not required by law in Michigan, you typically purchase insurance if you are financing the house, which is required by the mortgagor. Homeowner insurance protects your lenders's investment caused by risks like fire or theft. One of the minimal requirements for purchasing your homeowner insurance is to make sure that you covered the right amount of the dwelling cost.
What discounts are available for homeowner's insurance?
Most carriers provide various discounts for homeowner insurance such as multiple-policy discounts or clean claim history discounts.
| Discount | Description |
|---|---|
| Multi-Policy | If you purchase both home and auto insurance from the same company, you may qualify a discount for both auto and homeowner insurance. |
| Secure Home | If you have extinguishers, burglar alarms devices or you are in a gated community, you may qualify for the secured home discount. This averages about 5% from quite a few carriers. |
| Claim-free | Just like auto insurance is lower for accident-free drivers, homeowner insurance is also cheaper for claim free residents. If you have never reported any claims before, you will qualify for the claim-free discounts from quite a few carriers. |
| Loyalty | Some carriers, especially those largest ones, offer loyalty discount if you have been with them for a few years. If you do have, you can see this discount from your declaration page or talk to your insurance agent. |
| Home Improvements | This often is the most critical discounts that highly impact your premium. If you have recent home improvements such as replacing your roof, your electricity or any other building materials, you definitely need to include that in your quotes. This usually could contribute most in your saving. |
| Good Credit | A customer with a credit score higher than 700 can often get a better rate than those who don’t. |
| Pay-in-full | If the carrier supports both monthly and yearly payment, usually paying-in-full will give you a discount. In other words, if you choose to pay monthly, you should pay attention to the extra fee charged by your carrier. |
| Paperless | A few carriers even provide paperless discounts. But more and more new insurance carriers do not offer it probably because the overall cost has already been saved. |
Click here to start a free and personalized insurance quote to compare all the discounts.
What factors will impact your homeowner insurance premium in St Johns?
- Your Coverage Amount
- Location
- Neighborhood Crimes
- Age of the Home
- Conditions and Materials of Your Home
- Number of Primary Inhabitants
- Area and Personal Claim Histories
Learn more about Michigan homeowner insurance
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