Owners of Troy Michigan Real Estate – Dos and Don’ts of Homeowner’s Insurance

Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on December 24th, 2008

No matter where you live, you are at risk for some sort of natural disaster, crime, or accident. Since you never know when disaster will strike, owners of Troy Michigan real estate need homeowner’s insurance to protect from loss. Finding the right insurance policy is extremely important, so here are six ideas to consider when looking for homeowner’s insurance for your home.

  1. DO make sure you choose a reputable agent and insurance company. Unless you’re well versed in current insurance laws and practices, you will rely heavily on your agent’s advice. This is not the time to do your own work.
  2. DO buy the right amount of insurance. A lower premium may seem like a great idea now, but you may feel differently if you suffer a major loss. Consider what it will cost you to replace everything in your home.  Purchase your insurance policy based on that amount.
  3. DO pay attention to your deductible. Your deductible is the amount of money you have to pay out of your pocket when you file a claim. In most cases, you are better off paying for minor damages on your own without filing an insurance claim.
  4. DON’T choose your insurance company by price. You may save money on your premium, but ask yourself what you stand to lose if you ever have to file an insurance claim. Make sure you have adequate coverage through a reliable company.
  5. DON’T lie to your insurer. If you underestimate the value of what you own, you may not have enough money to replace it. If you overestimate the value of what you own, you can be prosecuted for insurance fraud
  6. DON’T rely on your home’s purchase or tax appraised value when choosing the amount of insurance you need. You need insurance that will provide enough money to rebuild your home in the event of a total loss.

When you own Troy Michigan real estate your home may well be your most valuable asset.  So make sure you purchase the appropriate amount of homeowner’s insurance.

Are you looking for Troy Michigan real estate in Southeast Michigan?  I can help you find and buy the best home for your needs and budget.  Give me a call today at 248-514-2640 or drop me an email at info@NorthWoodwardHomes.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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