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If you own a home in Michigan, you have probably heard about home insurance. While you have an idea of what home insurance is, you still have a load of questions regarding this coverage. What does home insurance cover? Does homeowners insurance cover everything? Is it mandatory? If you would like to learn more about home insurance, hang on as Great Lakes State Agency located in Lansing, MI provides answers to questions we receive from our clients.

Is home insurance mandatory?

If you are wondering whether there is any Michigan law that requires you to buy home insurance, there is none. However, if a federal-regulated bank finances your home, they may need you to purchase standard home insurance to protect your home.

What does home insurance cover?

Your home insurance protects you from natural perils, accidental, and malicious acts. Below is a rundown of what home insurance covers:

Dwelling coverage protects your home’s structure and attached structures from damage from fire, lightning, hail, hurricanes, and many other risks.
Contents coverage pays for loss or damage to your personal belongings
Liability coverage provides property damage and bodily injury coverage for losses and damages caused to third parties
Additional living expenses (ALE) coverage pays for expenses incurred beyond your normal spending when your house becomes unlivable due to a covered loss.

What is a deductible?

A deductible is an amount you are supposed to pay before your insurer pays you. For instance, if you chose a deductible of $1,000 and have a covered loss of $5,500, your insurer will compensate you with $4,500 after deducting the $1,000.

Typically, home insurance deductibles are applicable per claim. If you have more than one claim in a given period, you are supposed to pay for the deductible regardless of the number of claims you make.

What are home insurance exclusions?

Home insurance won’t cover damage from nuclear hazards, normal wear and tear, pest infestation, and floods. Besides, home insurance provides little coverage for high-value items like art and jewelry.

Still having your question unanswered? Don’t worry. Please get in touch with Great Lakes State Agency for more information. Else, you can visit our Lansing, MI offices to chat with one of our agents.

Reasons To Have Commercial Insurance

Protects you from getting sued. As a business owner, you can get sued for different things. It can be an accident, errors on reports, or property damage. If you have commercial insurance, there is nothing to worry about because it will cover your legal defense and damages that result from your business operations.

Protects your employees. Most of the states require businesses to carry workers’ compensation insurance, and Michigan is not an exception. If you have three or more employees, workers’ compensation is a must. It provides employees who suffered work-related illnesses and injuries with such benefits as missed wages because of injuries or illness, medical help, and funeral benefits.

It builds your credibility. Having commercial insurance shows your contractors, partners, and customers that you are a serious business owner who manages risks seriously.

Contracts may require this type of insurance. Many landlords do not want to deal with companies that do not have business insurance. The absence of commercial insurance may also not allow you, as a business owner, to get a loan from a bank if you want to purchase a commercial building.

Great Lakes State Agency – We Will Help You Find the Right Insurance For Your Business

If you are a business owner operating a business in Lansing, MI or any other town in Michigan, and you are looking for a perfect commercial insurance policy, Great Lakes State Agency is ready to assist. We will help you find a policy based on your needs, requirements, and personal preferences. All you need to do is to visit our website or give us a call – we will answer your questions.