Home insurance is a worthwhile investment if you want to protect your home. However, before purchasing home insurance in West Bloomfield, MI you may ask: is umbrella insurance mandatory in Michigan? If you want to find out, please keep reading as Agency Advantage Insurance answers.
Is home insurance mandatory in Michigan?
If you want to purchase home insurance in Michigan, you may wonder whether it’s a legal requirement. The reality is that no law in the Great Lake State requires homeowners to invest in home insurance. However, if a mortgage finances your home, your lender may require you to purchase home insurance.
It’s wise to remember that your lender’s insurance requirement is just a minimum. Mostly, your lender only wants dwelling coverage equivalent to or more than the outstanding loan. But what about your assets? How about the expensive liability claims? You can’t rely on your lender’s insurance requirements if you want to enjoy all-rounded protection.
Why home insurance is more than compliance
Unlike auto insurance, home insurance isn’t required by your state. But does that mean it’s optional? Home insurance is a worthwhile investment because it protects you, your loved ones, and the dwelling structure when the unthinkable happens.
Whether mandatory or not, all homeowners must invest in home insurance to enjoy protection in the areas below:
- Dwelling coverage — it cushions your home against fire, falling objects, natural perils, and other risks in your policy
- Personal assets coverage — home insurance covers your furniture, electronics, and other personal belongings
- Loss of use — home insurance covers additional living expenses when your home is rendered unlivable
- Liability coverage — home insurance protects you when accused of bodily injury and property damage
Would you like to invest in home insurance in West Bloomfield, MI? Please talk to Agency Advantage Insurance for an affordable quote.