If you are a homeowner from West Bloomfield, MI, or from somewhere else in Michigan, you are not required to have home insurance. Since it is optional, it may be tempting not to get it in order to avoid additional expenses. However, you should understand the risks associated with not having home insurance. This is what can happen if you decide not to carry insurance on your home: 

Storm Damage

Storms are common in Michigan by causing severe home damages. A storm can leave your house with extremely expensive repairs. Moreover, since a damaged house might be unsafe to stay in, you may need to relocate somewhere for a while. If you do not have home insurance, you will have to bear all of these expenses. 

The threat of a Lawsuit

Every homeowner lives at risk of a lawsuit. For example, your dog bites your neighbor,  or someone slips and falls on your porch steps. Both these unfortunate incidents might become the basis for a cause of action against a homeowner.  In this case, if they have no home insurance, they will have to hire an attorney. Attorneys are not cheap, and their legal services can wipe out all your savings. However, if you have home insurance, there is nothing to worry about: the insurance company will hire an attorney for you, and all the expenses will be covered. 

Paying Out of Your Pocket For All Repairs

If you have no home insurance, be prepared to pay for all repairs by yourself. This might not sound like big of a deal until something really serious happens, like a fire or flood for example, and you will not have enough savings to cover all the expenses for rebuilding the house. 

Agency Advantage Insurance in West Bloomfield, MI is the company of professionals, who will be happy to assess risks for you and provide an objective analysis of the marketplace, so you can make the right choice. The agents of Agency Advantage Insurance are professionals with rich knowledge and exceptional customer skills, who are ready to determine your insurance needs and help you to get perfect home insurance.

Owning your own home in Novi or West Bloomfield, MI is a great achievement, but it also means you have a mortgage. If you do have a mortgage, then you are typically required also to have home insurance. Although home insurance from Agency Advantage Insurance is well worth the monthly payment each month, you may be searching for ways to reduce the cost of your monthly payments. The good news is there are several ways to save on home insurance. Here are a few options:

Improve Home Security

One of the easiest ways to save money on your insurance premiums as well as ensure your home and family are safe is to improve your home’s security. Installing burglar alarms, deadbolt locks, and other security devices are all inexpensive types of security systems that will keep your home and family safe as well as potentially reduce your home insurance costs. Installing and maintaining smoke alarms and carbon monoxide alarms may also help to reduce your insurance costs.

Check for Discounts

The types of discounts offered vary from one insurance provider to the next, so be sure to discuss the options with your provider. For instance, your insurance provider may offer discounts for seniors, military, mortgage-free discounts, and claim-free discounts. You should contact your provider whenever there are changes in your home to find out if you are qualified for a discount. For instance, if you have recently retired, your age may qualify you for a discount. It’s recommended that you contact your provider once a year to find out if status changes in the home qualify you for any additional discounts.

One of the best ways to save money on the cost of your home insurance premiums is to talk with your provider about bundling all of your insurance together, such as auto, home, and life insurance.

Residents of West Bloomfield, MI, who want to learn more information about how to save on their home insurance, should contact Agency Advantage Insurance.

It’s not uncommon for first-time homebuyers, in a rush to meet their closing date, purchase a home insurance policy without reading the fine print. And an unfortunate few find out the hard way that they do not have the coverage they believed they had. Sometimes it takes a natural disaster like a tornado to teach them that although they are covered for damage resulting from the wind, they will receive nothing for flood damage since they do not have flood insurance. In other instances, they find out they are covered, but the coverage is not sufficient to pay for the cost of repairing the damage. 

While it is not possible to travel back in time to change their decision, they can make a better choice when it’s time to renew their policy. In the first instance, the answer is clearcut. They need to buy flood insurance. The second calls for some research and a bit of number crunching. Possible options are to purchase a

•  Replacement cost home insurance policy
•  Cash value home insurance policy.

In either case, their aim should be to make sure the new policy will provide a payout sufficient to cover or come near to covering, the cost of repairing or rebuilding a house here in the West Bloomfield, MI area.

Actual Cash Value Home Insurance?

This type of home insurance is cheaper but it takes into account the amount the home and its contents has depreciated in value since the date the policy goes into effect, before determining the amount of the payout. For this reason, it is also known as market rate insurance. This will especially impact the money they will get for household items like furniture.  The bottom line here is if the cost of construction and repair combined with replacement costs of household goods amounts to more than the policy’s value,  the homeowner will have to pay the balance of the costs out-of-pocket, and this may involve taking out a home equity or other type of loan.

Replacement Cost Home Insurance?

This type of policy will pay claims based on the actual cost of repairing, rebuilding, and replacing at the time the house sustains the damage. Many of our Agency Advantage Insurance clients who have switched to Replacement Cost Home insurance policies report that, although it is a bit more expensive than cash value home insurance,  it covered more of the repair or replacement costs than the cash value did.

Homeowners who live in West Bloomfield, MI, or any other area in the Metro Detroit area can always visit  Agency Advantage Insurance for a personalized comparison of these two types of insurance so they can make an informed decision.

 

 

It is important to have home insurance to protect you from a variety of potential events that can otherwise cause a severe financial impact on you and your family. Many homes are susceptible to damage from a fallen tree. This can happen as a result of disease, pests, or even storms. It is important to know if you are covered in the event a tree falls and creates damage that allows water and moisture to leak into the home. 

Water Damage From Fallen Trees

If your home suffers damage as a result of a fallen tree, most home insurance policies will cover the damage. Not all policies are the same, so it is important to understand the terms and conditions outlined with regards to water damage. There are some policies that will only cover the damages up to a certain amount. If you have limited coverage with regards to water damage, it is important to discuss your other options for a more complete coverage with your insurance agent.

Finding the Right Policy

Finding the right amount of insurance to adequately cover your residence from potential damage is key to protecting your financial future. Work with an insurance company in West Bloomfield, MI like Agency Advantage Insurance to help get the security you need. We have knowledgeable insurance representatives who know how to work with your budget and your special circumstances. 

If you live in or near West Bloomfield, MI, you should call or stop by Agency Advantage Insurance and discover the coverage options we have that can protect your home from water damage as a result of fallen trees and other hazards. Don’t take chances with your home or your future. Get the coverage you need for peace of mind. 

Agency Advantage Insurance serves residents living in and around the West Bloomfield, MI area. Insurance agents understand that people want to save money whenever possible, so they offer simple ways to keep premiums affordable. A common way of accomplishing this is to verify your assets through a video inventory. 

What Is A Video Inventory?

A video inventory is an accurate and up to date list of all of your valuable possessions. You can create a video of your home that shows in detail the condition of your furniture and other valuable items. If you plan to take a video record of your electronics, make sure to include a small amount of footage that includes the serial number and model number if it has one. Taking a video of your home gives insurance agents an idea of the value of the contents of your home. This ensures you have the right amount of coverage in case of a fire or other type of emergency.

How Do Insurance Companies Use Them?

Insurance companies use video inventories to verify the condition of your property. In most cases, your insurance agent will ask you to update your video every two or three years, especially if you replace items or if the condition of an item has changed over time. Any new items should be added to your inventory as soon as possible to maintain accuracy.

The agents of Agency Advantage Insurance encourage the residents of West Bloomfield, MI to consider making a video recording of their home and the possessions they own. Verifying the value of your items with a video ensures that you have the right amount of coverage on your property. Reach out to our agents for more information.

When buying coverage, making a mistake can be quite costly in the long run, particularly with home insurance. Moreover, a home is considered a prized possession for the residents of West Bloomfield, MI. On that note, it is best to plan cautiously to avoid the mistakes.

Opting to Go With Just The Basics

One could easily think that the basic home insurance policy will protect you from every risk that can potentially damage your house. It’s true that some of these policies will cover you to a great extent, but it’s wise to consider your overall situation like the possibility of natural hazards occurring.

Underinsuring Your Home

It’s possible to underestimate or overestimate the amount of content coverage required, or confusing the replacement cost of your home with its market value. To better determine how much dwelling coverage is sufficient for your policy, you’ll need to discuss the details of your home with an Agency Advantage Insurance agent in West Bloomfield, MI.

Not Shopping Around

There are a number of insurance providers that offer a wide array of policies which vary greatly when it comes to premiums and terms. It is therefore wise to inquire from many carriers so as to get a suitable home insurance which is tailor-made to suit your specific needs.

Not Updating Your Policy

Several people avoid informing their insurer about new adjustments made to their homes. Consequently, this can have detrimental effects on you as it can lead to a serious risk in the long run. To be on the safer side, it’s best to let the insurer know about every change you’ll make in your house. You can also hold an annual review with your agent to discuss any additions made to your home.

Thinking that a basic policy will insure against sewage problems or mold

It’s worth noting that a number of policies don’t offer cover against sewage backup or mold problems.

Call Agency Advantage Insurance today to find out more on how you can get the most out of your home insurance. Also, try our online rating tool for quotes on home and auto insurance from home.