Your Detroit, MI home is your most valuable asset. It is not a good idea to let your biggest investment go without protection because you do not understand what makes a good policy. The agents at Premier Insurance Agency can help you find the indemnity plan that covers your property as well as possessions. Read on to learn about what the best home insurance plans have and to determine if you have enough coverage.

Is home insurance a requirement?

Home insurance is not required in Detroit MI unless you are paying a mortgage. In most cases, your lender mandates you have an insurance plan that covers the property in the instance of a fire or flood not related to natural disasters. Those who choose to go without insurance while having a mortgage may notice an increase in monthly home payments as lenders tend to secure third party insurance of their choosing to protect their investment portfolios. 

Home insurance is not required if you do not have a mortgage. You should still, however, consider purchasing a plan. 

The benefits of home insurance

Home insurance serves as a safety net when the unimaginable happens. A pipe that explodes in your wall can lead to thousands in repairs. You can avoid such high out-of-pocket costs by purchasing an indemnity plan that covers major plumbing issues. 

Home insurance may also be helpful when there is a natural disaster. You must, of course, purchase additional coverage for protection as a standard home insurance policy does not pay for flooding and fires caused by nature. 

Do you have enough insurance?

A tragedy is not the right time to discover your lack of proper insurance. Your home indemnity plan should: 

• Provide payment to cover a significant portion, if not all, of your losses;
• Pay for relocation fees if you must temporarily move out of your home while repairs are conducted;
• Cover RVs and ATVs damaged or destroyed while on your property. 

The agents at Premier Insurance Agency can help you find the home insurance policy that suits your lifestyle in Detroit, MI. Call today to get started with a quote for coverage.