Owning a home is an exciting and rewarding venture. Since you’ve likely spent ample time finding and maintaining your home, what could be more important than protecting your largest investment? Although there are common misconceptions regarding homeowner insurance policies, it is imperative you protect your biggest asset with Michigan Homeowner Insurance. Let us take a closer look at the most common myths regarding homeowner insurance.

• Myth #1: Flood Damage is Included in My Policy- Contrary to popular belief, flood insurance is typically excluded from standard homeowner insurance policies. To protect against potential water damage, a separate flood policy would have to be added. It is important to note that floods can occur anywhere, not just in hurricane and flash flood prone areas.
• Myth #2: Homeowner Insurance is Required to Purchase a Home- If you are in the market to purchase a home, this is a key element to consider. Although coverage isn’t always mandatory, some mortgage lenders may require you to obtain a policy prior to finalizing the transaction. Finding sufficient coverage is at the discretion of the homeowner.
• Myth #3: Lowering Coverage will Lower Premium Cost-Although it is never recommended that you skimp on coverage, there are other effective ways to decrease your premium. Homesite suggests increasing your deductible or installing a home burglar alarm system to save money instead of cutting corners.
• Myth #4: I Don’t Actually Have to Document my Belongings- In the unfortunate event that your home is burglarized or your property is damaged, documenting your belongings will help to improve the claim process through your homeowner insurance. If you have sufficient documentation of your possessions, the reimbursement process will run more smoothly.
• Myth #5: If I File a Claim, the Premium Increases- Not necessarily. A single claim may not affect the cost of your premium. However, if there are multiple claims, it is more likely it will increase. Bear in mind that if the estimated repair costs are comparable to your deductible, it might be more beneficial to pay for the repair out of pocket to avoid any increases in cost.

At Capital Insurance Group, we strive to protect your hard earned investments. We understand that there are inevitable risks involved with home ownership which is why we provide comprehensive homeowner insurance that is tailored to your specific needs. To learn more about our offerings, contact our specialist today at (888) 296-0418.