But before you look for the cheap homeowners insurance quotes that are appropriate for your lifestyle and your budget, we suggest that you equip yourself with the information you need before even signing that contract.
Annual homeowners insurance premiums in Michigan have been on the rise this decade because of increased flood claims and higher rebuilding costs. Homeowners have seen their premiums rise 85%. This trend makes it more vital than ever that you take time to shop around for homeowners insurance and make sure you're paying the lowest possible price.
You should not overlook the investment property itself - it is likely to be one of your major assets. To properly protect your holiday home property, you need to cover the buildings of your holiday home against all insurable risks for the full reinstatement cost, including any garages or outbuildings; fixtures and fittings; patios and driveways; garden walls, fences and swimming pools. You must not forget that you also need to include the cost of clearing the site in the event of complete destruction and the associated legal, architect and surveyor fees. Remember, the reinstatement cost is unlikely to be the same as the market value of the property or the price that you paid for it! If you under-insure your building you could fall victim to average being applied in the event of a claim.
The very nature of a holiday home is that it is a `home from home' and therefore let on a fully furnished basis. In the past it was not unusual for the value of a typical holiday home contents to be relatively meager. Latterly as people's expectations have risen, as has competition within the holiday home market, it is has become the norm rather than the exception that an owner spend tens of thousands of pounds furnishing their holiday home. LCD and Plasma TV screens, surround sound home entertainment systems, hot tubs and expensive garden furniture are becoming increasingly more common.
Rooftop savings -- Some insurance companies offer hail resistant roof discounts for Class 4 roofs -- naturally these credits may vary with locale. Moreover, be sure to ask your insurer about potential discounts before putting a new roof on your house -- you'll probably want to capture savings if available and a flat roof without roof warranty may disqualify you from your current coverage altogether.