Michigan's housing market
Michigan was one of the hardest-hit states during the subprime mortgage crisis and the next few years that followed — but there's good news. Both the number of home sales and average home prices increased from 2014 to 2015. While home sales increased by nearly 7 percent (from 122,012 to 130,402), the average home price rose from about $140,000 to nearly $146,000, a 4 percent increase.
If your Wolverine State home has increased in value — especially if you've made renovations and remodels — it's wise to contact your homeowners insurance company to ensure your coverage is sufficient to fully financially protect you and your home.
Winters in the Wolverine State
We know Michigan's no stranger to inclement wintertime weather, with some areas receiving more than 200 inches of snow annually. Freezing temperatures and heavy snowfall can do a number on your home — including frozen (and potentially burst) pipes, roof damage, and more.
Luckily, most homeowners insurance companies, including Esurance, provide coverage for damage to your home and belongings caused by the weight of ice, snow, or sleet, burst pipes. They also cover a whole host of other hazards.
Arson and insurance fraud in Michigan
According to info from the Insurance Institute of Michigan, one in three fires in Michigan was an arson or suspicious fire in 2012 — totaling more than 2,600 arsons and an additional 8,363 suspicious blazes. And because arson is often tied to insurance fraud, such high statewide numbers significantly impact what Michiganders pay for homeowners insurance.
The good news is, if your home does fall victim to arson or a suspicious fire, your homeowners insurance will likely help cover the damage up to the dwelling coverage and personal property insurance limits you choose for your policy (as long as you or someone in your household didn't intentionally set the fire, of course).