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.
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.
Homeowners premiums in Michigan
The average homeowners insurance premium in Michigan was $839 as of 2013, according to the National Association of Insurance Commissioners. That was well under the national average of $1,096.
For more facts and information on homeowners insurance in Michigan, be sure to check out this handy guide from your state's insurance department.
Winters in the Wolverine State
We know Michigan's no stranger to extreme winter 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 burst pipes or the weight of ice, snow, or sleet. They also cover a whole host of other hazards.
According to the Insurance Institute of Michigan, the state experiences an average of 16 tornadoes each year, typically in May, June, July, and August. Fortunately, a standard homeowners insurance policy covers your home against damage caused by tornadoes and other windstorms, in addition to a host of other weather-related perils:
- Falling objects, like tree branches and other debris
- Fire and smoke damage
- Lightning damage
- Hail damage