Michigan Homeowners Insurance: When Families need to increase their Coverage


Major life events or changes with significant financial implications are typically the best signals for you to adjust your insurance coverage. You could be moving out of your parents’ home or transitioning into owning a home after renting for a long time. You could be buying your first car or inheriting a valuable heirloom from a close relative. In these circumstances, you look for policies that will protect your newly acquired property.

home insurance families need to increase their coverage

If you own a home and you have kids, there are certain times when you ought to bump up your existing coverage. You may have comprehensive Michigan homeowners insurance and an auto insurance policy already, but they may not constantly match your changing needs as a family. Here are some scenarios when you should think of looking for a policy upgrade, change, or a rider:

You’re extensively renovating your home or moving to a new one

You should seek more coverage for big home renovations or homes with more features and risks (like pools, multiple stories, and expensive materials). Instead of increasing your home insurance limits, you could explore umbrella policies, which may  cover events or things that are excluded in your original insurance.

You’re buying an additional car or another assets

A new car (especially an expensive one) and other motorized vehicles like motorhomes, all-terrain vehicles (ATVs), yachts, boats, and jet skis, imply more hazards and costlier auto insurance policies. Try getting umbrella policies or auto insurances with your home insurance carrier for possible package discounts.

You’re about to let your teenager drive

New drivers are naturally riskier, they could get involved in a major car crash sustaining serious injuries or incur substantial property damage. Increase your umbrella coverage to amply protect yourself and your child.

You’re getting a major raise, becoming a more prominent person, or acquiring significant wealth

A higher net worth and a prominent reputation can make you vulnerable to lawsuits. For instance: you’ve been acclaimed as a doctor, you’re running for a government position, or you’re expanding your business overseas, you may need personal liability umbrella coverage.

Outside of these life changes, it’s also a good practice to review your policies every calendar year (or every contract year with your insurer) with an agency that’s experienced in home insurance in Michigan, such as Allied Insurance Managers, Inc. The specialists can help you review your current coverage, check any policy updates or amendments, and explore modifications or additions to your insurance to better meet your needs.


Insurance Tips For Homeowners, Investopedia

How to protect yourself and your family if you get sued and what to do before you get sued!, Protect You Better

Seven Auto Insurance Buying Tips, Forbes

10 questions on umbrella insurance in 2015, Bankrate.com

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Allied Insurance Managers's Bio

Headquartered in Rochester Hills, Mich., Allied Insurance Managers is one of the largest, privately-owned, independent insurance agencies in Michigan.