Michigan Basic Property Insurance
The Michigan Basic Property Insurance Association was created through the Insurance Code of 1956, Act 218.1956, to provide insurance coverage to all qualified persons within the State. Michigan Basic Property Insurance is specifically designed for those qualified persons who are unable to find coverage from the open, private market. The Michigan Basic Property Insurance policy is equivalent to the HO-2 policy adopted by regular companies, up to a specified amount.
How do you qualify for Michigan Basic Property Insurance?
Any person who own or live on a property that meets the specifications of the Michigan Basic Property Insurance Association can get the Michigan Basic Property Insurance policy. These qualified properties are residential properties that meet the building code standards specified by the Michigan Basic Property Insurance Association. The Michigan Basic Property Insurance policy offers coverage for any residential property that is not used for farm or business reasons and is not used for illegal activities.
When you decide to purchase the Michigan Basic Property Insurance, a representative from the Michigan Basic Property Insurance Association will review and inspect your property. This representative will assess your property and see to it that it meets the qualification needs of the Michigan Basic Property Insurance Association before letting you purchase the policy. The Michigan Basic Property Insurance Association will pay for the cost of assessment. If the representative from the Michigan Basic Property Insurance Association finds that your property does not meet the qualification needed, you will receive a written explanation why. Along with that letter are some steps you can take to make your property qualify for the Michigan Basic Property Insurance.
The Michigan Basic Property Insurance Policies
The policies issued by the Michigan Basic Property Insurance Association are typically one-year policies. These Michigan Basic Property Insurance policies are renewable on qualified property for the next two years without another assessment, if the Michigan Basic Property Insurance Association deems it appropriate.
The Michigan Basic Property Insurance Association also issues binders on your property that does not qualify. These binders issued by the Michigan Basic Property Insurance Association will insure your property for 60 days while you wait for an inspection. You can also use the time afforded by the binders to take the steps needed to make your property qualify for Michigan Basic Property Insurance.
The Michigan Basic Property Insurance Replacement Cost Policies
Replament cost policies, or homeowners insurance, are available through the Michigan Basic Property Insurance Association. This policy by the Michigan Basic Property Insurance Association offers coverage for the cost of replacing, repairing, or rebuilding your property that is damaged. The Michigan Basic Property Insurance allows you to rebuild your damaged home to its original condition, using the same kind and quality of materials. The Michigan Basic Property Insurance Association requires you to buy an amount of insurance that is equivalent to 80% of the replacement cost for your home in order for you to purchase this type of policy.
The Michigan Basic Property Insurance Association Repair Cost Policies
Another offering by the Michigan Basic Property Insurance Association is the repair cost policy. This type of policy by the Michigan Basic Property Insurance Association allows you coverage for reconstruction or repair of your damaged property. In order to get this type of policy by the Michigan Basic Property Insurance Association, you must buy an amount of insurance that is equal to the value of your property.
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