Your Guide to Homeowners Insurance

Transcription

1 You Guide to Homeownes Insuance Fo Michigan Consumes Depatment of Insuance and Financial Sevices (DIFS) Toll-Fee Consume Assistance Line

2 Table of Contents Undestanding You Homeowne Insuance Policy... 1 The Declaations Page The Policy Sample Declaations Page... 2 Insuance Eligibility... 3 Do I Have to Cay Insuance on a Home?... 4 Types of Policies (HO-2, HO-3, HO-4, HO-6)... 4 Othe Types of Policies... 5 Settlement Options Found in Homeownes Policies... 5 Replacement Cost Repai Cost Actual Cash Value Types of Coveage Exta Coveages You Can Puchase Undestanding Rates and Pemiums... 8 Factos that Affect You Pemium Ways to Reduce You Pemium... 9 How Discounts Affect You Pemium Home Insuance Discounts by Company Pepae Ahead to Ease the Claims Pocess...13 If You Expeience a Loss...13 Shopping fo Coveage...14 Insuance Compaison Woksheets fo Homeownes Home Insuance Company Web Addesses Glossay of Common Homeownes Insuance Tems

3 Undestanding You Homeowne Insuance Policy You insuance policy is a contact between you and you insuance company. It specifies what the company agees to do in exchange fo the pemium you pay. It also descibes you esponsibilities and the tems of coveage. The contact is divided into two basic sections: a declaations page and the policy itself. The Declaations Page The declaations page is usually the fist pat of an insuance policy and includes basic details of the ageement such as: Name of the insuance company Name(s) of the peson(s) insued Location of the insued esidence The policy numbe Policy peiod Popety coveed Coveages puchased Limits of liability fo each coveage Applicable deductibles You pemium The Policy The second pat of you insuance contact is the policy itself. This includes: Insuing ageements Definitions Conditions Section I of you policy descibes you popety coveages and the peils it coves. Section II typically includes: Liability coveage (potection against claims someone else makes against you) Pemises medical coveage o accidental injuy coveage (pays the medical expenses of othes accidentally injued on you popety) Each section includes coveages, limitations, exclusions, definitions, and conditions that apply only to that section. Michigan Depatment of Insuance and Financial Sevices - Home Guide 1

4 Sample Declaations Page Policy Numbe: HO xxxxxxx-xx Policy Type: Homeownes Policy Reason fo Declaation: New Policy Replacement Value: $ xxx,xxx Named Insued: Susan Smith Mailing Addess: steet, addess, city, state, zip Company Name: Insuance Company of Michigan Agent Name: Anne Klein Phone Numbe: xxx-xxx Annual Pemium: $ xxx.xx Payment Plan: Monthly Issue Date: Apil, 2013 Location of the insued esidence: (this may be the same as o diffeent than the mailing addess) Rating Infomation Type of Constuction: Fame Township (o city): Hatland Twp Potection Class: 06 Yea of Constuction: 1980 County: Livingston Teitoy: 015 Peils Insued Against Pesonal Popety: Boad Peils Loss Evaluation(s) Dwelling: Replacement Cost Pesonal Popety: Replacement Cost Effective Date: Mach 31, 2013 Policy Peiod: Fom 03/31/2013 to 03/31/2014 Section I Popety Coveage Limit of Liability A. Dwelling $ xxx,xxx B. Othe Stuctues $ xx,xxx C. Pesonal Popety/Contents $ xx,xxx D. Loss of Use $ xx,xxx Equipment Beakdown (included) $ xx,xxx Wate Backup and Sump Dischage O Oveflow (included) $ x,xxx Deductible: $1,000 Section II - Liability Coveage Limit of Liability E. Pesonal Liability $ xxx,xxx F. Medical Payments to Othes $ x,xxx Total Annual Pemium $ xx,xxx (fo popety and liability coveages) Cedits/Suchages Cedit-based Insuance Scoe Multi-Policy Cedit Non-smoke Cedit 2 Michigan Depatment of Insuance and Financial Sevices - Home Guide

5 Insuance Eligibility Unde Michigan law, an eligible peson fo homeownes insuance means a peson who is the owne living in, o a tenant of, one of the following types of dwellings: a house, condominium unit, coopeative unit, oom, apatment, o a multiple unit dwelling of not moe than fou esidential units. If you ae eligible unde the law you cannot be denied insuance solely because of the age of you house, its location, o the type of neighbohood you live in. Howeve, you may be consideed ineligible and can be tuned down fo insuance if: Within the past 5 yeas you have been found guilty of a cime of ason o of an attempt to commit a cime of ason, the use of explosives, o destoying popety. Within the past 5 yeas you have been denied payment by an insue of a claim unde a home insuance policy based on evidence of ason, faud, o conspiacy to commit ason o faud. The popety you want to insue is used fo illegal o dangeous puposes. Taxes on the popety you want to insue ae 2 o moe yeas past due. You efuse to buy the minimum amount of coveage equied fo the type of policy you want. You home has a physical condition which pesents an exteme likelihood of a significant loss unde a home insuance policy. Within the past 2 yeas you home insuance has been canceled because of non-payment of pemium. Upon the insue s discetion, this may be ovelooked if you pay the entie pemium in advance befoe enewal of the policy. A company equies you to be a membe of a goup, club, o oganization and you choose not to join o maintain membeship. If the value of the popety you want to insue does not meet the minimum equiements fo the type of policy you want to buy. If you find that you ae ineligible fo home o entes insuance, you may want to ask you agent to apply to the Michigan Basic Popety Insuance Association (MBPIA). The MBPIA was ceated by the state legislatue to povide popety insuance to pesons who cannot find insuance in the egula maket. Any licensed agent can help you obtain insuance though the MBPIA. Michigan Depatment of Insuance and Financial Sevices - Home Guide 3

6 Do I Have to Cay Insuance on a Home? Unlike some othe insuance coveages, you ae not equied by law to puchase homeownes insuance. Howeve, if you ae financing you home, you lende will equie you to puchase insuance to potect its financial inteest. Lendes will buy an insuance policy if you don t maintain insuance coveage in accodance with the tems of you loan ageement. The loan documents you sign equie you to maintain coveage. If coveage is not maintained, the lende will place coveage on the popety, foce-placed insuance, to potect thei inteest in the popety and chage you fo this coveage. The loan documents will spell out specifically what must be coveed and how poof of coveage is to be submitted to the lende o the company sevicing the loan. If you home is not being financed you may choose not to puchase homeownes insuance, but you will be assuming all the isk to eplace you home and possessions if they ae damaged. Types of Policies The main types of homeownes insuance ae: Boad (HO-2) coves damage to the dwelling and possessions fom specific peils listed in the policy such as explosion, fie, lightning, windstom, hail, iot, civil commotions, theft, vandalism, falling objects, smoke, and damage fom a vehicle o aicaft. Boad fom policies ae also known as named peil policies. All Risk (HO-3) is the most common type of homeownes policy. The dwelling is coveed against all isks o peils except those specifically excluded in the policy. The home s contents ae geneally coveed against named peils. Rentes (HO-4) policies povide coveage on the ente s pesonal popety if it is stolen, damaged, o destoyed in a home o apatment. Pesonal popety is coveed against named peils and losses ae settled on an actual cash value basis unless the ente puchases eplacement cost coveage. A ente s policy does not cove the house o apatment building o any detached stuctues. Condominium (HO-6) policies povide coveage simila to a ente s policy since the limit chosen is based on the value of the owne s pesonal popety o contents. An HO-6 policy also povides coveage fo that pat of the dwelling that belongs to the condominium owne; this includes alteations, appliances, fixtues and impovements that ae pat of the building o ae contained within the building. Both the dwelling and the contents ae coveed against named peils. Additional coveage may be added to a policy though attachments known as endosements, floates, o ides to extend potection to specific items you own. Ask you insuance agent about buying endosements fo an additional pemium if you would like moe coveage than you policy povides. The availability of endosements vaies by company. 4 Michigan Depatment of Insuance and Financial Sevices - Home Guide

7 Othe Types of Policies Mobile homeowne policy Policies ae simila to those fo conventional homes but have additional povisions specific to mobile homes. They usually include the cost of moving you home to avoid damage fom floods, windstoms, and othe peils. Fam o anch policy Policies ae simila to those of homeownes but include special additions fo fam o anch buildings and equipment. Tavel tailes, camping tailes, and moto home policy They ae insued unde automobile, eceational vehicle, o special policies. Settlement Options Found in Homeownes Policies It is impotant to know the diffeence between eplacement cost, epai cost, and actual cash value when it comes to insuing both you home and you possessions. Most homeownes insuance policies will give you the choice to cove contents on a eplacement cost basis o an actual cash value basis. Howeve, thee ae also policies available that povide fo settlement on a epai cost basis. Replacement cost is the cost to eplace, epai o ebuild you home to its oiginal condition with mateials of the same kind and quality if it is damaged o destoyed. Fo example, a hadwood floo would be epaied o eplaced with hadwood athe than a laminate o othe mateial. Replacement cost coveage pays the full cost of eplacing you popety, minus you deductible, and up to you policy s dolla limit. A standad homeownes policy contains a limit on the eplacement value. If you limit is less than what it would take to ebuild you home at cuent constuction mateial and labo costs, you may want to incease you policy limit. Repai cost is the cost to eplace, epai o ebuild damaged dwellings to a simila condition, using contempoay mateials. Fo example, plaste walls may be eplaced with dywall. The maximum amount the insued is able to collect may not be enough to epai o eplace the popety to its oiginal condition. Make sue you discuss the coveage in detail with you insuance agent to ensue that you undestand the loss settlement povisions thooughly. Actual cash value is the eplacement cost of the popety at the time of loss minus depeciation. This means the insuance company will subtact an amount fo depeciation fom the value of you possessions befoe paying you claim. Fo example, actual cash value on a 10 yea-old television may only be $50. Replacement cost is what it would cost to eplace it with a simila model today, which would be substantially moe than $50. Replacement cost minus depeciation equals actual cash value. Michigan Depatment of Insuance and Financial Sevices - Home Guide 5

8 Types of Coveage Thee ae seven majo coveage pats of a typical policy: Coveage A, B, C, D, E, F and G. The coveage pats ae complex with many exclusions and limitations. Pice is only one facto to conside when selecting you insuance. Conside puchasing homeownes insuance at a sufficient level so that, if thee is a need to file a claim, thee ae no supises o gaps in you coveage. Dwelling (Coveage A) This coveage potects against loss to the dwelling. Except fo epai cost policies, a loss which occus to an insued dwelling is typically settled on a eplacement cost basis. Apputenant Stuctues (Coveage B) Othe stuctues on the popety, such as a detached gaage, tool shed, ban, o swimming pool ae usually coveed fo up to 10 pecent of the dwelling amount with no exta pemium chage. Pesonal Popety/Contents (Coveage C) This coveage potects against loss to pesonal popety in amounts which vay, depending on the policy fom type. Coveed loss of pesonal popety is usually settled on an actual cash value basis. Howeve, many companies offe eplacement cost coveage on pesonal popety fo additional pemium. Off-Pemises Loss Thee is also potection against loss to pesonal popety while away fom the pemises, such as popety left in a ca o hotel oom. Usually the coveage is limited to 10% of the total contents coveage amount. Special Items Thee ae special limits on coveage fo cetain items such as money, jewely, computes, o fus. These limits vay by company and do not incease the total amount of coveage unde the policy. Additional Living Expenses (Coveage D) The additional living expenses potion of you homeownes insuance policy pays fo exta expenses homeownes incu if they have to live away fom home following an insued isk. Expenses paid include hotel o apatment bills, estauant meals and even lost ent if you ent out pat of you house. Coveage fo additional expenses is typically 20 pecent of the insuance on you house. Liability (Coveage E) This coveage povides potection in the event you become legally obligated to pay fo bodily injuy o popety damage. Fo example, if you wee sued by someone injued on you popety, this coveage will pay to defend you and povide coveage if you ae detemined to be liable. 6 Michigan Depatment of Insuance and Financial Sevices - Home Guide

9 Medical Payments (Coveage F) This coveage pays fo immediate cae, such as fist aid, ambulance chage, etc., fo someone who is hut on you popety. The amount of coveage offeed depends on the company. Popety of Othes (Coveage G) Replacement cost coveage is povided fo physical damage to the popety of othes that is caused by the insued. The amount of coveage is dependent on each insue. Exta Coveages You Can Puchase Thee ae additional coveages available to puchase. Some additional coveages you may wish to conside ae: Additional Replacement Cost Coveage Additional eplacement cost coveage fo the dwelling may be puchased unde cetain types of homeownes policies. Unde this additional coveage, the company guaantees that you will be potected fo the full eplacement cost of the house, even if that amount is highe than the policy limit. Some companies efe to this coveage as exta expense coveage o guaanteed eplacement cost coveage. Check with you agent to find out the specific limits of this additional coveage. Debis Removal If debis emoval expense plus damage to popety is moe than the limit of coveage selected, an additional 5 pecent of the coveage limit may be available fo debis emoval. This is coveage povided fo the easonable expense incued fo emoval of debis of coveed popety afte a coveed loss. Tee Removal This coveage will pay to have damaged tees emoved; the standad limit is $500. Many companies equie the tee to have actually fallen o caused damage to othe popety due to a coveed peil befoe coveage is povided. Tees, Shubs, and Othe Plants This coveage will pay the cost to eplace damaged tees, shubs and othe plants; the standad limit is $500 pe item up to an aggegate limit. Fie Depatment Sevice Chage This coveage pays this expense when the fie depatment is called to save o potect coveed popety; the standad limit is $500. Cedit Cad, Fund Tansfe Cad Fogey, and Countefeit Money This coveage potects against the faudulent use of cedit cads o fund tansfe cads (money machine) o eimbuses you if you accidentally eceive countefeit money; the standad limit is $500. Michigan Depatment of Insuance and Financial Sevices - Home Guide 7

10 Odinance and Law Coveage This coveage can be vey impotant if you own an olde home. It povides exta coveage if you home is patially damaged and cannot be ebuilt to its oiginal condition because of changes in the local building codes. The insuance company will not pay fo the upgades unless you have this additional coveage. The standad limit is 10% of the total dwelling coveage amount, but some companies will allow you to puchase lage amounts. Pesonal Popety Endosements This coveage povides exta insuance, up to the value of the insued popety, fo items that exceed the amount listed fo such popety in you egula policy. You may need to puchase this additional coveage fo items such as expensive jewely, cameas, collections, laptop computes, o ae antiques. Most insues equie you to have such items appaised to detemine thei value at the time you puchase the insuance. Wate Backup and Sump Pump Oveflow Read you policy caefully fo coveage and exclusions elating to wate damage. You may need to puchase additional coveage fo damage esulting fom wate backup and sump pump oveflow. Flood Insuance You egula homeowne insuance policy does not contain coveage fo flood damage to you home and contents. In ode to have coveage in the event of a flood, you must puchase an additional flood insuance policy. You agent should be able to advise you about how to puchase this coveage as well as the amount of coveage you need. You may also call the National Flood Insuance Pogam fo moe infomation at o visit Undestanding Rates and Pemiums Insuance companies use ating factos to detemine the pemium they will chage you fo you policy. Rating ules ae used to give the company the ability to chage the coect ate fo the isk they ae insuing and to apply discounts faily among thei policyholdes. In addition to ates, companies develop guidelines, called undewiting ules. Undewiting ules ae the citeia an insue uses to decide if a isk qualifies fo coveage. Each company s guidelines may diffe, but each company s undewiting ules and ates must be applied unifomly and consistently thoughout this state. Factos that Affect You Pemium An insuance company uses the pocess of undewiting to detemine whethe to sell you a policy and what pemium to chage. Diffeent factos can positively o negatively affect you pemium. Insuance companies use many factos to detemine the amount of pemium you pay. These factos may include such things as: H Amount and type of coveage. You pemiums will incease in elation to the amount of coveage you choose to puchase to potect you home, popety, and assets. 8 Michigan Depatment of Insuance and Financial Sevices - Home Guide

11 H You home s age and condition. The pemium is often highe fo an olde home o one in poo condition than it is fo newe ones and those in good condition. H You claim histoy. You claim histoy includes both the type and the numbe of claims filed. You histoy of filing claims fo wate damage, fie, theft, o liability on homes you have owned is used by the insuance company to detemine what to chage fo you coveage. H Constuction mateial used in you home. The insuance pemium is usually lowe fo homes built pimaily of bick o masony than fo wood-fame homes. H Availability of local fie potection. Homes in aeas with access to quality community fie potection and a neaby wate souce usually have lowe pemiums. H Availability of law enfocement o cime pevention sevices. Pemiums may be lowe if you home is in poximity of egula and available law enfocement patol. H Whee you live. The law allows insuance companies to divide the state into ating teitoies. Pemiums could be highe fo homes in aeas with highe cime ates, high stom activity, o highe claims histoy. H The cost to ebuild you home. If you home is destoyed, you policy will pay to ebuild you home if you have a eplacement cost policy, depending on the policy limit, at cuent constuction mateial and labo costs. This is not the same as the puchase pice of you home which includes the cost of the land. You pemiums will incease in elation to the amount of you eplacement cost coveage. Ways to Reduce You Pemium Discounts Companies may offe pemium discounts based on factos that ae likely to educe losses o expenses. Each insuance company sets the amount of discounts it offes. Common discounts offeed by many companies include: Paid in full discount Claim fee discount New home discount Matue homeowne discount (Age of matuity vaies by insuance company) Non-smoke discount Cedit-based insuance scoe discount Multi-policy discount Potective Devices (smoke detectos, fie extinguishes, bugla alams, heavy duty locks etc.) Inceased deductibles You may want to conside the lagest deductible you budget can handle to lowe you pemium. Michigan Depatment of Insuance and Financial Sevices - Home Guide 9

12 How Discounts How Discounts Affect Affect You Pemium The example below The example epesents below a epesents standad base a standad pemium base a pemium peson may a peson have may to pay have fo to an pay fo an HO-3 policy (All policy Risk) (All if Risk) they if do they not do qualify not qualify fo fo any any discounts. The The discount is applied sepaatel sepaately, totaled and and then deducted fom the base pemium. Ou Ou example shows shows how damatically damatically the pemium has changed. has changed. Howeve, you Howeve, may not you qualify may fo not each qualify of fo the each discounts of the discounts offeed in offeed this example in this example o o you ins you insuance company company may may not not offe offe all of all these of these discounts. discounts. The example The example illustates illustates how impotant it is how impotant each it is homeowne fo each homeowne to shop fo coveage to shop with fo seveal coveage diffeent with seveal companies diffeent and inquie about companies and discounts inquie fo about which all they discounts may be fo eligible. which they may be eligible. Base Pemium $1510 Smoke Detecto Discount 2% -30 Deadbolt Lock Discount 2% -30 Fie Extinguishe Discount 2% -30 New Home Discount 20% -302 Auto/Home Multi-policy Discount 17% -257 Life/Home Multi-policy Discount 5% -76 Cedit-Based Insuance Scoe 7 6% -91 Matue Homeowne Discount 3% -21 Final Pemium $673 This company offes seveal levels of discounts fo a new home. Fo example, a 2 yea old This company still offes has seveal a new home levels discount, of discounts but it fo will a decline new home. annually Fo until example, the home a 2-yea-old eaches 10 yea home still has at a which new home time the discount, but ends. it will In the decline example, annually the applicant until the eceived home a eaches cedit-based in 10 yeas of age scoe at which of seven time and the a discount of ends. six pecent In the off example, the base pemium. the applicant Fo this eceived company, a a sco cedit-based insuance seven is a scoe medium of ange seven discount. and a discount Howeve, of six each pecent company off uses the a base diffeent pemium. scoing meth Fo this company, so be a sue scoe to ask of seven you agent is a medium about you ange insuance discount. scoe Howeve, and how it each affected company the pemium uses a diffeent being scoing quoted. methodology so be sue to ask you agent about you insuance scoe and how it affected the pemium you ae being quoted. Home Insuance Discounts by Company Home Insuance Discounts by Company The following listing of discounts is not a compehensive list. Companies add new discoun fequently. Be sue to ask fo a list of those that ae offeed fom each company you ae The following consideing listing of discounts fo the puchase is not a of compehensive homeownes insuance. list. Companies Howeve, most add new companies have a discounts fequently. the total Be amount sue to of ask discounts fo a list that of a those peson that can use ae offeed to educe fom thei each pemiums. Fo examp company you you ae qualify consideing fo seveal fo the discounts puchase that of amount homeownes to ove 90 insuance. pecent of Howeve, the pemium, most the comp companies have may a limit cap on the the total total amount amount of discounts of discounts you can that claim a peson to 50 pecent can use of to the educe pemium. thei pemiums. Fo example, if you qualify fo seveal discounts that amount to ove 90 pecent of the pemium, the company may limit the total amount of discounts you can claim to 50 pecent of the pemium. Michigan Depatment of Insuance and Financial Sevices - Home Guide 1 10 Michigan Depatment of Insuance and Financial Sevices - Home Guide

13 Claims Fee Age of Non- Goup Cedit Constuction Matue Home Insuance Discounts by Company Company Multi-Policy New Home Potective Dwelling Smoke Based Homeowne Devices Insuance Scoe Allstate Indemnity Co. 25% 0-14% 5-15% 30% 15% 5% 0-71% 10% 4-37% Allstate Insuance Co. 25% 0-10% 5-15% 30% 15% 5% 0-50% 10% 9-32% Allstate Popety & Casualty Co. 35% 0-10% 4-6% 30% 8% 5% 0-70% 20% 0-37% Allstate Vehicle and Popety Insuance Company 0-25% 0-35% 0-15% 5% % 0-55% % Ameican Bankes Ins. Co. of Floida 5% 6% 5% 5% Ameican Reliable Insuance Company 2% 5% 5% 5% Ameican Secuity Insuance Company 2-20% 2-5% 2% Amed Foces Ins. Exchange 20% 3-13% 14% 0-18% Associated Indemnity Cop. 2-10% 2-20% 2-30% 5% Auto Club Goup Ins. Co. 10%,15%, 20% 2-43% 2%, 5%, 8% 10%, 22% 2% 12-55% % Bankes Standad Ins. Co. 10% 4-20% 2-10% 4-20% 5% 4-20% Cental Mutual Ins. Co % 1-13% 15% 5-10% 8-58% 5-7.5% % Citizens Insuance Co. of Ameica 25% 1-40% 1-5% 13-15% 1-76% 1% Electic Insuance Company 15% 2-25% 2-13% Encompass Indemnity Company 0-41% 2-10% 2-15% 0-17% 5% 15% 0-75% 1% 15% 2-47% Encompass Popety & Casualty Co. 0-30% 2-15% 5% 15% 0-89% 1% 9-44% Fam Bueau Geneal Ins. Co. of MI 15% 1-33% 2-15% 0-2.3% 7-30% 3-60% 5% 5-10% Fames Insuance Exchange 2-8% 13-55% 1-5% 0-1% 21-37% 10% 0-78% 1% 4-55% Fedeal Insuance Co. 10% 1-24% 0-15% 3-17% 1-10% 1-24% Fie Insuance Exchange 5-15% 5-25% 4-24% 3% 0-78% 1% 3%, 7%, 20%, 30% 0-50% % 0-25% Fankenmuth Mutual Ins. Co. 5%, 15% 5% 5%, 15% % 0-20% Femont Insuance Co. 15% 2-23% 10% 15% 15-50% 5% 1-5% 3-33% Geat Lakes Casualty Ins. Co. 8% 0-5% 0-4%, 0-10% 0-5% 5% Geat Nothen Ins. Co. 10% 1-24% 0-15% 3-17% 1-10% 1-24% Haleysville Lake States Insuance 10% 2-13% 15% 5%, 10% 5-15% 17-55% 5%, 10% 2-20% Hastings Mutual Insuance Co % 1-15% 5%, 10% 8-38% % 2% Home-Ownes Ins. Co. 22% 2% % 5-11% 0-57% 12% % Homesite Ins. Co. of the Midwest 10% 4-10% 5-10% 10-25% 10% 12-60% 5-15% % Page updated 06/

14 12 Claims Fee Age of Non- Goup Cedit Constuction Matue Home Insuance Discounts by Company Company Multi-Policy New Home Potective Dwelling Smoke Based Homeowne Devices Insuance Scoe Hoace Mann Insuance Co. 0-20% 8%, 12% 5% % 0-70% 0-9% 0-25% IDS Popety Casualty Ins. Co % 1-37% 2-15% 12.4% 5% % 1-32% Kempe Diect (fomely Unitin Diect) 20% 2%, 4%, 6% 2%, 3%, 4%,7% 10% 10%, 25% 4-41% Libety Insuance Copoation 1-20% 1-82% 2-20% 1-97% 3-80% Libety Mutual Fie Insuance Co. 2-10% 3-10% 1-16% 3-95% 4-68% LM Insuance Copoation 1-20% 1-82% 2-20% 1-97% 3-80% MembeSelect Insuance Company 5-38% % 1%, 2%, 3% 10%, 15%, 20% 1%, 3% 11-78% % Metopolitan Popety & Casualty Ins. Co. 10% 5-20% 15% 0-10% 5-10% 0-32% Michigan Ins Co % 42% 3-15% 7% 8-15% 10-20% 6-37% 1% 10-20% 3-41% Nationwide Popety & Casualty Ins. Co. 3-36% 4-20% 2-15% 1-8% 10-15% 0-75% 20% 2-46% Pacific Indemnity Insuance Company 10% 1-24% 0-15% 3-17% 1-10% 1-24% Phamacists Mutual Ins. Co % 3-5% 5-10% 1-39% 33-41% Paetoian Ins. Co. 5% 2-20% 2-13% $10, $20 5% $ % Pivilege Undewites Recipocal Exchange 0-20% 0-44% 0-15% 0-22% 0-21% QBE Insuance Copoation 5%, 10% 3-10% 2-13% $10, $20 $ % 0-53% Safeco Ins. Co. of Ameica 2-18% 0-35% 2-7% 0-94% 0-92% SECURA Insuance, A Mutual Company 5% 2-5% 0-50% SECURE Supeme Insuance Company 2-5% 0-50% Senty Ins. A Mutual Co. $ % State Automobile Mutual Ins. Co % 9% % 0-22% 12-20% 0-70% 5-29% Teaches Insuance Company 0-25% 8%, 12% 5% % 0-70% 0-9% 0-25% The Ameican Ins. Co. 2-10% 2-20% 2-30% 5% The Automobile Ins. Co. of Hatfod, CT 10% 3-23% 2-8% 15% 3-23% 5%, 10%,15% 20%, 25% 1-33% The Cincinnati Ins. Co. 20% 5% 10% 5-61% The Taveles Indemnity Company of Ameica 10% 3-23% 2-8% 3-23% United Sevices Automobile Association 10% 5%, 20% 10% % USAA Casualty Insuance Company 10% 0 5%, 20% 10% % Vigilant Ins. Co. 10% 1-24% 0-15% 3-17% 1-10% 1-24% Westfield Ins. Co. 25% 1-35% 2-13% 15% 15% 4-15% 0-72% 15% 1-35% Wolveine Mutual Insuance Co. 20% 2-15% 30% 5-15% 6-54% 6% 1-25% 103 suveys wee sent to insues; DIFS eceived 58 completed suveys Page updated 06/2014

15 Pepae Ahead to Ease the Claims Pocess Insuance is something you hope you neve have to use, but if you should eve need to file a claim afte expeiencing a loss of popety fom fie, theft, o othe cause, take steps now to make the pocess of filing a claim easie. Witten inventoy - Ceate and egulaly update a witten inventoy of you home s contents. You insuance company may have a home inventoy checklist available to help you compile an accuate inventoy of you possessions o use the National Association of Insuance Commissiones (NAIC) downloadable home inventoy checklist. Receipts - Keep copies of eceipts to document items puchased, date and cost. Video/photogaphic ecod - Videotape o photogaph the contents of you home and the exteio fom diffeent viewpoints and angles. Include video/photos of each oom, closet, cabinet, dawe, gaage, attic and sepaate buildings fom the esidence. Document secuity Keep you insuance policy, home inventoy, appaisals, photos and video ecods in a secue seconday location (such as you office o a safety deposit box). Update you ecods and documentation annually. Appaisals Have someone appaise you jewely, antiques, stamps, coins, and othe valuable collectibles. If You Expeience a Loss Notify you agent o insuance company immediately and epot losses involving theft o cime to the police. Review you policy and ask you agent o insuance company if you have any questions egading coveage dolla limits. Ask you agent o insuance company what documents, foms and othe data you need to get you claim pocessed. Complete and submit all foms in a timely and accuate manne to pevent claim pocessing delays. Make a detailed list of you damaged popety by itemizing you losses. If possible, photogaph o videotape the damage befoe making any epais. Make only tempoay epais to potect you house and belongings fom futhe damage. Save the eceipts fo tempoay epais and submit them to the insuance company fo eimbusement. You should not make pemanent epais until afte you insuance company has inspected the damaged popety. Tell you agent o insuance company whee they can each you. Wite down the date, name, and title of the peson you spoke with and what was said wheneve you communicate with you insuance company in-peson o on the telephone. Michigan Depatment of Insuance and Financial Sevices - Home Guide 13