Not all people afford to get insurance from the regular insurance market. However, some of them are qualified enough. For that reason, The Michigan Basic Property Insurance’s special aim is targetting those qualified person to get the instruction through Michigan Basic Property Insurance policy which is basically the same as an HO-2 policy of the regular insurance company.
The qualification to get Michigan Basic Property Insurance
Generally, all people are able to get The Mochigan Basic Property Insurance policy as long as they own or live on a property with the Michigan Basic Property Insurance standard. Michigan Basic Property Insurance can cover qualified properties, such as:
- Residential properties with building code standards
- Residential property which is not used for farm
- Residential property which is not use for business
- Residential property which is not used for illegal activities
If you apply to get Michigan Basic Property Insurance, you need to be patient first because before you are able to buy it, the michigan Basic Property Insurance will send a representative to inspect your property. Also, your property will be evaluated and assessed to see whether or not your property has the standard from Michigan Basic Property Insurance. This assessment is free from any cost to the owner of the property because Michigan Basic Property Association will pay for it.
In case you are not qualified enough to get Michigan Basic Property Insurance policy, they will give you a written explanation about the reason that you failed to meet their standard. They will also give you the guide consisting steps that you can take to be qualified enough for them.
The policies of Michigan Basic Property Insurance
The policies of Michigan Basic Property Insurance are annual policies which can be renewed in the next two years. Poeple don’t need to get inspected anymore for the renewal.
For the properties which are do not meet the standard, Michigan Basic Property Insurance issues binders which can last until 60 days. These binders are used to protect you in case you are waiting for an exception or you taking the suggested steps to be qualified enough for them. They will al least 60 days wait for you.
Another policy of Michigan Basic Property Insurance is to cover replacemenet costs. You can replace, repair, or rebuild your property by using this policy, so your property can look as it was before the damage happened. Not to mention, you will get the coverage also for the repair costs from the Michigan Basic Porperty Insurance.