If you’re in the market for a home insurance policy in Rochester Hills, MI, you should research home insurance reform efforts that impact your policy options. Guy Hurley McNeil can answer your questions about home insurance and home insurance reform.

The following are three things you need to know about home insurance reform. 

Home insurance reform may bring down premium costs for consumers.

Home insurance reform may regulate the costs that insurance providers can charge property owners.

This ensures that home insurance stays affordable for property owners in the state or community where home insurance reform measures have been implemented. 

Home insurance reform may also reduce the number of lawsuits considered frivolous.

Frivolous lawsuits cost money and may push up the costs of home insurance. Certain home insurance reform measures may prevent frivolous lawsuits that cost both home insurance providers and consumers money. 

Home insurance reform efforts may also involve regulations regarding the financial reserves of home insurance providers.

Home insurance providers need adequate financial reserves to honor their policyholder’s file claims. Home insurance reform efforts can specify a certain amount of financial reserves that home insurance providers need to have in order to offer home insurance policies in a given area.  

Financial reserves make the policies offered by an insurance company more secure and ensure that a home insurance provider will have adequate funds available when a claim is filed. 

We can help you get answers to your questions about home insurance reform in Rochester Hills, MI. Contact us at Guy Hurley McNeil if you’d like to know more about meeting your home insurance needs.