Southfield, like the rest of Michigan, has been hit particularly hard by the recession. The March 2010 unemployment rate for Southfield, according to the State of Michigan, hovered close to 18%. A study by the Insurance Research Council showed there is a correlation between the unemployment rate and the percentage of uninsured motorists. For example, back in the good old days of 2004, the national unemployment rate was just over 5%; the uninsured motorist rate was 15%. As the unemployment rate trended up, so did the uninsured motorist rate. If this correlation were tracked with Southfield, the number of uninsured would be close to 30%!
From Renter to Homeowner?
The median home selling price less than two years ago was $120,000 --in 2010, it's less than $80,000. So what do these numbers mean for shoppers of Southfield insurance quotes? First, part of the devaluation of homes is related to foreclosures. Many can no longer afford their homes, giving them up to the banks which must take a hit on the re-sale price. This leaves many Southfield residents as renters (46% according to city-data.com).
If you're now renting, you'll likely want coverage for your personal property whether you're renting a home, apartment or condo. First, consider what could possibly go wrong in your home and who is responsible. In most cases, you're responsible. The pipes in your home freeze and burst, ruining your leather couch --fixing the home's damage would be covered by the owner; replacing the couch, you. If you have valuable collections or electronics consider adding a "rider" policy that would specifically cover those items. Renters rates usually start at around $15 month. And if you're in an apartment or home with smoke detectors, a sprinkler system, burglar system and/or fire extinguishers, you should be eligible for discounts on your Southfield insurance quotes.
Driving and Southfield Insurance
Michigan requires the following minimum auto protection:
- $20,000 Residual Liability for one person's injury; $40,000 for all persons injured in one accident and $10,000 for property damage. This protects you when you're at fault.
- Personal Injury Protection for you and your family: pays all necessary medical expenses, work loss benefits, survivors' loss benefits, and others.
- Property Protection: provides coverage for damage caused by your car to property of others (except moving vehicles), regardless of fault up to 1,000,000 maximum.
This protection is the most extensive required by any state. But it is missing one crucial element for Southfield residents: uninsured motorist coverage. This typically pays for injuries, pain and suffering and excess wage losses when you're in an accident caused by an uninsured motorist. It won't pay for damage to your vehicle. That is covered by a separate collision policy. You may also want to consider a comprehensive clause which covers things like theft and vandalism. Especially since the rate (2008) of auto thefts in Southfield was nearly twice the U.S. average.
Lowering Your Southfield Insurance Quotes
This coverage can add up quickly. Consider raising your deductible, especially if you have an older car. And if it's older, you may not want comprehensive. Ask about discounts for anti-lock brakes, airbags, automatic seatbelts and anti-theft devices. Ask about good student discounts. Insure your home and car with the same insurer. Ask about the kind of car you want to insure and whether it's a high risk vehicle like a sports car or SUV. In addition, you can comparison shop with NetQuote. NetQuote will scour the internet for the best coverage at the best prices.