Stay ready for emergencies this Homeownership Month

LANSING — As National Homeownership Month continues, the Michigan Department of Insurance and Financial Services is reminding residents to take practical steps to protect their homes, belongings and finances so they are financially prepared in the event of an emergency.

"Homeownership creates a strong financial foundation for consumers," said director Anita Fox in a news release. "Having adequate insurance coverage and being prepared for emergencies are keys to protecting your investment."

Fox encouraged all Michiganders to meet with a licensed insurance professional "to ensure they have the coverage that meets their family's needs."

National Homeownership Month began in 1995, originally as National Homeownership Week, during the Clinton administration. In 2002, it was expanded by President George W. Bush to the entire month of June to emphasize homeownership as a hallmark of the American Dream.

In recognition of Homeownership Month, the department offered several tips to help Michiganders safeguard their property:

Review existing policies: Officials recommend going over homeowners or renters insurance to confirm valuables, such as jewelry or artwork, are fully covered. Flooding, sewer and water back-up are generally not included in standard policies, so the Department of Insurance and Financial Services suggests talking with an insurance agent about purchasing extra coverage if necessary.

Prepare for emergencies: The Department of Insurance and Financial Services advises storing copies of insurance policy declaration pages and insurance cards in a safe deposit box or the cloud in case originals are lost. The department recommends maintaining a dedicated emergency fund to cover deductibles after a loss.

Protect seasonal possessions: Recreational vehicles, such as boats or ATVs, often require specific insurance or policy additions. The department suggests working with a licensed insurance agent to determine if existing coverage for seasonal items is adequate.

Shop around: Comparing quotes can help homeowners find coverage that fits their household budget while meeting their specific needs.

In a prior news release, the department also encouraged residents to create an inventory of personal belongings. The Department of Insurance and Financial Services recommends using the National Association of Insurance Commissioners' Home Inventory app, which allows users to scan barcodes, upload images and categorize items by room and category. Keeping receipts for high-priced items is also encouraged.

The Department of Insurance and Financial Services' mission is to ensure access to "safe and secure insurance and financial services fundamental for the opportunity, security and success of Michigan residents," according to the release.

Consumers with questions can contact the department at 877-999-6442, from 8 a.m. to 5 p.m., Monday through Friday, or visit Michigan.gov/DIFS.