For illustration, if clearly there was a blaze and therefore your house ended up being destroyed, to pay for the price of rebuilding, you will obviously make an insurance claim. As a result of granting this specific insurance claim that you've submitted, the Insurer promises to cover, a percentage of the price of rebuilding your home. If your property doesn't meet the requirements of Michigan Basic Property Insurance or the agent finds that your property is not qualified for their policy, a written description as why it happened given to you, including that what measures you have to get in order to be qualified. Policies of Michigan Basic Property Association: The main feature of their policy is that, it is renewable. The policy of property insurance will consider the claim of loss or damage of property, if it is specifically stated in the contract. Is property insurance can be acquired by homeowners? If a person has the "insurable interest" then he can choose for the property insurance. People involved with high-income or middle income home owners, and small businesses to big business, anybody can purchase property insurance. How does citizen property insurance organizations are regulated? There are various government agencies that handle the operation of citizen property insurance company. In the USA, individual states have the primary rights to regulate the operation of citizen property insurance organizations. The name of these government agencies varies in each state. Replacement cost can compensate for all the damages of home and take care of all the revenue to rebuild all with respect to present market value position. While planning to have Florida property insurance, one should insure the equal amount of money to construct your home back again in any disaster situation. The insurance policy of the Louisiana Citizens Property Insurance Corporation can cover the claim amount of $350,000. It includes the cost of damage of house, contents, liability and any additional structure. The Louisiana Citizens Property Insurance Corporation also has a Fire Dwelling Policy, and that can cover the claim of $225,000.