Buying Renters Insurance in Michigan

Renters insuranceMichigan Renters insurance

You will need renters insurance if you live in a house, townhouse, rent a condo, studio loft or an apartment.

People have been under the misconception that if they are in an apartment they do not need renters insurance because it will be provided by the landlord. This is not true. The landlords policy will only cover the building and the land that it is located on and not your personal property. Many Michigan landlords required tenants to purchase a renters insurance policy when they sign a lease.

Renters insurance what will be covered

Renters insurance can help to protect your personal property against fire, lightning, windstorm, hail, explosion, volcanic eruption, riots, aircraft damage, vandalism, vehicle damage, smoke or theft. You have two choices when it comes to insuring your personal property you can  insure your property for the actual cash value (how much it is worth today) or its replacement value (how much it would cost to replace the item).  You will have to pay a little more to get the replacement value coverage.

Renters insurance can also provide valuable protection if your home is made unlivable due to a loss. Your policy can pay for another place to live while your home is being repaired.

Your renters policy can also provide medical payment to others for necessary medical expenses incurred or medically ascertained within 3 years from the date of accident or injury. This coverage does not apply to the insured or regular residents of the household and is $1000, but additional limits can be purchased.

There is coverage to help to protect you in case of a lawsuit due to a liability claim caused by  someone being injured in your home or damage to someone’s property. This coverage will protect you from the lawsuit and also pay for the cost to defend you even if you were deemed to be not at fault.   Liability limits start at $100,000, but additional limits may be purchased.  A lot of apartment complexes are requiring renters insurance because they are worried that a fire in your apartment may cause damage to other units.

Discounts Available for your Michigan Renters Insurance:

Safety Discounts

Many companies offer discounts for installing smoke detectors, fire extinguishers, central burglar and fire alarms and deadbolt locks on the doors.

Renewal or Claims Free Discount

Most companies have policies that reward loyalty or offer discounts if you have renewed your with the same company for a number of years.  Companies can also offer discounts if you have not made a claims with your company.  These discounts will be based on different criteria and will vary from company to company.

Senior Citizens

Many Michigan homeowners insurance companies offer some form of a senior citizens discount, the age requirement might differ from company to company, but could be as early as 50.  You should check with your agent to see if this discount is available from your company.

Multi-policy Discounts

Check with your agent to see if your company offers a Multi-policy discount.  This policy will reduce your premium if you carry different lines of insurance with the same company.  For example, if your auto and home are with the same company both policies will receive a discount.

Deductible

Increase your deductible, you will have to pay more out of pocket to repair damage, but your premiums will be lower.

Please contact our office to answer all of your Michigan renters insurance questions.

A renters insurance policy can be started with a phone call 248-888-1134 or click the link to visit our website Michigan renters insurance agent for more information or to get a quote online.