Why do you need Renters insurance in Ann Arbor
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 the landlord will provide it. The landlord’s policy will only cover your personal property. Many Ann Arbor landlords will require tenants to purchase a renters insurance policy when they sign a lease. College Students in off-Campus housing may also need renters insurance.
What coverages will be on your policy
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 protect 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 renter’s policy can also provide medical payment to others for necessary medical expenses. Coverage does not apply to the insured or residents of the household and starts at $1000.
The policy also protects you in case of a lawsuit from a liability claim caused by someone injured or you damaging someone’s property. The liability coverage will protect you from the lawsuit and pay for the cost to defend you in court. Liability limits start at $100,000, but additional limits may be purchased. Apartment complexes are requiring renters insurance because of potential damage from other units.
Ann Arbor Renters Insurance Discounts:
Discounts available for installing smoke detectors, fire extinguishers, alarm systems, and deadbolt locks.
Renewal or Claims Free Discount
Most companies have policies that reward loyalty or offer discounts if you have renewed the policy with the same company for several years. Companies can also provide claim-free discounts for no claims on your policy. These discounts will be based on different criteria and will vary from company to company.
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 you have an auto and home policy together, both policies will receive a discount.
Contact our office to start your renter’s policy.