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 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.
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 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 @$1000.
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 in court. Liability limits start at $100,000, but additional limits may be purchased. Apartment complexes are requiring renters insurance because they are worried that fire in your apartment may cause damage to other units.
Discounts Available for your Ann Arbor Renters Insurance:
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 a number of years. Companies can also offer discounts if you have not made a claim with your company. 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 your auto and home are with the same company both policies will receive a discount.
Please contact our office to answer all of your renter’s insurance questions.
A renters insurance policy can be started with a phone call 248-888-1134 or you can fill out your information for a quote from local Ann Arbor renters insurance agent.