Renters insurance is needed 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 the building and the land that it is located on and not your personal property. Many Detroit landlords required tenants to purchase a renters insurance policy when they sign a lease.
What is covered by a Detroit Renters insurance 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 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 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.
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. Landlords are requiring renters insurance because they are worried that a fire in your apartment may cause damage to other units.
Discounts Available for your Detroit Renters Insurance policy:
Discounts are available for installing smoke detectors, fire extinguishers, central alarms and deadbolt locks on the doors.
Renewal or Claims Free Discount
Most companies have policies that reward loyalty or longevity with the same company. 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 the same company both policies will receive a discount.
Increase your deductible, you will pay more towards a claim, but your premiums will be lower.
Contact Detroit renters insurance agent.
A Detroit renters insurance policy can be started with a phone call 248-888-1134 or you can visit our renter’s insurance specialist for more information or get a quote online.