Why do you need Michigan Renters insurance
The state of Michigan does not require you to carry renters insurance. You will need Michigan renters insurance if you live in a house, townhouse, or apartment. People believe that their landlord’s policy will cover their property. The landlord’s policy only covers the building and not your personal property. Michigan landlords are starting to require tenants to purchase a renters insurance policy when they sign a lease.
What does Michigan Renters insurance cover
Renters insurance provides reimbursement for your personal property due to losses from fire, lightning, wind, vandalism, vehicle damage, or theft. There are two options when it comes to protecting your personal property.
- Actual cash value coverage (how much your property is worth today).
- Replacement value coverage (how much it would cost to replace your property). You will have to pay extra a little more to get this coverage.
Renters insurance provides valuable protection if your home is not livable due to a loss. Your policy can pay for another place to live during your home repairs.
Your renter’s policy provides medical payments for medical expenses incurred when a non-resident has an accident on your property. You can file a claim within three years of the date of the accident or injury. This coverage does not apply to the insured or residents of the household and starts at $1000.
Liability coverage helps to protect you in case a visitor has an injury on your property. Liability coverage also protects against a lawsuit due to a liability claim caused by the damage you cause to someone’s property. This coverage will protect you from the lawsuit and also pays the cost to defend you. Liability limits start at $100,000, but additional amounts are available. Apartment complexes are requiring insurance because of liability claims and potential damage from other units.
How Much Does Michigan Renters Insurance Cost
The average price of renters insurance in Michigan ranges from ten to twenty dollars a month. However, costs will vary depending on location, your coverage amount, and the insurance carrier you choose. Maximizing the discounts help to lower the premium that you pay for your renter’s policy.
Discounts Available for your Michigan Renters Insurance:
- Safety Discounts – 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 you’re with the same company for some years. Companies can also provide claim-free discounts if you have not made a claim. These discounts will be based on different criteria and will vary from company to 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 the damage, but your premiums will be lower.