You will need Michigan renters insurance if you live in a house, townhouse, loft or an apartment. People believe that their landlord’s policy will cover their property. The landlord’s policy will only cover 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.
Michigan Renters insurance coverages
Renters insurance can help to protect your personal property against fire, lightning, windstorm, hail, explosion, vandalism, vehicle damage, or theft. There are two options when it comes to protecting your personal property.
- Actual cash value (how much it is worth today).
- Replacement value (how much it would cost to replace the item). 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 is injured on your property. A claim can be filed within three years of the date of accident or injury. This coverage does not apply to the insured or residents of the household and starts at $1000.
There is coverage to help to protect you in case of a lawsuit due to a liability claim caused by an injury 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. Liability limits start at $100,000, but additional limits are available. 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 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 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.
- 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.
Michigan renters insurance agent:
A renters insurance policy can be started with a phone call 248-888-1134 or visiting the following website Michigan renters insurance agent for more information or to get a quote online.