Information pertains to renters insurance in Michigan, but may apply to other states.
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 the building and not your personal property. Many Michigan landlords required tenants to purchase a renters insurance policy when they sign a lease.
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, but additional limits can be purchased.
This type of policy can also help to protect you in case of a lawsuit due to a liability claim caused by a bodily injury to another person or damage to someone's property. Limits start at $100000, but higher limits are available.
Most policies will also provide up to $500 for damage to the property of others subject to your deductible.
Discounts Available for your Michigan Renters Insurance:
Safety Discounts
Many companies offer 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 your with the same company for a number of years. Companies can also offer discounts if you have not made a claims with your company. These discounts will be based on different criteria and will vary from company to company.
Senior Citizens
Many Michigan homeowners insurance companies offer some form of a senior citizens discount, the age requirement might differ from company to company, but could be as early as 50. You should check with your agent to see if this discount is available from your 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.
Please contact our office to answer all of your renter's insurance questions. A policy can be started with a phone call 248-888-1134 or you can visit our website local Michigan insurance agent for more information or to get a quote online.
Other helpful articles available at Michigan Insurance information site.
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