Renters Insurance

No matter where you live in the great state of Michigan, it’s important to have adequate renter’s insurance to protect your personal property from loss or damage. Renter’s insurance is designed especially for those individuals who don’t own their own home but are leasing their place of residence. Whether you are renting an apartment, a condo, or a house, you should seriously consider purchasing renter’s insurance to safeguard your valued possessions in the event of theft, fire, or weather-related calamities.

Why You Need Renters Insurance in Michigan
Wildfires in Texas and Arizona, flooding along the Missouri River, and hurricanes in the southeastern United States and along the eastern seaboard. Living in Michigan, the headlines alone should be enough to make you realize the importance of renter’s insurance coverage. Any natural disaster can damage or destroy your personal possessions. A kitchen fire or even a broken pipe in a nearby apartment can put you at risk unless you have adequate renter’s insurance protection.

With the turmoil in the housing market over the past few years, more people than ever are renting places to live. A recent estimate put the number of Americans who rent at more than 81 million- and nearly 50 million of them don’t carry renter’s insurance. People have a lot of reasons for why they don’t purchase renter’s insurance. Unfortunately most of the more common reasons given are based on inaccurate information.

The average renter’s insurance policy costs between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. In the scheme of things, this is really a bargain. For this price you can normally get $30,000 of personal property coverage against theft, fire and natural disasters along with $100,000 of liability coverage.

As a general rule, a typical renter’s insurance policy does not cover loss or damage due to earthquakes or floods. If you live in an area which is prone to these types of natural disasters, you should inform your agent of this when writing up your personal renter’s insurance coverage. For an additional cost, protection from these disasters can be added to your policy.

Some Common Reasons People Think They Don’t Need Renters Insurance- ALL WRONG!

  1. Renter’s insurance is too expensive.
    The cost of renter’s insurance does vary according to where you live and what type of dwelling you lease. But on average, an adequate renter’s policy costs between $200 and $300 per year. That’s less than $1 a day which is a pretty good bargain considering it’s less than a cup of coffee at Starbucks.
  2. My landlord’s insurance covers my personal property.
    This is a very common misconception that renters believe. The fact is that your landlord does carry homeowner’s insurance on the place you are renting. But it only covers the actual structure itself and the land on which it is built. Anything that is located inside of the rental home or apartment is strictly the responsibility of the renter when it comes to insurance coverage.
  3. My possessions aren’t worth very much.
    A lot of people think this. A good reality check is to do this: First, make a detailed inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices.
  4. It’s only my things.
    Most people think of renter’s insurance as protection for their personal property in the event of a fire, theft, or weather damage. But a standard policy also includes liability coverage which is very important. This protects you in the event a visitor is injured in your home. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.
  5. It takes too long and is too complicated.
    We work with all of the major insurance carriers in Michigan who offer renter’s insurance to consumers. From the comfort of your home or office you can compare policies and get quotes from several different insurance companies. Our friendly and professional staff is available 24 hours a day, 7 days a week to assist you in finding the most comprehensive renter’s insurance policy for the best possible price. We take the guesswork and confusion out of buying renter’s insurance. You can relax knowing that your personal property and valued possessions are adequately covered in the event of theft, fire, and a host of other possible disasters.