Renters Need Protection Too

If you rent a home or an apartment, you should invest in renters insurance. Only about 30 percent of renters in the state of Michigan currently carry renters insurance. This means that as much as 70 percent of tenants throughout the state are living uninsured. The main reason why individuals do not invest in Michigan insurance for renters is that it is not required. Of the 30 percent of renters carrying insurance, approximately 10 percent do so because it is a requirement on their tenancy agreement. Understand how renters insurance can protect you even if you are not a property owner.



Renters insurance will cover your personal property that is stored on or off the premises. When you begin adding up the value of your electronics, furnishings, clothing, dishes, and any other personal belongings you may have, you will quickly realize they are worth a pretty penny. When you invest in a renter’s policy, you will need to briefly catalog your belongings or make a video tape of your home. This will protect you if you ever need to file a claim. Failing to invest in renters insurance will put the burden of replacing all of your personal property on your shoulders.



Another important coverage included in Michigan insurance for tenants is liability coverage. Personal Liability insurance will pay for claims that may arise in the event you are negligent for injuring someone or damaging some one's property. As you know, the United States is a litigious nation. Most of the claims that end up appearing in court are civil hearings. If you want to prevent being taken to court without the money to defend yourself invest in renters insurance.



Loss of Use coverage is commonly overlooked. Have you ever thought about what you would do if your apartment burned down and you had nowhere else to live? Loss of Use coverage in a Renters Insurance policy will provide money to stay somewhere else if your apartment or home is uninhabitable. Most policies will limit the amount paid based on a period of 2 years. You will have the peace of mind in knowing you have a roof over your head for 2 years while your apartment is being reconstructed.



Renters insurance is a great investment for all tenants. Not only will it provide coverage for your liability and your personal property, it will also provide additional coverage for medical payments and other potential claims. If you are not carrying Michigan insurance for renters contact your auto insurance agent and obtain a quote. Generally, the discount provided for carrying two lines of insurance will almost pay for the policy in full. Build a comprehensive policy and protect your family and your belongings.











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