Three things you might not already be aware of when it comes to renters insurance

Those who live in a rental unit in Birmingham, MI should carry renters insurance to protect themselves financially. Consider High Favor Insurance if you are looking for a renters insurance policy in your area.

When you purchase renters insurance, it’s vital that you’re well-informed about this type of insurance. The following are three things you might not already be aware of when it comes to renters insurance. 

Renters’ insurance can cover you temporarily if your rental unit becomes uninhabitable.

Some renter’s insurance policyholders might not realize that they can file a claim to cover their hotel bill temporarily if their home becomes uninhabitable. This type of coverage is called additional living expenses coverage. 

There are often discounts available for renters insurance policies.

Looking for discounts for which you are eligible is a great way to save on renters insurance costs.

Providers often offer discounts if your rental unit features certain safety or security features such as deadbolt locks, a fire alarm system, fire extinguishers, or sprinkler systems. You may also enjoy a premium discount if you pay upfront rather than monthly. 

Standard renters insurance usually won’t offer coverage for flood damage.

Although renters coverage can cover you for many different types of damage, you should realize that you will not be covered by renters insurance in the event of flood damage. In this regard, renters insurance policies are similar to standard home insurance policies. 

At High Favor Insurance, we’re happy to help renters in Birmingham, MI to meet their insurance needs. If you want to learn more about renters insurance, call us. We can answer your questions and provide you with a policy quote.