Renters insurance policies in Royal Oak, MI, can help tenants replace their belongings if the damage is caused by a covered peril. At High Favor Insurance, we specialize in providing renters insurance and can help you learn more about your coverage options.
What is Renters Insurance?
Unlike homeowner policies, renters insurance is designed to protect your personal belongings, such as clothing, furniture, and appliances, which are not covered under the building owner’s policy. Many tenants purchase renters’ insurance to ensure their items are replaced if damaged. Several factors determine whether your policy will cover the cost of replacing your belongings.
Covered Perils
Renters insurance policies outline specific covered perils and exclusions. Common covered perils include damage from tornadoes, fires, theft, vandalism, and similar events. However, certain exclusions may apply, such as damage caused by pets or roommates. It’s essential to speak with an agent and carefully review your policy to understand what is covered.
Covered Items
Most renters’ insurance policies cover nearly all of your belongings, including items stored in your backyard or even in your vehicle. However, coverage specifics can vary by your policy and insurer. Be sure to ask an agent about coverage details when purchasing your policy to ensure all your belongings are protected.
Coverage Limits
Every renters’ insurance policy has coverage limits that determine the maximum amount the insurer will pay for damages. For example, if your policy has a $5,000 limit, it will cover damages up to $5,000. If your furniture is worth $10,000, the policy will not increase to cover the additional amount, even if the damage is caused by a covered peril.
Agents at High Favor Insurance can help you understand the details of your policy and ensure you have the right coverage for your needs. Contact us today to discuss your options. We proudly serve the Royal Oak, MI, area.
