Renters Insurance in Michigan
Should I Purchase a Renter's Insurance Policy?
When you rent from a landlord, Renter’s Insurance coverage is advisable to have as a tenant. If you have a break-in and items are stolen from your apartment or house that you’re renting, those items will not be replaced or reimbursed without some form of renter’s insurance. The amount of renter’s insurance needed varies depending on the landlord. It is down to the individual landlord on what he or she requires of you in the form of liability limits. Renter’s insurance usually consists of two different types of coverages under the umbrella of a policy, personal property coverage and liability coverage.
Personal property coverage covers events such as theft, vandalism, and fires. This coverage reimburses you for any personal items lost in these events. How many times have you heard of heartbreaking stories of Michigan families in apartment dwellings or house rentals that suffer a house fire? How many times in those stories did the families lose everything (clothes, heirlooms, etc.) and didn’t have renter’s insurance? It’s unfortunate that for only a nominal fee each month, families in those situations would have had a fresh start going forward after a loss.
Liability coverage covers property damage and bodily injury that you do to someone else due to personal negligence. For instance, if someone suffers a slip and fall accident in your home that you caused. It can also cover you in case you accidentally start a house fire or things of that nature. It also covers damage that you’ve caused to the building and damage done to other residents.
In a situation like this, it’s advantageous to use a company that’s known for their work. High Favor Insurance Agency in Royal Oak, MI has offered Michigan residents renter’s insurance for multiple years, and we will do our best in getting you great rates and reliable protection. Visit High Favor Insurance Agency in Royal Oak, MI today and talk to one of our agents to help you with your questions.