When most people rent, another expense is the last thing they want. However, renter’s insurance in Plymouth MI can be a worthwhile investment. You would prefer not to wait until something happens before you buy a policy. It can be expensive replacing everything out of your own pocket. A landlord will not automatically provide this coverage for you. Their policy will only cover the structure. It is not the same as house insurance. Home insurance is for covering a residence you own.
Renters insurance covers your personal belongings like furniture, clothing, and electronics, in case of fire, flood, riots, or other damages. Many policies will only provide coverage for maximum amount. You have to determine how much your belongings are worth and take out policy for that figure. You should make certain you use the correct value or you may find yourself underinsured. It is advised to take an inventory of your belonging along with their worth and keep receipts for new purchases. Store the list in a safe place like a lock box off the premises. For artwork or jewelry, you may need a ‘rider’ policy since a basic has limits. You can include a fire liability add-on in case you are accused of setting fire to your residence.
Another important feature of renter’s insurance is liability. Liability provides medical and legal coverage in case third parties are injured on your property. Though you do not own the property, you still can be legally responsible for their medical bills. The injured party could file an individual lawsuit against you claming you caused their injury. Liability covers a minimum of $100,000. Another part of your policy is additional living expense coverage. Living expense covers you for a maximum of 24 months if you have to live somewhere else until the residence is repaired. Some policies will even include the cost of food and buying new clothing.
The amount of you buy depends on your needs and how much you are willing to spend. It is suggested to get several quotes before buying a policy to ensure the lowest cost. If you think you do not need renters insurance, you may want to reconsider.