Why Everyone Needs Renters Insurance in Redford, MI

It is a common misconception that just because you are renting a home or an apartment that you do not need to purchase insurance. Renting instead of owning just means that you need renter’s insurance instead of Homeowners Insurance. Chances are pretty good your landlord has an insurance policy on the property. However, that just covers the building in the event that a disaster strikes. That insurance is not going to help replace any of your belongings. If you want to make sure that you are not up the creek without a paddle you are going to need to start looking into your options for Renters Insurance in Redford, MI.

It is pretty common for people to wonder what exactly Renters Insurance in Redford, MI covers. A very basic and affordable policy is going to cover your losses from lightening, fire, vandalism, burglary, windstorms, water damage (this does not include floods), and explosions. Most policies are also going to pay living expenses if you have to live somewhere else while the damages to your current home are being repaired. Sometimes Renters Insurance in Redford, MI covers flood damage; however, it is important for you to check the policy clause. Depending on where you live, you might actually need flood insurance if you want protection from flood damages.

Did you know that nearly 60 percent of renters in the United States do not have renter’s insurance? If you do not have insurance the first thing you need to do is figure out what kind of coverage you need. This just means you need to figure out the cash value of your personal belongings. It is suggested that you add 10 percent to whatever you decide the cash value of your belongings are. This is because prices are more likely to go up than they are to go down.

Obviously, you just need to make sure you read all the fine print before deciding on an insurance policy. You want to make sure that it will cover all the major disasters. If you live in a place that floods or gets earthquakes, you want to find one that covers these. You also want to look at one kind of limitations the policy has as well.

 

 

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