Jan 4, 2014

Posted by in Insurance | Comments Off on Why Purchase Renter’s Insurance in Ann Arbor

Why Purchase Renter’s Insurance in Ann Arbor

Insurance is no longer an old and forgotten expense for renters. Just like home insurance, today, people who rent condos, apartments, or townhouses need renter’s insurance to protect their belongings. Some people have a mentality that since a rented house is not their investment, they don’t need any insurance. They believe that insurance is the responsibility of their landlord.

While it is true that the landlord’s insurance policy is critical and a necessity, it only covers the building and the land on which the property sits. This means that whether a landloard takes out an insurance policy or not, a tenant needs to have a policy to protect his or her personal property known as Renter’s Insurance in Ann Arbor. Because of the risks of losing property, tenants need to invest in Renter’s Insurance in Ann Arbor when signing a lease agreement. You can also find Automobile Insurance coverage that fits your needs and combine your policies.
What does renter’s insurance cover?

Fire, lightening, windstorms, explosions, vandalism, theft, and hail are common risks that every homeowner or renter should be worried about. The good thing is that renter’s insurance is a perfect safeguard that will protect your belongings. When taking out a renter’s insurance policy, you have two options. First, you can choose a policy that specifies the actual book cost of your property, or you may decide to insure your belongings using their estimated replacement value. However, the replacement value approach is relatively expensive as the cost of replacing an item can be higher than its initial cost.

Ann Arbor renter’s policies can provide protection to both valuables and can help you with relocation in the event your rented house is no longer habitable. For example, if the house catches fire and it cannot be lived in, renter’s insurance will provide you with a rare opportunity to enjoy accommodation elsewhere as your house is repaired.

As a renter, insurance coverage offers you protection against lawsuits that arise from claims by people who are injured in your home. Apart from providing protection, it also covers all the compensation or damages paid to the injured person in the event they are found not to have been at fault. Regardless of the volume of your belongings, Renter’s Insurance in Ann Arbor will compensate you and restore you back to your initial position before the loss occurred.



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