Things to know about renters insurance
Renters insurance is a type of insurance policy that provides coverage for individuals who rent their homes or apartments. While landlords typically have insurance for the physical structure of the building, this insurance does not cover the belongings of tenants.
Knabusch Insurance is offering renters insurance in Monroe, MI, Temperance, MI, Dundee, MI, Newport, MI, Ida, MI and surrounding areas.
- Cost: Renters insurance is generally affordable, with premiums averaging around $15 to $30 per month for basic coverage. The cost can vary based on factors such as location, coverage limits, deductible amount, and the insurance company.
- Coverage limits: It’s essential to understand the coverage limits of your renters insurance policy. Some policies have limits on specific categories of belongings, such as jewellery or electronics. You may need to purchase additional coverage, known as endorsements or floaters, for high-value items that exceed these limits.
- Deductibles: Like other insurance policies, renters insurance often includes a deductible, which is the amount you’ll need to pay out of pocket before your insurance kicks in to cover a claim. Choosing a higher deductible can lower your premiums, but it also means you’ll pay more in the event of a claim.
- Discounts: Many insurance companies offer discounts on renters insurance. You may be eligible for discounts if you have safety features in your rental unit, such as smoke detectors or security systems, or if you bundle your renters insurance with other policies, like auto insurance, with the same insurer.
- Policy exclusions: While renters insurance provides valuable coverage, it typically excludes certain events or types of property. Common exclusions may include damage from floods or earthquakes, acts of terrorism, or intentional acts. It’s essential to review your policy carefully to understand what is and isn’t covered and consider purchasing additional coverage if needed, such as flood insurance if you live in a flood-prone area.
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