Category: Renters Insurance

When you move into an apartment for the first time, there’s a lot to think about. One of the things that you need to consider when renting is whether to get renters insurance.

Many people turn to renters insurance from U.P. Insurance Agency Inc., servicing Negaunee, MI, because they want the peace of mind and financial protection that can come from a relatively inexpensive renters insurance policy. Here’s what you should know about renters insurance. 

Renters Insurance Coverage

Renters insurance coverage varies from one policy to the next, but a typical policy will cover items that are damaged in covered events like lightning strikes, fire, and theft. Coverage limits do apply, but if many of your possessions are damaged or destroyed in such an event, having a renters insurance policy can help you during the recovery process.

Renters insurance can also cover bodily injury or damage to someone else’s personal property if you’re responsible. Your insurance agent can tell you more about this. Finally, renters insurance usually covers loss of use, which means that if you have to stay in a hotel while waiting for your apartment to be repaired after a covered event, your insurance company will help with the costs.   

Renters Insurance Benefits 

Many people turn to renters insurance because they like the financial protection and peace of mind that comes from having this type of insurance. With renters insurance, you may save many hundreds or thousands of dollars. 

Who Needs Renters Insurance?

If you rent an apartment, you may benefit from renters insurance. Contact U.P. Insurance Agency Inc., servicing Negaunee, MI to learn more about how much renters insurance will cost and whether this is a policy that makes sense for you. 

Renters insurance provides valuable protection, and yet many people don’t have it. We are not quite sure why not, but we feel that it is our responsibility to make sure that any of our customers who are renters understand the danger of not having this coverage. At U.P. Insurance Agency Inc. in Negaunee, MI, our team is experienced in all types of insurance, and we share that knowledge with our customers. 

Why Renters Insurance?

When you are renting, much of what you own in the world may be in your rental. What will happen if your rental is destroyed? You will have to replace all of your possessions at one time. Is that something you are financially able to do? If not, it is worth considering how you can make yourself safer with renters insurance. 

Many renters don’t bother with rental insurance because they believe that their landlord or management company has insurance that will protect them from whatever bad might happen. There is little doubt that they do have insurance to protect their property, but what they have does not include what you own. You are on your own. 

Renters insurance also provides liability insurance so that if someone is injured while visiting your rental, they will be covered by your insurance. This coverage also extends to a member of your family away from home causing damage to someone else’s property. 

What would you do if your rental was damaged so badly that you couldn’t live there while it is being repaired? If you have renters insurance, you will be able to stay in a hotel or get a temporary rental until you can move back in. 

Reach Out To Us

At U.P. Insurance Agency Inc. we are independent insurance agents who serve the Negaunee, MI area. Give our office a call to discuss your insurance needs. 

If you rent your home, whether an apartment or a house, you need renter’s insurance. U.P. Insurance Agency Inc. serving Negaunee, MI can help you obtain the policy you need with our affordable coverage options.

You May Have to Purchase Renter’s Insurance

Many landlords write a requirement for renter’s insurance into their leases. Without a renter’s insurance policy, you won’t get to rent the home you want.

Sometimes, the complex in which the homeowner resides requires insurance. For example, your landlord to be might own a condo or townhouse. The condo or townhouse complex can require the renter’s insurance if the homeowner sublets.

Only Your Renter’s Insurance Protects Your Belongings

Your landlord carries home insurance, but it only protects their home, belongings, and their liability. If you host a guest in your rented home who has an accident while there, you hold the liability for their safety.

Your insurance pays for their medical care and the settlement if they sue you. If you don’t own renter’s insurance, the medical care and settlement come out of your own pocket.

Side Benefits of Renter’s Insurance

When a named peril damages the home you rent, your landlord’s insurance protects their financial loss and pays for repairs. Where do you live in the meantime though?

If you own a renters’ insurance policy, your insurance company pays for your hotel in a sense. That’s because a renters’ insurance policy contains a provision for loss of use. Some policies refer to it as an additional living expense benefit.

Contact Us Today

Contact U.P. Insurance Agency Inc. serving Negaunee, MI for the renters’ insurance you need to protect your belongings and liability. Let us help you obtain the policy you need to fulfill landlord or condo/townhouse complex requirements.