As a homeowner you know that you need to have homeowners insurance, as a driver, you have to have car insurance; but what about renters insurance for those of us that don’t own? Perhaps you’ve never even heard of it or you simply don’t know if it’s the right move for you. In this article by E&Y Insurance Agency, we explain rent insurance, discuss some of its benefits, and talk about why you may need it more than you think.
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What is Renters Insurance?
The major difference between home insurance and rent insurance is that the building or unit itself is the responsibility of the owner/landlord and has nothing to do with you. Rather than the building itself, this type of insurance is meant to cover any damage to your personal property, liability, and any additional living expenses during an insurance claim period. Let’s go over that in more detail.
Renters Insurance Makes Sure Your Personal Belongings are Protected
Your home is filled with valuable things, and while certain sentimental items can never be replaced if something happens, there are many things in your home that can. That flat screen TV you purchased? If you have rent insurance you won’t be losing the money you invested in buying it. Your leather couch? The money you spent on it will be recovered if damage does occur. When making your claim, you’ll be asked to estimate the approximate value of the contents of your rental property, and that sum will be returned to you once the claim is filed and inspected.
It Covers Personal Liability
Medical bills can be extremely expensive, and the time you lost while you had to be away from work is money down the drain too. If you decide to get covered by rent insurance, these expenses will be taken care of by your insurance agency, and you won’t have to worry about them on top of everything you’ll have to deal with in the event of an accident. This area of coverage not only includes medical expenses, but any unintentional damage caused to someone else’s property as well.
It Takes Additional Living Expenses Into Account
If the circumstances are such that you’re unable to live at your rented property during the undesirable event, renters insurance will cover any additional living expenses that you may incur throughout that period. In the same way that car insurance covers a rental car while you are unable to drive yours, this type of insurance will make sure that you have somewhere to stay should anything occur. Essentials such as food, clothing and accommodations will often be covered by your insurance agency during the process.
Are you living in Troy, Bloomfield Hills, Birmingham, Macomb County, Oakland County, or Rochester, Michigan? Do you think that renters insurance might be the right fit for you? At E & Y Insurance Agency, we like to think that we’re the best insurance agency around for many types of insurance, including renters.
Call us at 248-671-6860 or fill out our contact form.
