If you want to rent a home or a residence, consider investing in renters insurance. Statistics shows that only 30% of Michigan renters have covered their residence with renters insurance. This may cause a huge loss in case of a misfortune to the remaining 70%. Michigan Insurance for renters is not required by law and this is the major reason why people fail to acquire it. Out of the 30%, 10% take the insurance coverage because it is a requirement on the tenancy agreement.
Renters insurance covers private property that is stored on or off the premises. When you start purchasing items like, home appliances, furniture, clothing, dishware and other personal property, you will realize how much money you may lose if an accident happened to your residence. To purchase renters policy, you will be required to make a brief catalogue of your possessions or a video showing your home. This will help in a major way, if a need arises to file a claim.
Liability coverage is another coverage included in the Michigan Insurance for tenants. This policy will compensate a third party, if you have caused damage to his or her belongings or caused injuries. Loss of Use coverage policy is another important policy that should never be overlooked. This will cover for all accommodation expenses incurred, if your apartment got burnt down and you have no where to stay before the home is reconstructed.
Renters insurance is a good investment plan, because it will cover your private possessions, all the liabilities in case of an accident and additional expenses such as medical expenses.