I am required to get Renter's Insurance. Where do I begin?
You thought you didn’t need to worry about any other
insurance beyond car insurance until you owned a home. Think again! Many
apartment complexes are starting to require or already require tenants to have
Renter’s Insurance. Although required insurance might seem like a nuisance, it’s
a benefit to both the Apartment Complex and yourself and could come in handy
down the road. However, if you’ve never had to have Renter’s Insurance you may
not know where to begin. Here’s a few ideas and tips on how to begin the
process of getting Renter’s Insurance:
First it’s important to know that Renter’s Insurance is put
in place to cover a few major things – personal contents and liability. It’s
also there to help with the cost of staying in a hotel or staying with a fried
if you’re displaced from your home during a claim. Renter’s insurance can also
help cover medical payments that arise when a visitor is hurt, and you’re
deemed liable.
Determining your risk and the value of your belongings are
two things you’ll need to do to help figure out how much insurance you need.
The average renter has $24,000 worth of belongings. That might seem like a high
number but as you start to calculate shoes, jewelry, equipment, hygiene
products, electronics, books, pots & pans, the number will seem more
realistic. Here’s a list to start figuring out how much
your belongings are worth.
Next, check out this blog on What
information do I need to get Renter’s Insurance? You’ll want to have this
information ready before you shop for renter’s insurance so that the quotes you
receive back are accurate to what you need. Plus, you’ll save a lot of time
having all your information together before an agent starts asking you
questions.
Once you have your information and paperwork together it’s
time to shop. Start by looking for places near you that offer Renter’s
Insurance, but not just any place; an agency that offers Auto and Renter’s
Insurance together. You could receive a discount on your Auto Insurance that
almost covers the cost of your new Renter’s insurance policy. (Possibly be
prepared for an Auto Insurance quote as well.) Ask someone you trust who their
agent is and remember, to check Google Reviews for the agency.
We recommend keeping your policy information organized and
filed safely together. Also, consider creating a photo
inventory of your belongings that is saved to a cloud-based storage so that
you can recall any belongings if a claims situation arises.
If you have any questions, Michigan Insurance Group is happy
to help and we do offer Renter’s Insurance quotes. 616.755.3000 | 231.755.3000
Written by Karlee Miller
Creative Admin
Creative Admin
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