The United States has about 43 million renters, which is more than 30% of all households. More than 40% of those renters don’t have renters insurance. That is pretty risky. At North Coast insurance Services in Lexington, MI, we would like the opportunity to tell you about the many benefits of renters insurance and why you should have it. We are an independent insurance agency and our team of agents works for you, our customers, not the insurance carriers.
Why Renters Insurance
It covers your possessions
You may think that your landlord has insurance and it covers your stuff. You are wrong, his insurance covers his stuff. You are on your own. If you have renters insurance it will replace the things that you have now. You decide at what rate, you can choose the current value with depreciation or what it cost to replace it. If you have lots of stuff. Making an inventory will help you to remember what needs replacing.
It provides liability protection
No one likes to think about being sued but in the world today it is always a possibility. Someone could visit your rental and get injured and you could be required to pay for their medical bills. If they get a lawyer, legal action against you. If you own a dog, having liability insurance is a good idea and if you have children and they have a trampoline, it is a big risk.
You will have a place to stay
If something happens to your rental and it is so damaged that you have to move out temporarily, your renters insurance will provide the money you need to stay someplace else and even for some meals. It will be a huge help in a difficult time.
Contact North Coast insurance Services in Lexington, MI to learn more about why you should have renters insurance.
When you’re searching for a home or apartment to rent, there is a lot you need to think about: What neighborhood is best, what’s your monthly budget, and what amenities are most important to you. Once you’ve found the perfect place and signed a lease, the details left to be managed don’t end there.
Keep these three essential tips in mind:
1. Know your rights. It may seem like your landlord is in full control when you are renting a property, but tenants have rights too. Many states have a tenant’s book of rights that will tell you what rights you have as a renter — for example if your landlord fails to fix issues within your property — and what resources are available should your situation become unlivable. If you’re a first-time renter, these handbooks can be an essential resource.
2. Purchase renter’s insurance. Renter’s insurance is an essential step in the rental process — and some rental companies may require you to make this purchase when signing a lease. This insurance will protect the property housed within your home or apartment — including electronics, jewelry, furniture, and clothing — should it be stolen or damaged. It may also provide coverage should there be an accident in your residence. Renter’s insurance is typically very affordable.
3. Don’t be afraid to negotiate. If you are a good renter — quiet, clean, always pay rent on time — your landlord may be willing to negotiate a better deal to keep you in your unit. If there is a rent increase around the corner or you simply want to try to get a better deal, try talking to your landlord. Striking a deal may require that you sign a longer lease or prepay some months in advance, but in the end, it could be worth it to save some money.
Are you a renter in Lexington, MI?
If you are renting a home or apartment and need help protecting your belongings, contact North Coast Insurance Services for information and a plan that works best for you and your family.