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Why Renter's Insurance is Important (and Necessary)

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One of the first things you do when you buy a new house is obtain homeowner's insurance. An injury, fire, or theft, however, could occur in an apartment as well, making renter's insurance necessary. Renter's insurance is important because it protects you and your belongings when other forms of insurance do not, ensuring that you don't lose everything that's important to you.

Top Reasons Why Renter's Insurance is Important

Your landlord's insurance policy covers some broad issues at the property, but it doesn't usually cover the personal belongings in your home or specific incidents that impact only you. Therefore, just like insuring a car or house, insuring an apartment protects you in the event of vandalism, theft, fire, and other disasters, as determined by your policy. 

Renter's insurance can cover personal belongings such as furniture, clothes, electronics, and possibly even items in your vehicle. This is true in the event of theft or fire, but it also may apply to damage caused by a burst water pipe, faulty air conditioner, or other similar sources. In some cases, your insurance will also protect you in natural disasters, although you would have to review your policy carefully for specifics. Many homeowner's and renter's insurance policies in Michigan do not include flood damage, for example, but you can purchase additional flood insurance.

Through your renter's insurance policy, you also may have personal liability coverage in case someone is injured on your property. It also can help pay for that person's medical expenses, essentially protecting you in the event of an expensive and stressful lawsuit. 

Another reason why renter's insurance is important is that it can cover temporary living expenses in case you are displaced due to a fire or other serious incident. You will even be protected when you are not home - because renter's insurance protects you, not the address. If you are moving from apartment to apartment, for example, you will be covered along the way regardless of which apartment you happen to be in at the time or where the damage occurs.

Best of all, renter's insurance is fairly affordable. The average cost for renter's insurance in Michigan is about $400 per year, or $33 per month. It is available through most insurance agents, and if you bundle renter's and auto insurance, you could receive a discount on the premium. If you have roommates, talk with them and your insurance agent to make sure you are all covered under the policy and to make sure you go with the agency that gives you the best rates and coverage.

Peace of Mind with Singh

Even more than protecting your belongings, renter's insurance gives you peace of mind, allowing you to leave home without worrying about what you're leaving behind. In fact, some apartment communities require renter's insurance, as is the case at our Singh properties.

For general details or more information about our policy regarding renter's insurance at our Michigan apartments, visit our Singh Apartments website or contact one of our local apartment community managers.