The state of Michigan does enforce insurance requirements. The laws or rules apply to automobile, homeowner’s, and health insurance. Although Renter’s Insurance in Canton MI is not legally required, the benefits to the tenant and property owner outweigh the small premiums.
The Advantages of Renter’s Insurance
The first and most obvious advantage of renter’s insurance is that it protects the belongings of the tenant. Homeowner’s polices that protect the property do not provide coverage for these items. In basic, if a fire occurs and the tenant’s property is destroyed it is covered only if he or she secured renter’s insurance.
Protection against theft is another advantage of renter’s insurance. If a break-in occurs, the homeowner’s insurance policy covers only the property of the owner not the tenant. She or he will not receive any coverage for this loss. Filing a police report could lead to recovery of the stolen items; however, there is not a guarantee. When these items are family heirlooms and valuables, the loss could be significantly high.
If the tenant damages the property due to accidents or deliberate actions, the renter’s insurance policy covers the cost of repairs. The policy acts a form of liability insurance. With liability insurance, the property of the other party involved is covered. The same principle applies to renter’s insurance in terms of property damage that is caused by the tenant.
Injuries that occur on or inside the property are covered through a renter’s insurance policy. This includes injuries sustained by family members, visitors, repair technicians, and more. If the tenant is a pet owner, the policy will cover animal bites regardless of their severity. All liabilities associated with personal injuries, which occur at this property are covered fully through the policy.
The amount of renter’s insurance acquired determines the value of coverage. This factor could increase the premiums paid by the renter; however, it could provide extensive protection for the tenant. Any renters who would like to find more information about Renter’s Insurance in Canton MI can discuss these options with their preferred agency. For a free quote for renter’s, homeowner’s, or Automobile Insurance, you can submit a request today.
