Renters Insurance in Michigan
Your landlord will require you to have renter’s insurance in Michigan. The renter's insurance doesn’t cover the building but instead covers your liability for damage to the building. Don’t think that just because you are required to have insurance, that the landlord isn’t ensuring the building. Landlords will still insure their properties.
What Does Renters Insurance Cover?
Renters insurance will cover your liability, so if you forget to close a window, cause a burst pipe, or cause a fire, then your financial responsibility will be covered. It will also pay for additional living expenses after a covered loss. This way, if you have to stay in a hotel during the repairs and have other expenses like eating out, these expenses are covered. This also covers personal property that is lost. Many policies use replacement cost instead of actual cash value, so you can buy new property to replace what was lost. However, check with an agent at Bonek Agency Inc. to see what your policy covers. This includes personal property of family members that live with you, including children and your spouse.
What Is Not Covered by Michigan Renters Insurance?
Any business pursuits aren’t likely to be covered, so if you are using your rental property for a side hustle, or you work from home, the business property wouldn’t be included in your policy. The damage that is caused by intentional acts is not covered, but this does not apply for children under the age of thirteen. This is because they are perceived to not have the capacity for negligence, due to the status of being children. Your renter's insurance won’t cover the liability or personal property of roommates. You can add them to your policy, but it does not increase the amount of coverage. Instead, each roommate should have their own policy in Suttons Bay, MI.
Contact Bonek Agency Inc. serving Suttons Bay MI, along with Northern Michigan and other neighboring towns, to get a quote on renter’s insurance.