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Renters Insurance 2021

Renters Insurance 2021

An apartment building within 45 minutes of our office went up in flames displacing 11 renters and their families. Thankfully all are accounted for, sadly according to the article none of the residents had renters insurance and have lost everything to the fire.

For roughly the cost of a pizza and 12 pack of soda a month, these residents could have had coverage to replace what they had lost in the fire. You may think that you don’t need renters insurance, but it’s a bargain for the coverage benefits.

Renters insurance boils down to a handful of coverage that a renter would need:

  • Personal Property covers everything you move into the rented space. Your clothes, furniture, electronics, dishes, etc. would be replaced in case of a covered loss. Most insurance carriers offer a minimum of $15,000 in coverage with Replacement Cost (new for old).
  • Loss of Use covers temporary accomodations needed due to the rented space being uninhabitable in case of a covered loss. The coverage is usually 20% of the Personal Property coverage amount.
  • Personal Liability covers incidents where the renter is found liable for damage to another person or to others’ property. Most insurance carriers offer a minimum of $25,000 in coverage but we recommend a minimum of $100,000.

For the unfortunate tenants in the article they would have had coverage to get a hotel room until other arrangements could be made (Loss of Use), received funds to begin replacing their belongings (Personal Property), & for the tenant that started the fire on their stove coverage for the potential lawsuits brought on by the building owner and the other tenants (Personal Liability) if they had only purchased a renters policy.

Renters insurance is often inexpensive ($150-$175 in the West Michigan area) and provides a lot of coverage for the price.

Contact Us!

At M. Vander Plow Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at 616-396-1497 or send us a note at mvpinsagency@gmail.com. We want to help you meet your goals, and make sure what’s important to you is protected!

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