Find the Best Renters Insurance in Detroit, MI

How to choose rental insurance in Detroit

Many renters believe they are protected as long as the landlord has insurance, but this is usually incorrect. Usually, that policy covers only damage to the property itself — not your personal possessions or liability.

Renters insurance in Detroit gives you three main forms of protection:

• Personal property: It covers losses of personal belongings resulting from fire, theft and other perils.
• Additional living expenses: It covers costs like hotel bills if your rented home becomes uninhabitable after a covered event.
• Liability: It covers repairs if you accidentally damage someone else’s property or medical bills if you’re responsible for someone’s injury at your home.

Purchasing renters insurance is a good idea no matter where you live, but in Detroit it’s particularly well-advised. The latest available data from the city shows averages of over 16,000 thefts of personal property and 30,000 fires per year.

Renters insurance in Detroit doesn’t just cover fire and theft. The standard policy will also protect you from loss if any of these damage your belongings:

• Lightning
• Windstorm
• Hail
• Vandalism
• Vehicle impact
• Explosion
• Riots
• Smoke
• Falling objects
• Weight of snow, ice or sleet
• Freezing of plumbing, heating

How much is renters insurance in Detroit?

The cost of renters insurance depends on a number of factors, such where you live, the level of coverage you want and the policy deductible. Renters insurance in Detroit usually costs $15 - $50 per month.

When choosing a policy, you’ll need to decide what coverage limits (the maximum amounts the insurance company will pay out) are appropriate for personal property and liability.

For personal property coverage, it helps to do a home inventory to assess the value of your belongings. You may also have to choose between actual cash value protection, which covers contents at their current market value, versus replacement cost coverage, which covers the cost to replace items.

Most policies include liability coverage of at least $100,000. If your assets exceed this amount, you should think about raising this coverage to adequately protect yourself.

Don’t forget to ask about discounts before signing up. Some companies lower your premiums if you bundle policies, have safety devices or systems, pay through automatic withdrawal or are claim-free.

Other things you should clarify are how to protect expensive valuables, like jewelry, which may require additional coverage, and whether personal belongings are covered if they are stolen from your vehicle or storage unit.