Find the Best Renters Insurance in Lansing, MI

How to choose rental insurance in Lansing

In Greater Lansing, over a third of households are renters, and the number is trending upward, according to the U.S. Department of Housing and Urban Development. If you’re part of this group, “renters insurance is one purchase you cannot afford to do without,” according to the Michigan Department of Insurance and Financial Services.

Here are some of the reasons to buy renters insurance in Lansing:

• Your landlord’s insurance likely only covers the physical structure of the property. It doesn’t extend to your personal property or protect you from liability.
• Renters insurance covers your personal property. If your belongings are stolen or damaged as a result of a covered event, the insurance company will pay for the actual cash value or replacement cost. Coverage even applies to belongings in your car or with you during travel.
• Renters insurance protects you from financial loss for liability. If someone makes a claim for an incident at your residence and you’re held responsible, renters insurance covers costs like medical bills, repairs or replacements or legal protection.
• If your home becomes uninhabitable after an event covered by your policy, renters insurance covers living expenses. Policies cover temporary living arrangements that cost more than what you normally pay from month to month.
• Renters insurance is affordable. Peace of mind comes with a low monthly premium.

When searching for a renters insurance policy in Lansing, take note of the risks, or perils, it covers. These commonly include:

• Theft, vandalism
• Fire, smoke damage
• Storms, wind, hail, lightning
• Freezing of plumbing, heating
• Weight of snow, ice or sleet
• Leaking of water
• Riots, explosions
• Vehicle or airplane crashes

How much is renters insurance in Lansing?

Renters insurance in Lansing costs $12 - $30 per month for most policyholders. The premium you pay is based mainly on where you live and the amount of coverage you buy. The deductible, or amount you owe before coverage starts, is also a factor.

Policies have coverage limits for both personal property and liability. Make sure the policy you purchase has appropriate amounts of both. Calculate the value of your possessions at home, and determine how much you could stand to lose in a lawsuit. Many policies have personal property limits from $20,000 to $40,000 and liability coverage of at least $100,000.

If you have expensive jewelry, art or other high-value belongings, you may need additional coverage, so be sure to ask. Also, find out if your policy pays to fully replace damaged or stolen items or gives you actual cash value, which is usually less.

Don’t forget to find out if you are eligible for discounts. If you bundle renters insurance with auto coverage, use home security devices, have a claims-free history or pay automatically each month, you might be able to save.