Renter’s Insurance
Whether you’re renting a home, condo or apartment, renters insurance provides protection for all of your personal belongings. Your contents are covered at “replacement cost,” meaning in the event of a claim, any of your lost/damaged belongings can be replaced at today’s cost, not the depreciated value of the item(s). Unlike other insurance policies, in the event of a claim you don’t actually pay your deductible out of pocket. The deductible is subtracted from the total loss amount (for example, if you had a $5k loss with a $500 deductible, the insurer will provide you a check for $4500).
Renters insurance is extremely affordable and very important to have especially if you live in an apartment or condo. You never really know what happens or what could happen in a neighbor’s unit. Imagine a fire starts in their unit, or a hot water tank leaks and causes damage to your unit and belongings. It would be nice to have coverage in place to protect your valuables.
I was referred to Mike at MSIA by my real estate agent for quotes on a house I was buying. Mike gave so much information about homeowners insurance and the ins and outs of the policy that I now know more than I ever did before. I’ve never talked to an insurance agent that can explain things as easily as Mike does and to the point that I understand what it is I’m getting. The best part was Mike’s rates were better than anything else I found. I’m glad he’s now my agent!