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The Importance of Renter’s Insurance | Keego Harbor MI

February 15, 2021 By Editorial Staff

Importance-of-renters-insurance-Keego-Harbor-MI-insurance-services

 

When you live in a place you rent, you may not realize you need to get additional coverage to protect your property. While your landlord is responsible for the property itself, its maintenance, and paying to fix things as long as they were not broken in an unreasonable way, you still need to cover your own property and belongings. This is what renter’s insurance is for.

Renter’s insurance may be something you thought about but never acted on because it seemed like a hassle, but renter’s insurance is actually incredibly easy to sign up for and wholly affordable. It’s pennies compared to most other insurance costs and covers a whole lot more than you may imagine.

Below is some information on the importance of renter’s insurance.

It’s Incredibly Affordable

Compared to many other forms of insurance, renters is among the most affordable insurance out there. Generally, it costs $100 a year which amounts to less than $10 in monthly insurance payments. While there will be differences depending on your age, the condition of your property, and the location, by and large renter’s insurance is extremely affordable for even the tightest budgets which makes it a no-brainer, especially considering how much it could cost you not to have it.

It Covers What Your Landlord Won’t

Your landlord is responsible for fixing broken appliances, leaks, or other damaged items in your apartment, but they’re not responsible for what a fire may do to your property, or vandalism, theft, weather, or what is generally known in insurance as an act of God. If a fire in your building eats your record collection or you have water damage to your electronics from a rainstorm or, most common, someone breaks in and burglarizes your home, renter’s insurance will cover the losses. For certain items you may need more than the standard policy (such as protection from earthquake damage or floods) but most common forms of damage are included on the standard policy.

You May Be Required by Law

Most landlords are now requiring renters to buy renter’s insurance as part of the agreement on the lease. While landlords do buy their own insurance, that is for the property you live in, not for the items you bring with you and own. Many times, the landlord’s insurance company is actually the one requiring the renter’s insurance on property as a way to get some of the potential burden off landlords in the event of an emergency.

Related Questions

What is covered on the standard renter’s insurance plan?

For standard coverage you will see: vandalism/theft, snow collapse, fire or lightning, damage from vehicles or aircraft, explosions, civil unrest, damage to the water line, and windstorm, among a few others, But it will also depend on where you live.

Does renter’s cover other costs?

If you are forced out of your home or apartment due to a covered loss, (damage, danger, etc.) then renter’s insurance may cover the cost of living while your home is repaired and made livable once again.

Renters Coverage Options

  • We offer to cover schedule jewelry.
  • You can add coverage for incidental business liability exposures such as an office at home.
  • Renters Plus form can add water back up of sewers, and refrigerated products lost due to a power failure.
  • Replacement Cost Coverage for your belongings is available.
  • Equipment Breakdown
  • Identity Theft Expense coverage
  • Special Personal Property coverage
  • Coverage for Laptops or Tablets

Complete Insurance Services Keego Harbor will help you find coverage options that protect you, your family, and your personal property. We are committed to providing the best insurance protection at the most reasonable price. Our insurance needs include Renters, Homeowners, Auto, Business, Medical, Life and more.

Talk to one of our insurance experts about how you can get an affordable renter’s insurance for your home or apartment today! Free Quotes

Filed Under: Insurance Coverage Tagged With: equipment breakdown insurance coverage, insurance, insurance coverage, insurance services in Keego Harbor, insurance services in Michigan, insurance services near me, Keego Harbor MI, Michigan, personalized insurance policies, renters insurance, renters insurance coverage, renters insurance options, residential insurance, types of renters coverage

Homeowners Coverage’s That You Should Know About

October 23, 2020 By Editorial Staff

homeowners-coverage-keego-harbor-mi-insurance-services

Most clients know that jewelry insurance can be added to the Homeowners policy. Did you know that there is an optional coverage you can add called Agreed Amount? The purpose is to have the insurance company agree with the appraised value.

In the event the ring is lost, the insurance company cannot offer you less for your ring.

Sewer Back Up and Sump Pump Failure

This is one of our most common losses. The important question is how much coverage do you need? A finished basement needs to have a higher limit. This coverage applies both to the damage to the home and contents. Make sure you check the limit for these coverages.

Why is the dwelling limit so high?

The dwelling limit is high due to the cost to rebuild a home after a loss. We are not insuring your home for the Market Value. We insure a home for the cost to rebuild it new. Our values are going to be high. You should ask to see the valuation in order to see if the value is accurate. Most carriers will pay more than the dwelling limit if you add some type of guaranteed replacement cost endorsement. This is important as our values are an estimate. We try to determine the cost to rebuild your home, but are we correct?

Hail and Wind Damage to your roof, do we replace the entire roof, or just the part that is damaged?

Insurance companies are only obligated to put you back to where you were before the loss. They will limit your payment to the damaged portion of your roof. Will you get a new roof if only a portion of your roof sustains a loss? Probably not. You may be able to add coverage for undamaged siding or roofing to your Homeowners policy. This form limits coverage to replacing the undamaged sections only when siding or shingles are no longer available. Coverage does not include mismatching due to fading or weathering.

Ordinance and Law Coverage

An example of this is you have a home on the lake. You have a covered loss to the home which is destroyed and has to be rebuilt. If the local ordinances have changed since the home was built, now requiring the home to be rebuilt in a different spot. This ordinance ends up costing more to rebuild the home. Without Ordinance and Law Coverage, you will be paying for this increased cost yourself.

Power Surges

Yes, a direct hit by lightning is coverage on your Homeowners policy. But what about power surges that was not caused by a direct hit from lightening? Or what about brownouts where the current is reduced? You need to have Equipment Breakdown added to your home or your condo. This will include mechanical breakdown but does not include normal wear and tear of your equipment. Make sure you add this coverage.

Earthquake and Flood claims excluded but can be added

Flood or Surface Water losses excluded but a separate flood policy can be purchased. Especially if you have a man-made dam in your area. A new endorsement available is called Inland Flood. This form adds coverage to cover your home that is not subject to flooding, but you sustain an unusual and rapid accumulation of runoff of surface waters from any source including rainfall and ice melt. A walkout basement is a reason to consider adding this coverage.

Service Line Endorsement

This adds coverage for piping or wiring that provides services to your home. Must be underground. It can cover a leak, break, tear, rupture, collapse, or arcing from underground service lines. If you have an older home, you should consider this.

This is just a sample of some of the options you should know about. Talk to your agent to find out more.

John Linemeyer CPCU

If you have questions about your homeowner’s insurance coverage, Complete Insurance Services can help! We are an independent agency representing numerous insurance companies and specialize in providing personalized insurance coverage that meets the unique needs of families and businesses. Call us for a Free Quote and to learn more!

Filed Under: Insurance Coverage Tagged With: commercial insurance, equipment breakdown insurance coverage, homeowner's insurance, insurance, insurance coverage, insurance coverage add ons, insurance services in Keego Harbor, insurance services in Michigan, Keego Harbor, Keego Harbor MI, Michigan, personalized insurance policies, residential insurance, types of homeowners coverage

Equipment Breakdown Coverage – Insurance Agency Keego Harbor

September 11, 2020 By Editorial Staff

Equipment-Breakdown-Coverage-Insurance-Agency-Keego-Harbor

Protect the largest investments in your home with Equipment Breakdown Coverage from Auto-Owners Insurance.

As a homeowner, you depend on any number of mechanical and electrical equipment systems, from air conditioners and heating units to computers and major appliances. At Auto-Owners, we understand that any equipment failure is inconvenient, costly, and not always covered under the intended warranties. Simplify all of this, and give yourself peace of mind with Auto-Owners Equipment Breakdown Coverage.

Equipment Breakdown Coverage

Equipment Breakdown covers all of your important home systems and personal property due to loss by mechanical or electrical breakdown. The coverage is convenient and seamless — there are no separate warranty programs or fees to manage the systems you depend on most:

• Air-conditioning systems
• Compressors, pumps, engines
• Computers and other home electronics (e.g., televisions, audio systems)
• Electrical systems
• Furnaces
• Generators
• Home appliances (e.g., dishwashers, washing machines, electric dryers)
• Hot-water heaters
• Motors, fans, vacuum systems
• Refrigerators and freezers
• Security systems
• “Smart home” automation systems
• Swimming pool heating and filtration systems
• Lawn mower

LIMITS AND DEDUCTIBLES

Equipment Breakdown Coverage is offered on a per occurrence basis. A $500 deductible and a limit of $100,000 is available.

WHEN YOU MIGHT NEED EQUIPMENT BREAKDOWN COVERAGE

• Your property is hit with an artificially generated power surge. The boiler and water heater controls, security system and media equipment were damaged and need to be replaced. Amount of Loss: $18,300

• The relay on your dryer shorted, causing the unit to overheat. Due to the extent of damage, the unit could not be repaired and needs to be replaced. Amount of Loss: $1,250

• Your air conditioning system experienced an electrical short causing loss of cooling to the home. The air conditioning compressor needs to be replaced. Amount of Loss: $2,400

WHY AUTO-OWNERS?

• We offer more than just auto insurance – with our wide array of car, home, business, and life insurance products, you can look to Auto-Owners for all your insurance needs.

• Highest rating by national insurance company rating services such as A.M. Best, which ranks Auto-Owners among the highest in the industry with an A++ (Superior) rating.

• A national consumer magazine ranks Auto-Owners among the top companies for customer service at the time of a claim.

• Auto-Owners is among the largest insurance providers in the United States.

• Auto-Owners is an industry leader in controlling expenses, resulting in savings to our policyholders.

Note: The analysis of coverage is in general terms and is superseded in all respects by the Insuring Agreements, Endorsements, Exclusions, Terms and Conditions of the Policy. Some of the coverage mentioned in this material may not be applicable in all states or may have to be modified to conform to applicable state law. Some coverages may have been eliminated or modified since the printing of this material.
42169 (6-16)

Service Line Coverage

As a homeowner you’re responsible for the service lines that run from the curb to your home. When your service line is damaged it can be a very costly expense to repair or replace. From identifying the problem to excavation to repair, Service Line Coverage has you protected.

Are you protected from an unexpected leak, break, tear, rupture, collapse or arcing of a service line? Talk with your agent today to learn how this product protects your home by extending coverage to the following:

• Underground piping
• Wiring
• Valves
• Attached devices that connect your home to a public utility service provider or to a private system.

LIMITS AND DEDUCTIBLES

Service Line Coverage is offered on a per occurrence basis. A $500 deductible and limits of $10,000 or $15,000 are available.

WHEN YOU MIGHT NEED SERVICE LINE COVERAGE

• A tree root grew through a sewer pipe located on your property causing it to leak. The sewer line was 300 feet long and required a backhoe to dig up the damaged piping and replace it. The cost to replace the sewer line was $3,500 and the excavation cost totaled $8,100. Total Amount of Loss: $11,600

• An underground power line providing electrical service to the home significantly deteriorated over time and resulted in arcing, which interrupted electrical service to the home. The underground power line had to be excavated and replaced due to extensive damage discovered during the repair work. The cost to replace the power line was $2,500. The excavation costs totaled $5,300. Total Amount of Loss: $7,800

WHY AUTO-OWNERS?

• We offer more than just Auto insurance – with our wide array of Car, Home, Business and Life insurance products, you can look to Auto-Owners for all your insurance needs.

• Highest rating by national insurance company rating services such as A.M. Best, which ranks Auto-Owners among the highest in the industry with an A++ (Superior) rating.

• A national consumer magazine ranks Auto-Owners among the top companies for customer service at the time of a claim.

• Auto-Owners is a Fortune 500 company and is among the largest insurance providers in the United States.

Note: The analysis of coverage is in general terms and is superseded in all respects by the Insuring Agreements, Endorsements, Exclusions, Terms and Conditions of the Policy. Some of the coverage mentioned in this material may not be applicable in all states or may have to be modified to conform to applicable state law. Some coverages may have been eliminated or modified since the printing of this material.
42170 (12-17)

Have questions about equipment coverage? Complete Insurance Services can help! We are an independent agency representing numerous insurance companies and specialize in providing personalized insurance coverage that meets the unique needs of families and businesses. Call us to speak to with an experienced agent!

Filed Under: Insurance Coverage Tagged With: commercial insurance, equipment breakdown insurance coverage, equipment insurance, insurance, insurance services in Keego Harbor, insurance services in Michigan, insurance services near me, Keego Harbor, Keego Harbor MI, residential insurance

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1717 Cass Lake Rd, Keego Harbor, MI 48320

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