In this day of un-related individuals all living together in a home that just one of them owns, or in an apartment or condo that is leased, renters’ insurance seems to be something they all just seem to assume someone is going to cover them for.
Here’s a good rule of thumb. If you aren’t buying your own insurance policy, and have no ownership in the residence you call ‘home’, you’re leaving yourself open to not only losing all your personal items with no funds to replace them readily available, but also open to paying for your own attorney if anyone is injured at that ‘home’ or after leaving that home if intoxicated or under the influence of anything provided or used there.
Michigan is a Social Host Liability State which means you are held liable when you host a party in your home and someone leaves intoxicated and causes and accident. And if that guest is under-age, your bank account had better have a lot of zeros in it for the legal expenses and battles you will incur.
So, what if you’re one of those who tell me, “You can’t get blood from a turnip”. So, you don’t have a lot of assets or money in the bank, so doesn’t it make even MORE sense for you to spend the $150 per year to have someone else buy all your stuff – and new at that – if your home is devastated by a storm, fire, flood or burglary?
I wrote an article previously that stated Insurance is one of the original ‘Go Fund Me’ concepts. The fact that it’s literally around $13 per month and still not purchased by everyone living on their own with no ownership, is astounding to me. The bottom line is asking yourself, who’s checkbook do you want to use – yours or the insurance companies? I can tell you that the insurance company has enough to buy you all your stuff brand new here and now vs having to buy things as you can afford them. And more importantly, it’s much less painful for them to use their checkbook than you to use yours or to have to borrow the money.
I will give you a major bonus here as well! Especially for those who pay for auto insurance in Michigan; if you purchase a renter’s insurance policy from the same company that you have your auto insurance with; it’s usually at no cost or little to you because of the multi-policy discounts that will be applied to both policies. So yes, I’m telling you that it can be free. We have even had clients who were given discounts of over $200 per year for a policy that cost between $130 and $160 per year. Bonus. As always, if you have any questions or would like a quick quote that takes literally minutes of our time, give us a call, send us an email or fill out a request here on our website!