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Mitchell Street renters insurance gives Milwaukee residents the peace of mind that a disaster or break-in won't compromise their financial security. Most families and young professionals simply cannot afford the expenses associated with a major loss of property. If you had to replace your furniture, clothing and other necessities--not to mention non-essentials like electronics--it could send you spiraling into debt. Mitchell Street renters insurance protects you from having to pay out-of-pocket when disaster strikes for just $10-20 a day in most cases.

Mitchell Street is an historic residential and commercial area in Milwaukee on the near south side. The neighborhood is populated largely by Mexican residents, and it is home to the well-known St. Stanislaus Catholic Church. This urban neighborhood is dominated by renters in multi-story Polish flats and walk-ups. Renting is a practical option in this city, the largest in Wisconsin, but it comes with some of the same responsibilities that homeowners face. All renters should purchase Milwaukee renters insurance to protect their personal belongings in case of fire, theft, or a number of other perils.

Forms of Coverage

Wisconsin renters insurance policies afford four forms of coverage. Unlike WI car insurance, which requires customers to build a policy with various options for coverage, Mitchell Street renters have every protection they need built-in. Policyholders can adjust their limits and deductibles and add endorsements and riders to customize the policy to suit their needs. Mitchell Street renters insurance policies are a variation of Wisconsin homeowners insurance, known as HO-4, that includes all the same coverages without protections for the actual structure. In case of a disaster, the property owner is responsible for repairing structural damage, but you must cover your personal property.

The first form of coverage is for personal belongings lost or damaged in a disaster or theft. Most WI policies specify the perils that are covered, while others honor claims under almost any circumstance. When you experience loss or damage in a qualifying event--fire, windstorm, water damage from frozen pipes, etc.--the Mitchell Street insurance company will compensate you for either the actual cash value or the replacement cost of your belongings. Your limits are tailored to the value of your belongings to ensure maximum compensation in case of total loss.

The second protection is alternative living expenses. If your Mitchell Street rental home is rendered uninhabitable by a covered peril, your Mitchell Street renters insurance policy will pay the expenses above and beyond what you normally pay for a temporary stay in a hotel or another unit. For instance, if a WI snow storm causes your roof to collapse and the monthly cost of a temporary hotel stay is $200 more than your rent, the policy will cover that extra $200 for a specified length of time.

One of the most important forms of coverage in your Mitchell Street renters insurance policy is liability protection. If a neighbor slips on your icy front steps and breaks her leg, she could sue you for negligence. If she wins the suit or settlement, you could be on the hook for thousands of dollars without Wisconsin renters insurance protection. Even if she loses, your legal fees could ruin your finances. Liability covers your legal fees as well as any settlement or judgment up to your policy limit, usually $100,000.

If that neighbor falls on your steps but decides not to sue, she is still taken care of. Your Mitchell Street renters policy also covers reasonable medical expenses for people hurt on your property. This coverage limit usually starts at $1,000, but it can be raised if you feel your risk is higher.

Adding Endorsements and Riders

Mitchell Street renters insurance policies are classified as either open-peril or named-peril. Named-peril policies cover damage or loss due to a particular list of events. This list usually includes fire, windstorm, theft, vandalism, burst pipes, electrical surge from faulty wiring, fallen objects, weight of ice and snow, vehicle or aircraft collision and explosion. Open-peril policies cover damage from virtually any occurrence.

Named-peril policies typically exclude flooding, mold, pet damage, earthquakes, normal wear and tear, electrical fires from faulty appliances or overloaded circuits and various others based on the insurance provider. Named-perils coverage is the less expensive option, and its list of covered events is fairly comprehensive. But to fill the gaps, Mitchell Street policyholders can purchase endorsements and riders for specific perils.

Endorsements are also useful for covering valuables and collection. Mitchell Street renters insurance policyholders can buy an addition $25,000 endorsement to cover just their fine jewelry, for example. Art, furs, rugs, and media collections are some examples of belongings Mitchell Street renters insurance customers might want to protect with added coverage.

Mitchell Street renters insurance is a great investment in your financial future. Fill out our easy-to-use form for a rate quote, and get in touch with Milwaukee providers. Get the protection you need today.