5 Reasons Why You Need a Renters Insurance Policy
The story is all too common. A renter returns home from a long day’s work only to find out a kitchen fire that started in an adjoining apartment quickly spread and charred their belongings. Even the ones that survived have so much smoke damage they aren’t salvageable. This is where renter’s insurance comes in to play.
Would you be surprised to learn only about 31 percent of renters actually carry renters insurance? They often look at it as an unnecessary expense thinking their landlord’s insurance will take care of it. Or they think they are somehow immune and nothing will go wrong. However, these assumptions are wrong. Your landlord’s policy is not going to cover your personal belongings if something happens. And, it’s entirely possible you could be a burglary victim or even worse lose everything you own in a fire. It’s a small expense that can have big benefits in times of need. In fact, renters insurance averages only $15-30 a month. Here are the top 5 reasons why you need a renter’s insurance policy in North Carolina.
1. It protects your belongings from damage from natural disasters.
Your landlord’s insurance policy will cover damage to the building from damage from natural disasters. It will not cover the replacement costs of any of your personal belongings. This is why you need renter’s insurance. While you may not be able to replace those irreplaceable family heirlooms (which you should consider storing in a fireproof safe or a bank safety deposit box), it will cover the cost to replace your other belongings, such as clothes, furniture, electronics, jewelry, collectibles, and more (check your policy for limits).
2. It protects you from mistakes made by adjoining tenants that can cause things such as fires and floods in your apartment.
This isn’t so much of an issue if you’re renting a house. However, apartment renters can easily be affected by the actions of their all-to-crazy neighbors. In the case of fire or certain other incidents that causes damage to your apartment and belongings through no fault of your own, having the proper insurance policy will ensure you are able to replace anything that was damaged or destroyed through the negligence of others.
3. It protects you in case of robbery of your premises.
This is an excellent example of why both house and apartment renters should have an insurance policy. You just never know when you’re going to be robbed. It could happen while you’re at home in the worst case scenario. More likely, it will happen while you’re away from your residence. When you come home to find most of your belongings missing, you’ll be glad you have that insurance police to cover your losses and replace your things.
4. It protects you from liability if someone is hurt while visiting your residence.
If someone visits your residence and is injured, you might be held liable. The only exception to this is if the injury occurred in a common area or in an area specified in the lease as the landlord’s responsibility to maintain. Your insurance policy will protect you from expenses associated with a liability lawsuit by either settling out of court with the injured party or representing you in court for a favorable settlement.
5. It can protect your property while you are traveling.
Many renter’s insurance policies will pay claims related to a loss you sustained while traveling. For example, while you are enjoying a dip in the pool, your hotel is broken into and they steal everything including your laptop, jewelry and other personal belongings. If you have a renter’s insurance policy, you can claim this loss and they will replace all your stolen property.
Of course, each renter’s insurance policy offers various coverages at various limits and some have caps on certain categories like electronics and jewelry. So be sure you review your policy with your North Carolina insurance agent to be sure you are getting the coverage you need. But for Pete’s sake, don’t go uninsured. It is simply not worth the risk.
Protective Insurance Agencies is a North Carolina insurance agency located in Salisbury. We offer renters insurance through multiple carriers. We will talk to you so we understand your needs then provide you with renter’s insurance quotes that match your requirement. Contact us today for a renter’s insurance quote.