Are you thinking of buying renter’s insurance? Harbor Insurance explains everything you need to know about Renter’s insurance and why you should buy for your own coverage.
You might be familiar with the concept of homeowners insurance. However, if you are a renter, you might not think that you have to purchase insurance to cover the dwelling you live in. After all, you might have assumed that your landlord has insurance that covers the property.
However, as someone who rents you need to learn more about renter’s insurance. Once you know a little more about one of these policies, you will probably want to sign up for your own coverage.
Although it might be true that your landlord might have insurance in place to cover their property, this does not mean that you shouldn’t look into buying renter’s insurance.
Today, let’s walk you through the things you need to know about Renter’s insurance and why you should have it.
Why Should You Buy Renter’s Insurance
There are many reasons why it’s wise for renters to purchase insurance, regardless of which state they live in.
For starters, if the owner of the property you rent has insurance, that insurance only protects the property and the landlord, and it provides little protection for you as a tenant.
As a result, if a fire breaks out in the home you are renting, the landlord may be able to have it repaired or replaced by filing a claim with their insurance provider. Consequently, if your rental property burns, your landlord may be able to restore it by filing an insurance claim. Damage to personal property is unlikely to be covered and you may also lose your home.
If you don’t have apartment insurance, you also have to worry about liability issues. If in any case, your pet has bitten someone can also be used against you. This is why it’s essential to get a renter’s insurance in North Carolina so you can rely on your insurance company to cover these situations for you.
Additionally, you may want to get renter’s insurance so that you can satisfy the requirements of your lease. Although not all landlords require this, still many landlords require their tenants to have renter’s insurance. You may also need to provide evidence of insurance at some time, and not having it might result in a lease violation and eviction.
Finally, many people do not get renter’s insurance because they believe it will be too costly. Rents are rising in many areas, therefore many tenants are on a budget.
However, when you look for a renter’s insurance quote, there’s a good chance that you will be able to find a policy that will fit your budget.
How to Choose Your Renter’s Insurance
Before you buy your own renter’s insurance, make sure you have covered a few of these points first.
Our assessment of North Carolina renters insurance is based on a three-factor analysis of each firm. They are as follows:
- Affordability: The anticipated renters insurance premiums.
- Coverage options: The base coverage and add-ons provided by insurance.
- Customer service: An insurer’s reputation for addressing the needs of its policyholders.
How Much is Renter’s Insurance
You may be considering getting renter’s insurance to protect yourself, but you may be concerned about the cost. Get estimates relevant to your circumstances to find out. The best way to find out about this is to get quotes specific to your situation.
After all, rates for coverage can vary widely. For one thing, rates will differ by your ZIP code. The type of property you rent, the amount of coverage you want, and the deductible amount you choose will have a big impact.
The average cost of renters insurance in North Carolina is about $17 per month or $200 per year — this is slightly more expensive than the renters in the United States.
Some insurance companies charge higher rates for their renter’s insurance policies than others, and some offer discounts for customers who have auto insurance policies or other coverage with them. If your rental has smoke detectors, secure locks, a security system, or additional safety or security features in place, then you might be able to qualify for a discount.
What Does Renters Insurance Cover
Your renter’s insurance policy will not cover your landlord’s property, so if there is a fire or a break-in, then your landlord will need to use their policy to recover the damages. However, your renter’s insurance policy will cover your belongings in these situations.
Some plans cover hotel accommodations while your rental is under renovation, or while seeking a new home. This coverage typically has limitations. A renter’s insurance coverage might also assist you to avoid litigation.
There are often some limits about the types of damage that renter’s insurance will cover, however. For example, bed bug damage is usually not included in the coverage, so verify your insurance. Unless specifically stated, these regulations do not cover roommates or their possessions.
How to Get Renters Insurance
Now that you have a better understanding of why you should look into buying renter’s insurance, you could be wondering how to get renters insurance. These are a few steps that you should take if you are ready to protect yourself as a tenant:
- Gather up the necessary documentation, such as a copy of your lease and your driver’s license or another form of ID.
- Make a list of the items in your rental, and include their approximate value. Consider taking photos of your items, particularly if you have high-value items that you want to list on your policy. This can help you provide proof of your items and can help you determine how much coverage you want to purchase.
- Shop for renter’s insurance quotes. It is a good idea to find an independent insurance agency (like Harbor Insurance Agency) that can shop multiple carriers for you. This can help you get the most coverage for the most affordable price and will help you find a reputable insurer.
- Go through the application process. Carefully read the terms and conditions on your application process.
- Pay the down payment or first month’s premium to activate your insurance. You may also have to sign your insurance paperwork immediately. Your selected insurance company will either do this in person or electronically.
- Stay on top of your payments. If you miss a payment, then there is the possibility that your renter’s insurance policy could lapse. Because of this — and to make things easier on yourself — consider signing up for automatic payments if this is an option that your chosen insurance company offers. In many cases, this can even score you a discount, too.
Buy Your Insurance at Harbor Insurance
If you’re a renter who does not already have renter’s insurance, you are probably making a big mistake. Luckily, it’s not too late to take action. We are definitely here to help!
Harbor Insurance is an independent insurance agency that can provide you with renters insurance throughout the state of North Carolina. We have licensed insurance agents who can help make sure that you’ve got everything you need when it comes to renter’s insurance. Our services are also tailor-fit to your insurance coverage needs.
With our team of highly skilled and independent agents, we can help you find the best coverage for your needs. We offer competitive quotes from top-rated insurance companies, so you don’t have to carry the burden of shopping around yourself.
That wraps up everything you need to know before buying renter’s insurance. Through this blog post, we have covered all the information you need to consider in getting your insurance today. We highly suggest that you look over these details while you are living in the county town of North Carolina.
If you’re looking for reliable renter’s insurance in North Carolina, Harbor Insurance is here to help. When it’s time to get a quote, let us know, and we will be glad to help you.