Renters Insurance Information
Renters Insurance - North & South Carolina
Serving Charlotte, Concord, Huntersville, Mint Hill, Matthews, Fort Mill, SC and surrounding communities.
Home is home, whether we rent or own, so it’s equally important for tenants to insure their personal belongings and protect themselves with liability coverage to avoid costly, unexpected out-of-pocket expenses. Renters insurance not only helps replace a tenant’s personal belongings like furniture, appliances, and clothing in the event of occurrences such as fire, burglary, and vandalism. It also provides the means to pay for any potential damage to the rented space that the renter is held responsible for, as well as medical bills should someone become injured in the home, and other expenses like funds to stay in a hotel if a leased property becomes uninhabitable.
The need for renters insurance applies for apartment homes, single-family homes, dorms, condos, and many other types of leased property. Most landlords also require tenants to purchase renters coverage to assist all parties involved with the leased space. Property owners typically pay to insure the structure of their property, however, that policy excludes coverage for the renter’s items and personal risk factors.
What coverage does renters insurance include?
- Contents coverage replaces personal belongings like furniture, clothing, and electronics in the event of a covered loss.
- Loss of Use coverage pays for expenses like hotel and dining fees if you have to temporarily move out of the rental home after a damaging event.
- Personal Liability coverage is automatically included in renters policies and can help pay for at-fault harm the tenant causes others either on or off the rented property. Policies may cover medical bills, property repair costs, legal expenses, and other related fees a third party might incur as a result of harm caused by the insured tenant.
- Medical Payments to Others coverage is another component of renters liability coverage that allows the tenant to help pay for the medical bills of others should someone become injured in the leased home, regardless of if the accident was the renter’s fault.
- Actual Cash Value and Replacement Cost insurance formulas are applied to determine how reimbursements are handled if items are damaged or lost in a covered scenario.
Additional Coverage Options to Consider
Renters insurance policies are very adaptable, allowing policyholders to customize expanded coverage for specific items they own and certain liabilities that are unique to them. You can also include scheduled items endorsements to specifically cover high-value items or invest in pet bite liability insurance which applies when certain dog breeds hurt someone else or damage property. Water damage is another major risk factor, so tenants should consider adding flood insurance and water backup coverage if it’s not already included in the tenant policy. Those should help protect against water damage stemming from things like appliances, heating and cooling, and plumbing system accidents.
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Our process is quick and easy—and it’s designed to take the hassle and guess work out of buying insurance. Our goal is the help you feel confident about your purchase so you can enjoy the peace of mind that comes with being protected. Contact our agency to receive a tenant policy quote today!
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How much coverage do I need to buy?
It’s important to purchase enough coverage for the full value of your combined possessions to be adequately prepared for a total loss occurrence. No matter what type of lifestyle we live, replacing everything we own and need to live comfortably at home can add up quick. Work with your independent agent to choose the appropriate policy limits and coverage extensions to insure all your possessions appropriately.
How Often Should I Review my Renters Insurance Coverage?
You must update your renters insurance policy every time you relocate, even if you only move across the hall. It is also beneficial to regularly review and update your policy with your agent to be sure item and coverage details stay up to date and in line with your current expectations.
TOGETHER IS BETTER
It’s true! Tenants can save money by combining rental insurance with other insurance policies like an auto, boat, or life insurance need. If you require multiple types of insurance coverage like most people do, we can help you find bundled discounts that match your criteria!