Get a Quote for Renter’s Insurance in Charlotte, NC
Get Renter’s Insurance in Charlotte, NC for as Low as $7 A Month
Many people choose to rent because, unlike with homeownership, they don’t have to worry about down payments, real estate taxes, and major repair and maintenance costs. That doesn’t mean you’re off the hook, though. As a tenant, you would do well to secure renter’s insurance.
Take note that rental property damages are covered by your landlord’s policy. But that doesn’t include lost, damaged, and stolen properties that personally belong to you. Their policy also doesn’t cover the medical cost of any personal injuries that occur within your rented space.
Amistad Insurance Services suggests building a renter’s insurance policy that gives you financial protection for any loss or damage to personal belongings in your Charlotte, NC rented property. It also shoulders the medical costs of personal injuries obtained on your property.
It’s in your best interest to secure renter’s insurance so you can easily recover any financial losses due to theft, water damage, natural disasters, bodily injuries and other incidents within your home. Talk to an Amistad agent today.
Protect yourself with renter’s insurance before disaster strikes.
At Amistad, you work with experienced renter’s insurance agents who find the best policies for you. Most insurance policies have similar features, regardless of the carrier, but our Charlotte agents work hard to understand your situation and match you with the right coverage.
Your policy automatically provides coverage for your personal belongings in case of theft and vandalism. It could also cover different types of property damage that the landlord might hold you accountable for. Discuss the details with your insurance agent to stay protected from all angles.
Additionally, renter’s insurance covers additional living expenses in case you’re forced to temporarily vacate your home. It can cover lost or damaged belongings, hotel bills, food expenses, and other relevant expenses while the landlord addresses property damage repair or replacements.
Be prepared for any disaster that could hit your rented home or apartment. Protect yourself with a renter’s insurance policy that covers personal injuries, theft of personal belongings, water damage and certain types of natural disasters. Discuss your options with an Amistad agent today.
How much renter’s insurance should you get?
Now that you know you need renter’s insurance for personal belongings stored in your Charlotte home, the next thing you should think about is the amount of insurance policy you should get. Before signing anything, it is vital to know the value of all your personal possessions. These include appliances, clothing, furniture, electronics, and even towels. Once you have the numbers, use it as your guide when shopping for a policy.
There are two types of renter’s insurance policies: actual cash value (ACV) and replacement cost value(RCV). Choosing between them is crucial. After all, your decision will dictate the extent of the coverage and the cost of monthly premiums you must pay.
Actual Cash Value (ACV)
This renter’s insurance policy considers that your electronics, jewelry, or furniture have suffered a certain amount of wear and tear over the years, therefore, their value has depreciated. So, it pays to replace your valuables minus an amount for depreciation. The pay-out will likely be less than the current market value of your items, which could mean you have to shell out additional money to replace the things you’ve lost.
In general, ACV insurance comes with low monthly premiums. After all, it only covers the depreciated value of your possessions in the event of damage or loss.
Replacement Cost Value (RCV)
RCV renter’s insurance lets Charlotte, NC homeowners replace your lost or damaged valuables with similar items priced at current market value. If you lose a DSLR camera due to burglary, for instance, this policy would offer you the amount of a new DSLR with specifications like those of the stolen camera. With RCV policy, you have enough money to replace all your damaged or lost possessions once you get the claim. The only downside to this option is that your monthly premiums will be higher than ACV policies.
Work with us, and we’ll guide you in selecting the renter’s insurance that is ideal for your needs. Our agents are knowledgeable in every complex matter of getting renter’s insurance in Charlotte, NC—no matter the type. With our wide network of insurance carriers, we will help you find a provider that meets your requirements. More importantly, we will take the time to discuss all your options. After all, we only have one goal in mind, and that is to make sure your possessions are well-protected while in a rental home.
Should You Get Additional or Extended Coverage?
You can never predict the kind of tragedy that could happen to your rented house. If someone burgles your home or robs you, you will likely only need to replace valuables like electronics and jewelry. But if the house burns down, then you will need to replace almost everything—clothing, furniture, electronics, and more. While both ACV and RCV insurance policies cover most possessions, they may put a coverage limit on certain items. If this is the case, you would need an additional policy to cover those items.
Personal Property Limits
Renter’s insurance policies typically come with limits for each type of coverage. Your policy may provide $50,000 in coverage for your personal belongings, such as furniture and electronics, but they may also include sub-limits for jewelry at $1,000. This means you may claim up to $50,000 to replace your stolen TV or computer, but you will only get a maximum of $1,000 for your stolen jewelry—even if it is more valuable than your appliances. Thus, we can’t stress enough the importance of taking an inventory of your possessions and reading the fine print of the policy before signing it.
If you find that your current renter’s insurance in Charlotte, NC doesn’t provide enough coverage for your high-value belongings, such as jewelry, we strongly recommend that you purchase an add-on coverage. Also known as a floater or rider, add-on coverage will help you insure a specific item for its documented value.
Before looking for a rider, you need to have each piece professionally appraised to determine its value. This way, you know exactly how much additional coverage you need to protect your expensive jewelry.
Personal Umbrella Policy
The fact that you’re only renting a home won’t stop someone from suing you if you’ve caused an accident. Fortunately, standard renter’s insurance policies include a liability portion.
Typically, the liability portion of your renter’s policy pays for both the cost of court proceedings and court awards, up to the limit of the policy. Liability limits often start at around $100,000. While this amount seems adequate, it is better to buy at least $300,000 worth of protection. After all, you’ll never know the severity of the bodily injury or property damage that you or your family members may unintentionally cause others. With a personal umbrella policy, you can have a liability coverage that runs between $1 million and $5 million—enough for any unexpected legal trouble in which you may find yourself.
In Charlotte, renter’s insurance policies cover possessions destroyed or lost to theft, fire, windstorms or other perils listed in the fine print. Flood, however, isn’t part of the coverage. You will need to purchase flood insurance separately, especially if you’re living in a flood plain area. Usually, landlords and apartments let their prospective residents know if the properties are in a flood plain. But even if your landlord didn’t mention anything about the flood, it is best to have an additional policy that covers flooding. After all, restoring or replacing your furniture and other items after a flood is often costly.
If you already have standard renter’s insurance in Charlotte, NC and aren’t sure about getting extended coverage, don’t hesitate to talk to us. Our agents will assess your current policy to see if it provides enough protection. If additional coverage is, indeed, necessary, they will guide you in finding the ideal add-on coverage for you and your family. They will also discuss all possible additional insurance options best suited to your needs to ensure you’ll get the best protection. With our assistance, you will be able to make a sound and informed decision.
24-Hour Customer Service
Some landlords in Charlotte, NC don’t require tenants to have a renter’s insurance policy. But Amistad would recommend getting coverage, anyway, so you can stay financially protected in your rented home. We’re available 24 hours a day to answer your insurance inquiries online or over the phone.