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Renters Insurance Information
Renter’s Insurance in Charlotte, North Carolina
Renting a home is certainly not the same thing as owning a house. For one thing, when you rent a home you are not responsible for the many chores involved in maintaining it. Nor are you financially on the hook for any major repairs. However, the flip side of that significant advantage to renting is the fact that as a renter, you have a lot less security. If a home you own is burglarized, for instance, your home owner’s insurance will cover the cost of your stolen or damaged belongings. When you rent, however, any loss or damage to your property is not covered by the landlord’s policy. The only way to recover your losses is to make a claim on a renter’s insurance Charlotte, NC policy. And if you do rent in Charlotte, it is certainly in your best interests to have one.
You must get renters insurance in Charlotte, NC before a disaster strikes.
At Amistad Insurance, we can help you understand all your options and find the best Charlotte renter’s insurance. The most advantageous renter’s insurance policies all have the same features, regardless of the carrier. These policies will include coverage for your belongings in case of theft or vandalism. Some also cover certain types of property damage that the landlord might hold you responsible for. You can discuss the details of these coverage options with your agent. It is also advisable to ensure a policy covers the cost of loss of use in case you are forced to temporarily vacate your rental home. For instance, if there were ever a damaging fire in your apartment, a renter’s insurance in Charlotte policy would cover the cost of your lost belongings as well as the expense of finding an interim home.
How much renter’s insurance should you get?
Now that you know you need renter’s insurance to protect your possessions, 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 payout 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 allows you to 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 Hours Customer Service
In Charlotte, NC, renter’s insurance is an undeniable necessity and some landlords even require tenants to have a policy. Please visit our site, Allstate - Paul Romero Insurance Agency, to get more information on the Allstate products and services we can offer, or feel free to call us at (919) 948 3961. You can quote and purchase your own renters insurance policy online or via phone 24 hours a day.