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Durham Renters Insurance Information
Affordable Renter’s Insurance in Durham, NC
Renting a home these days can be far cheaper than purchasing one, especially since you don’t have to deal with the hassles of maintaining a property or fixing things when they break down. Garbage disposal won’t work? Call the landlord. The washing machine blew a fuse? Call the landlord.
But what if something worse happens? After all, a rental home is just the same as any other, and equally as prone to the vicissitudes of bad weather and ill fortune. There are some things that a landlord’s policy just won’t cover, although if you had a Durham, NC renter’s insurance policy, you could be certain of protection.
Renters Insurance: The basics
Renters insurance in Durham, North Carolina, also known as home and contents insurance, protects your belongings from damage and theft. This also provides liability coverage in case someone is injured in your home or apartment.
The insurance also pays for additional living expenses or loss of use, which means you can stay in a hotel or other accommodations in case your apartment or home becomes uninhabitable. The insurance typically covers your belongings while you are off the premises as well, meaning when you leave them in the car or when you are out traveling.
What you need to know about NC renters insurance
North Carolina insurance policies have two components: general coverage and liability coverage. The first deals with loss to the policy holder’s personal possessions due to damage or theft; the second part handles the policy holder’s financial loss due to a non-resident’s injuries in the rented home. This coverage includes medical expenses and legal costs—should the renter face a lawsuit.
A small premium is enough to protect you from significant financial harm. It’s an ideal move for adults or senior citizens. These policies, apart from protecting your possessions, also offer temporary location for those who cannot remain in their homes.
What is covered?
The typical renter’s insurance policy in Durham is designed to cover the renter in the case of a serious problem that is not within the purview of the landlord’s responsibilities. A common example of this is a break-in, leading to the loss or destruction of the tenant’s property. A landlord is under no obligation to replace the lost items, but a Durham renter’s insurance will cover the cost of replacement. The bottom line is that any calamity resulting from a cause outside the landlord’s control is up to the renter to handle. So if the complex is flooded in a bad storm and all the tenants are forced to move temporarily, it is not the landlord’s responsibility to pay for their alternate accommodations. A good renter’s insurance policy, however, will help you defray the costs of seeking temporary shelter.
Limits of renters insurance
Durham is no stranger to flood issues or pests from time to time; this begs the question: will your renters insurance cover both?
Most North Carolina insurance policies for tenants do not cover flood or hurricane damage. It also does not cover damage due to pests (e.g. rodents and insects) and intentional damage.
What can you expect?
Keep in mind that your renters insurance in Durham, NC’s coverage depends on the plan you choose. For example, you can choose to cover for specific items such as gadgets and jewelry or you can work with a plan that covers for everything. Some insurance policies invite applicants to set high deductibles on the liability coverage they purchase.
Once you settle with the plan, your insurance policy will cover damages under its clause. With natural disasters, the payout depends on the insurance company’s coverage. For this reason, it’s important to know your options and shop around before you make a decision.
Why do you need one?
Most tenants make the mistake of assuming the landlord will cover all their belongings in case of damage or loss. Some refuse to apply for Durham renters insurance, thinking that it’s out of their budget. These common misconceptions, however, may cost you more in the long run.
Some landlords also require it since their insurance only covers the structure and grounds of your apartment or home. In some cases, the landlord’s insurance company may require renters insurance to shift some of the responsibilities away from them.
Regardless of whether it’s required or not, here are situations in which this type of insurance becomes a lifesaver:
- In the event a robbery occurs in your home, your landlord is not responsible for your loss. Renters insurance covers for stolen property.
- Guest injuries. Includes slips, trips, and falls guests experience under your roof; insurance covers medical expenses.
- Fires due to short-circuit damage. Protects you from smoke and fire damage liabilities.
- Damage caused by the renter. Landlords are not liable for damage caused by tenants; renters insurance covers for the cost of replacement and repair.
Inventory for Beginners
Renter’s insurance, however, requires more than just taking out a policy and hoping for the best. The most effective policies stem from the holder’s good documentation. With a proper inventory, you get the most out of the policy.
But where do you start?
Begin the process by listing all belongings and household goods. To keep the list from becoming too long, establish a documentation threshold. Refrain from going through all of your household belongings randomly; instead, focus on the minimum dollar value and do not include replaceable items. Your inventory should only stick with valuable items.
During the inventory, include all the price and estimates of all the items. With family heirlooms, gifts, and found items, this poses a challenge, but practice extra patience. Also, create an effective pricing system for your used possessions. Start by learning more about your renter’s insurance’s coverage: does it use Replacement Value (RV), Actual Cash Value (ACV), or other systems for claims? Once you know more, estimate the worth of your items in today’s market and document everything.
For most insurance companies, supporting documents should accompany your inventory list.
Ensure a smooth claim process by keeping the receipts of all valuable items—a helpful document for tax purposes. Keep all proofs of purchase and receipts in designated folders. Also, stamp serial numbers on valuable items such as furniture, jewelry, electronics, and other expensive pieces.
Videos and Photos: Additional Documentation
Another common documentation strategy is to use photographs or record items with a video camera. Thanks to advanced photography, visual documentation is easier and more budget-friendly. Videos and pictures are helpful for some renter’s insurance claims; this shows insurers what your possessions looked like prior to the robbery, accident, or other event. This also helps them make informed decisions and judgments when it comes to your payout.
Can you get one if you already have a claim?
You can still get renters insurance in Durham, NC despite a pending claim. Some companies are willing to serve applicants with claims history.
Honesty is important; tell the company everything about your insurance history. Companies usually pull a report on your previous claims before they issue a policy. Best to come clean with previous claims so insurance companies determine the best payout for you.
More Information for Renters Insurance
Still confused with your policy or what it covers? Amistad’s team is here to help you.
Our goal is to provide Durham clients dependable and honest insurance services. We want you to make an informed decision, which is why we are open to all questions. With years of experience, our team can walk you through the processand what your renter’s insurance policy entails. Whether you choose to purchase your insurance with us or not, we are happy to discuss the best options for your needs.
When you do so much to protect your car, your health, and your loved ones, doesn’t it make just as much sense to protect your home with a renter’s insurance policy? All it takes is one consultation with an Amistad agent to get you started on finding the ideal renter’s policy for your needs. 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) 926-7166.