Get a Quote for Renter’s Insurance in Raleigh, NC
Talk to a Professional Renter’s Insurance Agent in Raleigh, NC
Our Raleigh, NC renter’s insurance is an often overlooked yet invaluable coverage that provides financial protection in case of personal property loss, theft or damage. The landlord’s insurance doesn’t cover your belongings. As a tenant, you gain peace of mind by securing a policy designed specifically for you.
While the landlord’s policy can take care of rental property repairs and damages, such as water leaks and faulty HVAC systems, it isn’t liable for any damages to your electronics, clothing and other personal belongings. It doesn’t protect you from structural damage like a grill fire or leaky tub caused by your most irresponsible neighbors, either.
You also want a policy that covers losses to personal property from uncommon but not entirely unlikely incidents like explosions, falling objects, aircraft-related damages and civil commotion.
Secure renter’s insurance as soon as you move into your new place. Our Raleigh insurance agents address all your coverage needs.
The Different Types of Renter's Insurance Coverage for Raleigh Tenants
Not all Raleigh landlords require tenants to obtain renter’s insurance policies. Either way, a comprehensive policy could provide personal property coverage, liability protection, medical coverage and additional living expenses. Talk to a trusted agent about the inclusions.
- Personal Property
This type of coverage includes personal belongings that you use daily in your rental property: appliances, electronics, and furniture. It also includes more personal items like clothing, jewelry collection, and musical equipment stored in your rental property. - Liability
This covers the repair of accidental property damage. It also covers the costs you have to shoulder if you’re legally liable for personal injuries obtained by guests. An example would be covering the injuries of a dog bite victim while they’re on your rented property. - Medical Coverage
This type of coverage includes all medical costs of injured guests on your rented property. It covers doctor’s fees, hospital visits, diagnostics and lab tests, and related medical costs regardless of your legal liability for the injury. Discuss the coverage more thoroughly with one of our agents. - Additional Living Expenses
This covers the additional costs that you have to shoulder as a result of major property damage and temporary displacement. A comprehensive policy covers everything related to your temporary lodging including hotel bills, restaurant meals, and storage fees.
Myths about Renter’s Insurance in Raleigh, NC
A 2016 Insurance Information Institution Poll states that only 41% of tenants carry renter’s insurance. This is a stark difference from 95% of homeowners who secured a similar policy. Data from an InsuranceQuotes.com survey shows that the lack of renter’s insurance coverage stems from a general misunderstanding about it.
Many tenants don’t realize that renter’s insurance policy provides significant financial protection from residential property incidents and accidents that homeowners also encounter. Many tenants also aren’t sure how renter’s insurance works and what it does for them.
Let’s debunk some of the biggest myths about renter’s policies.
Myth #1: A landlord’s insurance covers a renter’s possessions.
A landlord may partner with a local Raleigh renter’s insurance company. More frequently, however, the policy only covers the building itself and the damage it undergoes due to negligence. It’s up to the tenants to seek coverage for other causes of property damage like theft, vandalism, or fire.
Myth #2: Raleigh renters don’t own expensive items to warrant coverage.
What constitutes as “expensive belongings” is more than just big-ticket items like laptops and flat screen TVs. Everyday items, such as furniture, clothing, and appliances, can add up to more than $25,000 in personal property — the loss of which shouldn’t be taken lightly. Additionally, most renter’s insurance policies include replacement cost coverage to relieve renters of the financial burden of buying new things.
Myth #3: Taking out a Raleigh renter’s insurance is expensive.
About 50% of renters from the InsuranceQuotes.com survey cite cost as a common reason for failing to take out insurance. Unlike a car or house insurance, however, a renter’s policy is considerably more affordable. Renters only need to pay less than $20 a month — approximately the same amount as a delivered pizza dinner.
Save Money on a Raleigh Renter’s Insurance
Our Raleigh renter’s insurance agency helps you save money on renter’s policy without skimping on coverage. As a tenant, you get comprehensive coverage that protects all your valuables on a modest budget.
Take note of how we help you decrease premiums and make the most of your renter’s insurance policy.
Pick a location carefully. Prices for renters insurance will vary, depending on the state, city, and neighborhood. Safer locations often have lower rates, so renting in a low-crime area near a fire station often translates to a lower insurance payment. On that note, an older, not renovated apartment has a higher chance of having electrical and plumbing issues. Therefore, opt to rent out a place in a newer building to score a lower insurance payment.
Choose the right deductible. The deductible is the amount of money that a renter must pay before the insurance provider makes payments on a claim. The cost of the insurance policy, therefore, depends on the deductible. When filing a claim, the renters pay for the deductible, while the insurance company shoulders the remainder. By bumping up their deductibles, tenants can bring their rental premiums down. So, keep raising the amount as your savings grows. Data from the Insurance Information Institute shows that a thousand-dollar deductible can cut your premiums down by as much as 25%!
Maintain a good credit score. Cleaning up credit is one of the easiest and most effective ways to lower insurance costs. A good credit rating, after all, shows the insurance company that a tenant can be relied on to pay their bills on time. This, in turn, makes an individual less risky to insure.
Go after safety discounts. It pays to pick a home with a lower risk of potential losses and damage to property. By renting a place with security alarms, smoke detectors, and fire extinguishers, a renter could score a sweet insurance discount. If a rental lacks a security system, a tenant could talk to their landlord about it—apart from improving property security, it could help a landlord save on their insurance, too.
Take advantage of insurance bundles. Insurers offer multi-line discounts for buying more than one policy with a company. By adding (or bundling) a renters policy to an auto coverage, for instance, tenants can enjoy the convenience of two policies with one company at a reduced price.
Loyalty pays off. Staying with an insurer can lead to lower premiums. It’s an incentive that companies offer to keep clients happy. Renters could save up to 5% after staying with the same company for three to five years, in fact. Additionally, an annual review of insurance policies can help renters adjust their coverage amounts and save up.
Some things are beyond your control. And in an apartment building with multiple units, a renter is only as safe as their most irresponsible neighbor. Obtaining a renters insurance is, therefore, a wise financial move because it offers protection from property and possession damage. Since the cost of replacing a tenant’s valuables can add up quickly, a renters policy provides peace of mind at an affordable price.
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