One of the biggest misconceptions that renters face is they frequently believe that their landlord is financially responsible for their belongings if a theft, fire, or another mishap occurs. Your landlord will have insurance to protect the building where you live in North Carolina, but protecting your items is your responsibility. The agents at Lee Insurance Agency LLC will gladly help you understand why you need renter’s insurance.
Renter’s Insurance is Similar to Homeowner’s Insurance
The most significant difference between renter’s and homeowner’s insurance is the latter covers the physical building in which the policy owner lives. As a tenant, you don’t own the building, so you don’t need such coverage. Renter’s insurance to protect you against disasters and unexpected events has three primary sections:
- Personal possessions
- Additional living expenses
Coverage for personal possessions involves your clothes, furniture, and other personal belongings from theft, fire, smoke, water damage, storms, lighting, and other mishaps as noted in your policy. Protection from floods and earthquakes is extra. Liability protects you from bodily injury that you or family members cause to other people, as well as property damage. It will also pay for damages your pet may cause to the property. Some people are surprised by additional living expenses coverage, but if your apartment or rental home suffers a fire or another disaster and you’re temporarily displaced, the policy will pay for your additional living costs.
How Much Renter’s Insurance Do I Need?
The most significant variable in your policy involves your possessions. Creating an inventory of your possessions can help you determine an appropriate level of coverage.
We Are Here To Help
Lee Insurance Agency LLC, serving North Carolina residents, will gladly help you determine appropriate renter insurance coverage levels for all three categories. Contact our office today to get started on your policy.