Most people recognize the importance of a Homeowners Insurance Policy when they make a home purchase, but surprisingly many renters never consider insuring themselves or their property.
The Importance of a Tenant Policy
Unfortunately, too many renters mistakenly believe that the owner’s insurance policy fully insures the renter. It is unlikely that a tenant’s personal belongings, including furniture, clothes, jewelry, or electronics have any protection on the homeowners policy at all. The landlord’s policy may offer no safeguard if a guest of the tenant is injured and the tenant is found responsible.
Coverage to Expect
Coverage can vary from one insurance policy to another, but there are some basics to ask for. Make sure there is coverage for liability and medical payments if someone gets hurt because of an activity at the home. Take inventory of your belongings and make sure you have adequate coverage for damage to your personal contents and for fixed improvements, you made to the home. Many policies also offer expense reimbursement if you are forced to live somewhere else do to damage to the residence.
Tenant policies are quite affordable. The cost will take certain factors into consideration; the amount of insurance, the tenants “insurance score”, the specifics about the home you are renting, and optional coverages. So whether you are renting a quaint old mill house in downtown Carrboro, a 2-bedroom condo inside the Raleigh beltline or 20-acre farm in Siler City, do not be surprised if your landlord requires evidence of tenant insurance from you. It makes good financial sense for both parties
At McB Group Insurance Services, we can help you find the right insurance company to provide a tenant policy. We can even help you find discounts when you package your tenant and auto policy together. Call us at (919) 642-0475 or email us.