When renting an apartment, sometimes figuring out the uses of renter’s insurance can be complicated. Although a renter’s insurance policy often comes at a low cost to you that does not mean that the coverage is low. A common misconception of renters insurance, or any policy with a low rate for that matter, is that less cost to you means less coverage. This is absolutely not the case.
Renter’s insurance is inexpensive than homeowner’s insurance, for example, because there is typically less property and possessions to cover in a rental. There a lot more expenses that go into owning and maintaining a home, which is something one living in a rental property does not need to worry about. Since the owner of a rental property is responsible for keeping up with maintenance of a building, they have their own insurance policy. A renter only needs insurance for their personal possessions and property, what they have inside their apartments/rental property.
If something catastrophic, like a hurricane or fire, should happen to your apartment building, the only person responsible for your belongings is you. The owner of the building that your apartment is in will most likely have their own insurance policy to cover the damages to the actual structure, but they are in no way liable to cover damages to your personal property. Having a renter’s insurance policy will make sure that these things are protected.
Renters in North Carolina should contact Paramount Insurance Agency for more information on renter’s insurance and a free quote. Please visit our virtual insurance office (www.pianc.com) today!
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