Renters Insurance FAQs
Here at Elite Team Realty, we are committed to making sure you find the right home rental for you and your family. Our team wants you to feel comfortable in your new rental even during the tedious moving phase and beyond, which is why we strongly suggest that all of our clients invest in renters insurance when they move in. As a result, we have compiled some of the most frequently asked questions about Renters Insurance in North Carolina in one handy blog.
What is Renters Insurance in North Carolina?
This question is by far the most asked question our team here at Elite Team Realty receives, and the answer is quite simple. Renters insurance is an insurance policy that helps pay for your belongings if they sustain damage in any way. The one catch to this policy is that it does not pay for any possible damages to the house itself, such as a broken pipe or door.
What Are The Components of a Renters Insurance Policy?
It is important to note that every policy is for the holder in mind, which means some aspects are subject to change. However, four principal parts make up a renters insurance policy:
- Personal property damage
- Loss of use
- Medical payment
- Personal liability
Why Should I Have Renters Insurance in North Carolina?
If you do need to pay for housing damage, these expenses can add up quickly. It would help if you did not have to worry about footing the bill for rental and belonging repairs. When you invest in renters insurance, you can have any damage that your belongings sustain paid for so you can focus on other expenses.
How Much Does Renters Insurance Cost?
One of the biggest fears that our clientele has regarding renters insurance is how much it costs. However, this policy is relatively cheap, with an average policy costing around $300 per year. This policy could go a long way to making sure that your belongings get the protection they deserve.
What Damages Does Renters Insurance Cover?
Renters insurance can cover a multitude of damages, including but not limited to:
- Fire
- Theft
- Lightning
- Hail
- Vandalism
It is also essential to know what damages don’t have coverage under renters insurance. These can include natural disasters and pests such as termites.
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