Renter’s insurance is very affordable and important to have. It doesn’t just cover your possessions, it protects you from liability as well. If you need renter’s insurance in Raleigh, NC, contact us at Young Insurance Associates Inc.
What are Your Valuables Worth?
Don’t just guess what the contents of your apartment are worth. Conduct a home inventory. You’ll make a list of everything valuable, and how much it would cost to replace it. If you have particularly valuable items like art or jewelry, you’ll need to check your policy’s individual coverage limits. Many policies have a specific limit on jewelry, electronics, and art. A home inventory is useful for selecting a coverage amount and in case you ever need to make a claim. Be sure that your coverage limits equal or exceed the cost of your possessions.
Renter’s insurance also covers liability. If someone slips on your floor and breaks their leg, for example, you can be held legally liable for damages and medical expenses. Most policies have a separate limit for medical expenses and one for legal liability. If your home or living situation is riskier than most, you may want to choose a higher limit. Swimming pools, garages with power tools, and living on a steep slope are examples of situations where the risk of guest injury is higher.
You should also consider what you can afford to pay in this situation (could you cover the medical bills and liability) and whether you would be at risk of losing valuable assets if you failed to pay.
If your residence is damaged in some way and you have to relocate temporarily, many policies will cover these living expenses. This is particularly important if you are on a tight budget and can’t afford a lengthy motel stay while your home is being repaired. Consider getting enough coverage for a few months of living expenses.
If you are renting in Raleigh, NC, Young Insurance Associates Inc can provide you with an insurance policy that fits your needs. We will be glad to talk to you about your situation and help you determine the right coverage limits. Contact us today for more information!