North Carolina residents who rent homes, condominiums or apartments should know the value of having a good renter's insurance policy. Some landlords or property management companies require some level of renter's insurance coverage. However, even when coverage is not required, such protection should not be overlooked.
As Forbes explains, if a disaster strikes, the landlord's homeowner's insurance policy only protects the homeowner and the property. No protections are passed on to renters for their own needs or to cover expenses related to the loss of their personal items. With the recent rash of hurricanes and wildfires in the United States and the earthquake in Mexico, such things should be on the minds of all renters.
A renter's insurance policy may help pay not only for lost, stolen, or damaged property but also may cover the costs associated with emergency housing if the primary rented residence is uninhabitable. A policy might also provide legal help if a renter issued, pay for costs associated with an animal bite, or even compensate the policyholder for personal property that was lost or stolen when not at the residence.
Consumer Reports indicates that when shopping for a renter's insurance policy, people should pay special attention to any stated exclusions. Some policies will not pay for damage related to a flood or an earthquake, for example. There may be a need for additional insurance to provide for this level and type of coverage. As with auto insurance, opting for higher levels of coverage generally pays off in the event that the policy is needed.