When you are renting an apartment in Burlington, North Carolina, you may not have the same needs as a homeowner. Apartment dwellers do not need home insurance because the property is owned by another individual. Instead, you need rental insurance to protect your personal belongings and give you some liability protection.
Rental Insurance Coverage
A renter’s policy is not the same as a homeowner’s policy. It is designed for individuals who are renting an apartment, condo or other property instead of owning the property. Your financial risk is limited to liability, your personal belongings and the possibility of staying in a hotel if something happens to the property.
Renter’s insurance plans are designed to address the situations that you may face. For example, if a fire occurs and you lose all of your personal belongings, then the insurance will help pay to replace your furniture, clothing and other personal belongings that were in the apartment. In most cases, the apartment owner is responsible to pay for the damage to the building.
Obtaining Appropriate Coverage
The purpose of rental insurance is to keep your financial risk to a minimum. Although some coverage is appropriate for most renters, the exact amount that you need may vary. The best way to determine if your coverage is appropriate is to focus on the cost of replacing your furniture, jewelry and any other belongings that stay in your apartment. Obtain enough coverage to cover the cost of replacing the items.
Finding the right insurance plan can seem complicated, but it is an important part of protecting your belongings and replacing items that are damaged or stolen. If you want to learn more about finding the right policy for your apartment, contact us to speak to an independent agent.