If you rent a home, you may wonder if you need to purchase home insurance. The answer to this question depends on a few factors, including your rental agreement and the value of your belongings. This article will discuss whether or not renters need home insurance and what factors you should consider when deciding.
The Type of Rental Agreement You Have
If you rent a home, you’ll likely have one of two rental agreements: a lease agreement or a month-to-month agreement. A lease agreement is a contract between you and your landlord that stipulates the length of time you’ll be renting the property and other terms and conditions. On the other hand, a month-to-month agreement does not have a set end date and can be terminated with 30 days’ notice by either party.
If you have a lease agreement in Burlington, NC, your landlord may require you to purchase home insurance from a reputable company such as Don Allred Insurance. This is because, under a lease agreement, you’re responsible for any damage you cause to the property. However, if you have a month-to-month agreement, your landlord is typically responsible for any damage to the property, and therefore you may not need to purchase home insurance.
The Value of Your Belongings
Another factor to consider when deciding whether or not to purchase home insurance is the value of your belongings. If you have expensive items, such as jewelry, art, or electronics, you may want to insure them in case they are damaged or stolen. However, if you do not have any valuable items, you may not need to purchase home insurance.
Don Allred Insurance in Burlington, NC is here to help if you’re still on the fence about whether you need home insurance as a renter. We’ll work with you to determine what kind of coverage makes the most sense for your situation and budget. Give us a call today.