If you are renting a property, you are probably required to at least have Tenant Liability Insurance. This insurance is specific coverage for accidental or tenant damage resulting from fire, smoke, backup or overflow of sewer, drain, water damage, falling objects, and collision with vehicles.
Did you know that the landlord's insurance does not cover your personal property, or provide liability protection in case of a loss?
For example, let's say the refrigerator in the property you are renting because there was a bad storm today while you were at work, which caused a power outage. You just went to the grocery store yesterday and purchased over $100 or more worth of groceries!! Now, all of the food you just purchased, is now melting and going bad because the refrigerator is no longer working.
If you have renter's insurance, you can file a claim your renter's insurance may have you covered.
But, don’t be too quick to assume that any time your food spoils in your fridge, you’re going to be reimbursed. In fact, there are specific situations in which food loss from a broken refrigerator is not covered by renters insurance.
Such situations include negligence (not reporting to your landlord or maintenance when you are aware of a problem with your refrigerator that needs to be fixed), normal wear and tear that comes with time, and certain unforeseen perils like flooding. If you suspect that the food spoilage in your broken refrigerator is a result of any of these situations, think twice before you file a claim with your renter's insurance agency.
Basic renter's insurance covers:
Contents: Personal belongings, such as clothes, electronics, and furniture.
Loss of Use: Reimbursement for living expenses when a covered loss prevents you from living in the property.
Personal Liability: If you suffer a bodily injury that is caused by an accident in the property.
Medical Payments: Did you know that renter's insurance may even be able to help you pay for medical or even funeral expenses for someone that is injured in the property you are renting?
Credit Card Coverage: Yes, credit card coverage! Renter's insurance pays up to your selected limit for unauthorized transactions on your credit cards and bank debit/ATM card. This also applies to forged checks and counterfeit money!
Optional Coverage includes high-volume items. Things like jewelry, and fine art.
Have you ever thought about what would happen if you had a sewer backup in the property? EWWWW 🤢
You can purchase optional coverage for water backup. This coverage will help protect you against backed-up sewers or drains.
Another example of optional coverage is Theft Extension. This coverage provides extended protection for your personal belongings stored in or on any motor vehicle, trailer, or watercraft!
There is even earthquake and volcano coverage that pays up to your selected limits for covered losses to your property caused by earthquakes or volcanoes.
Another great option that most renters do not think about is Flood Insurance. Renter's insurance does not cover floods!
Our professional advice, it is worth getting an estimate for Renter's Insurance.
If you are renting from PGMG, then you are automatically enrolled in our Tenant Liability Insurance (TLI), to comply with the lease requirement, however, keep in mind, that you are not covered for any of the additional items!
The first place to check for a renter's insurance policy and get a quote would be the same company where you have your car insurance. Sometimes they can bundle your insurance! It could be less than your TLI payment to PGMG every month and cover you even more! All you need to do is send us a copy of the declaration page and we will remove you from our TLI policy. *Conditions Apply*
According to Monkey Geek, the average annual rate of renters insurance in North Carolina is $106, which is $53 less than the national average of $159. These costs are for a policy with personal property coverage of $20,000, liability coverage of $100,000, and a deductible of $500 (April 2022)
Click here for more information about Renters Insurance
*This is for informational purposes only. Please check with a licensed Insurance Agent/Company for specific policy coverage*
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