What is it?
Does renters insurance cover the home/building itself?
No! It only covers the renter's possessions. The landlord usually has separate insurance that covers the building itself.
Is renters insurance necessary?
No! Unless your landlord requires it as part of a rental policy, it is not necessary that you purchase renters insurance. However, it has many benefits!
What insurance company offers the cheapest coverage?
Allstate
Name 3 of the possible perils that case damage that renters insurance could cover.
Fire, theft, storms, riots, lightning, vandalism, etc.
T or F? Renters insurance is typically very expensive.
False! Most insurance companies charge a reasonable monthly payment (typically, the average is between $10-15 per month).
What are the two basic components of renters insurance?
Liability coverage and property coverage.
T or F? Renters insurance is a bad investment if you live in an area with a high crime rate.
False! If you're worried about burglary in your area, it is a good idea to make sure your personal items are covered.
What insurance company offers the most expensive coverage?
Nationwide
T or F? Renters insurance will cover additional living expenses (pets, laundry, utilities, etc.)
True! Renters insurance will partially or fully cover the cost of additional living expenses.
T or F? The cost of renters insurance is always the same regardless.
False! The cost can vary slightly (by a few dollars per month) based on location, type of home/building, and insurance provider.
Will renters insurance cover additions or alterations to rental property?
Yes! Additions and alterations at the renter's expense are supported under the property coverage.
Is renters insurance really worth it if you live in an area prone to tornadoes or hurricanes?
Yes! If you expect natural disasters to potentially cause damage to your property, you should make sure you have coverage.
Which insurance company was founded first?
Travelers Insurance
T or F? Renters insurance will help cover the cost of accidental damage to someone else's property.
True! Renters insurance can help cover costs related to accidental property damage or lawsuits.
What is the average monthly cost of renters insurance in NC?
About $17
Can renters insurance protect you from a lawsuit in the event that you cause damage to another tenant's property?
Yes! As long as the damage was minor and/or accidental, renters insurance can help you pay for the damages or avoid the cost altogether.
Is renters insurance required by law in NC?
No! Renters insurance is only legally required if it is a part of your landlord's rental contract. NC state law does not require landlords to provide a contract demanding renters insurance, but it also does not prevent them from doing so.
Which insurance company was founded most recently?
Assurant
What is liability coverage?
Coverage that prevents you from having to pay out of pocket for accidental injury of others or damage to another person's property.
What is the highest cost that renters insurance will cover?
Renters insurance can cover up to $200k in property damage, even though that is much more than you pay for coverage.
Will renters insurance help cover your medical bills if you accidentally sprain your ankle while walking home?
No! Renters insurance does not cover YOUR medical expenses, but it can help cover another person's in the event that you accidentally cause them harm.
T or F? Renters insurance will help cover the cost of lost or damaged property if your neighbor breaks into your apartment and commits a burglary.
True! No matter what the circumstances surrounding theft are, renters insurance will help cover the cost.
Which insurance company has the lowest BBB rating?
Progressive
Name 2 things that renters insurance does NOT cover.
Flood damage, pests, vehicle damage, full cost of extremely expensive items, etc.
T or F? Renters insurance is worth the price.
True!