Category: Renters Insurance

You can create a custom policy when you buy renters insurance from Oak Ridge Insurance Services to cover the items in your Oak Ridge, NC home. Renters’ policies cover your liability needs and personal property, including furniture you bring to the apartment, condo, home, or other domicile. You customize your insurance policy by scheduling items.

Scheduling in an Insurance Policy

Insurance agents use a few different terms to describe scheduling items. Your agent might suggest an add-on or a policy rider. All three terms mean the same thing. You pay a few more cents or dollars per premium to enhance the coverage to cover a specific item, such as an engagement ring, or a range of items, such as your hobby equipment.

Common Policy Add-ons

While the insurance industry has an add-on for nearly every item, some add-ons or riders are more common than others. Here are a few of the most typical:

• Home business add-ons that cover business equipment and supplies plus enhanced liability coverage for your home-based business
• Jewelry riders, which cover specific pieces of jewelry that you describe, provide a photo and valuation of
• Hobby equipment scheduling covers costly equipment for hobbies such as photography and filmography, musical instruments, etc.

Without these scheduled items, your renter’s policy typically covers between $1,000 and $2,000 of personal property. By scheduling items, you insure them at their full value, and the insurance pays you that value if they are stolen or destroyed by a peril named in your policy.

Contact Our Offices Today

Call or email Oak Ridge Insurance Services today for an insurance review. Let us help you protect the valuables stored in your Oak Ridge, NC home.

At Oak Ridge Insurance Services, we try to educate our clients on the insurance choices they can make to protect their Oak Ridge, NC, homes and belongings. We’ve previously mentioned the loss of use coverage in our blogs, but today, we’ll explore what this crucial optional coverage provides.

Loss of Use in a Renters Insurance Policy

Adding loss of use (LOU) coverage to a renter’s policy adds coverage that pays for extra financial costs if the home you rent incurs damage from a covered hazard that precludes you from living there temporarily. Loss of use provides payments for the cost of a hotel, motel, or other temporary domicile while the home you rent gets repaired. It also offers a per diem or a flat rate for food that covers the added expense of dining out. Some loss of use coverage also provides money for:

• Moving costs
• Storage costs
• Laundry expenses
• Boarding your pet(s)
• Added parking and gas expenses.

LOU only covers additional costs you incur while not living in your home.

LOU or ALE?

Consumers sometimes confuse LOU with additional living expenses (ALE). ALE typically covers any reason the home becomes unusable, such as a house fire, and provides more extended coverage.

Adding LOU to Your Renters Insurance

Your landlord probably does a lot to protect your Oak Ridge, NC, home, but you protect your finances and personal property with a renters’ policy. Contact Oak Ridge Insurance Services today to add loss of use coverage to your renter’s policy. Let us help you customize your renters’ insurance, so your policy provides you with the necessary coverage.

Many landlords now require proof of renters insurance before handing over the keys to the unit; however, consider whether you could afford to replace all of your belongings, from furniture to clothes to electronics, if your Oak Ridge, NC rental unit was damaged in a fire, vandalized, or any number of other covered incidents. 

Why Renters Insurance?

Don’t Count on your Landlord.

Just because your landlord has insurance on the condo, apartment, or house you’re renting doesn’t imply it covers your goods or protects you from liability in the event of an accident. The only way to avoid having to replace all of your belongings in the event of a tragedy or being sued because a third party was wounded on your property is to have insurance coverage.

It pays for disaster housing.

Assume your apartment has been destroyed by a fire and will be uninhabitable for one month while repairs are completed. If you do not have renters insurance in this circumstance, you will be responsible for paying for accommodation while you are evacuated.

It Covers You While on Vacation.

Many people choose not to acquire renters insurance because they travel frequently for work or pleasure and believe that coverage applies only when they are living in their rental; nevertheless, renters insurance protects you even if calamity strikes while you are away.

You have more property than you realize.

We’re not accusing you of being a hoarder, but most individuals own more than they realize, and the bills may soon add up. Renters insurance protects everything off your possessions, from shoes to a laptop.

Oak Ridge Insurance Services Is Here To Help!

We specialize in renters insurance at Oak Ridge Insurance Services in Oak Ridge, NC. Call us to find out how we can provide you with peace of mind. 

Renters are an independent sort and, obviously, they are very confident as well, since only 40% of them have renters’ insurance compared to 93% of homeowners. Not having renters insurance is risky. At Oak Ridge Insurance Services in Oak Ridge, NC, we try to explain the value of renters insurance to our customers. We can provide lots of affordable choices to provide the necessary protection. 

Renters Insurance FAQs

Can you count on your landlord for insurance?

You can count on your landlord to have insurance on their building and any of the built-ins or appliances that your rental comes with. They will not, however, cover your personal property. That is your responsibility. 

What are the types of content coverage? 

Two types of content coverage are available. You can choose a replacement or current value. The difference is the current value allows for depreciation, so if you have a 10-year-old sofa, that will be reflected in the amount you get for it. With replacement cost, you will be covered for the amount it would cost to buy that sofa today. 

What is loss of use insurance?

If your rental was damaged so badly that you could no longer occupy it, where would you stay? If you have renters insurance, you could stay at a hotel or a temporary rental unit and even get money for meals if you are without a way to cook. 

Why do I need liability insurance for my rental?

Nobody likes to think about the possibility of being sued by someone who comes to our home. Unfortunately, it does happen and this insurance will provide the money you need for legal fees and a judgment against you or just for injuries. 

Contact Oak Ridge Insurance Services in Oak Ridge, NC to discuss how renters insurance can be of great value to you. 

Based in Oak Ridge, NC, Oak Ridge Insurance Services serves the community by offering residents personalized insurance coverage. We strive to help our clients protect their most important assets. We will guide you through the process of finding coverage.

Renters Insurance

If you stay in a condo or apartment in Oak Ridge, NC, renters insurance will help you cover your personal items. The policy covers your personal items if someone damages them or tries to steal them. Accidents can happen at any time. That’s why liability coverage will protect you if someone gets injured while they are visiting your rental property or if you accidentally damage someone else’s property.

You can amend your policy to cover you if your personal items are damaged due to a natural disaster or fire. Renters insurance allows you to protect your most valuable possessions in case something goes wrong. If you have some luxury items, you may have to amend your policy to protect them if something happens. Consider getting your luxury items appraised so that you will be aware of their true value. Also, it may benefit you to take note of every single item in the rental unit. This will assist you if something gets stolen.

During severe cases when your rental property suffers major damage, you can add emergency coverage so that you will have a safety net if you have to seek additional lodging elsewhere until your rental property is repaired. Your personal items are also protected when you are traveling away from your rental unit. You will be covered if something happens to your phone while you’re on vacation.

Consult With Oak Ridge Insurance Services

Visit our website today to learn more information about renters insurance.