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Renters Insurance FAQs

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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. 

What Are The Different Types Of Boat Insurance?

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If you’re a boat owner in Oak Ridge, NC it’s important to have boat insurance. But what kind of policy should you get? There are several different types of boat insurance, each offering different protection. Consult with Oak Ridge Insurance Services for expert insurance advice.

Here are the different types of boat insurance that you can choose from:

1. Liability Insurance

Liability insurance is the most common type of boat insurance. It protects you from financial damages if you’re held responsible for an accident.

For example, let’s say you’re out on your boat and accidentally collide with another vessel. If the other boat sustains damage or someone is injured, liability insurance will help pay for the repairs or medical bills. Liability insurance also covers you if you damage someone else’s property with your boat.

2. Collision and Comprehensive Insurance

Collision and comprehensive insurance is similar to the coverage you have on your car. It covers damage to your boat caused by things like accidents, storms, fire, theft, or vandalism.

Comprehensive insurance also covers you if your boat is damaged while in storage. This type of coverage is not required by law, but it’s a good idea if you want to protect your investment.

3. Uninsured and Underinsured Motorist Coverage

This coverage protects you when you get into an accident with a driver who lacks sufficient insurance to cover the damages. For example, let’s say you’re in a boat accident that wasn’t your fault, but the other driver only has liability insurance. If the damage to your boat exceeds the other driver’s policy limit, you could be stuck with a huge bill. However, if you have this coverage from Oak Ridge Insurance Services, your insurance will help pay for the damages.

Give Us A Call

There are several different types of boat insurance, each offering different protection. Be sure to talk to your Oak Ridge Insurance Services agent in Oak Ridge, NC about which type of policy is right for you.

Do I Need Umbrella Insurance?

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Umbrella insurance can help protect your home or company if your insurance plan has a major claim or goes out of business. Umbrella plans are different from other types of coverage because they are governed by a contract. 

Umbrella plans are often expensive, costing 10% to 20% more than other types of coverage. Due to this, it’s important to compare them to other options and consider their cost before purchasing one. For inquiries in Oak Ridge, NC and the surrounding areas, call Oak Ridge Insurance Services. 

Umbrella Insurance: What You Need to Know 

The unfortunate fact is that a variety of natural disasters can happen at any time, and they may not be predictable. No matter when a disaster strikes, it’s important to be prepared. 

Many homeowners purchase Homeowner’s Insurance to protect their property against perils like fire, storms, and earthquakes. But what about other disasters like floods, ice storms, or solar flares? What if you’re not sure when these types of disasters will strike, and you want to be prepared? 

Umbrella insurance is designed to protect you from financial risk if your primary insurance policy does not cover a certain risk. Unfortunately, you can be struck by a car and end up in the hospital. 

You’re investing in your future, and with that comes the responsibility of protecting that investment. That’s why you may consider protecting your home or business with an umbrella insurance policy. 

Umbrella insurance is typically more expensive than basic home insurance, but it’s a valuable policy you can’t live without. 

Contact Us Today

There are many different types of insurance that you can buy, and many people think that you don’t need any of them. This couldn’t be further from the truth! 

Even though it’s a common misconception, you do need to have some form of insurance. Umbrella insurance is one of the most common types of insurance, and it’s a great place to start. For expert help, consult Oak Ridge Insurance Services, a company serving in Oak Ridge, NC.

Do I Need Life Insurance If I Have No Dependents?

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The answer to this question depends on your specific situation. While purchasing life insurance is a smart financial move for most people, the type of policy you need will vary greatly from someone else. After reading this article, you’ll have a better understanding of the importance of life insurance for single men and women in Oak Ridge, NC. When you’re ready to learn more, reach out to Oak Ridge Insurance Services.

Planning ahead

Life insurance is not just for people with dependents. People are now marrying and having children later in life, which actually makes now a great time to buy life insurance. By purchasing a life insurance policy when you have no dependents, you can lock in a lower rate. You can choose to name beneficiaries who will receive the payout in case of your death, even if you’re single. If you do not have any dependents, you can name any family member or close adult that will take on your funeral cost and debts as a beneficiary.

Age at which you should buy a policy

The age at which you should buy a life insurance policy will depend on several factors. For instance, if you are under 30 years old, a term life insurance policy is your best option, as premiums are relatively low and your needs are very basic. Depending on your situation, a permanent life insurance policy may also include a cash value, which can be a valuable asset for you and your family in later years. In addition, you should consider your future goals and life stage when purchasing your life insurance policy. Talking with an agent can help you define your current needs.

Other factors to consider

You might be wondering how to choose the best life insurance policy, but there are some other factors that you should keep in mind. Depending on your age, gender, and health, life insurance premiums may differ significantly. This is why Oak Ridge Insurance Services is here to help. We’re dedicated to helping our Oak Ridge, NC customers find the right insurance to fit their individual needs. Contact us today to discover more!

What kind of insurance do I need to legally drive in North Carolina?

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Drivers who want to legally drive in the state of North Carolina must meet specific insurance requirements. Oak Ridge Insurance Services is committed to helping all Oak Ridge, NC residents obtain the auto insurance needed to legally drive within the state. As with most states, all North Carolina drivers must meet the state minimum auto insurance requirements before they can operate a vehicle on the streets, roads, and highways of NC. 

North Carolina Auto Insurance Requirements

North Carolina residents must carry auto liability insurance for bodily injury and property damage, in addition to uninsured/underinsured motorist coverage. Bodily injury liability coverage must be maintained in the amount of $30K per person and $60K per accident. Property damage coverage must meet the state minimum coverage requirements in the amount of $25K. 

The state minimum requirements for uninsured/underinsured motorists must be maintained at $30K per person and $60K per accident, just like bodily injury liability insurance.’ Uninsured/underinsured motorists’ coverage must be maintained at $25K for property damage. Uninsured/underinsured motorists’ insurance is designed to pay medical bills if you or anyone in your car is injured in an auto accident with another uninsured or underinsured driver. This insurance will also pay for any repairs to your car as a result of the damage caused by an accident. 

Other Considerations

North Carolina drivers should also understand that failure to maintain the state minimum auto insurance requirements can result in fines and other punitive measures. Once your insurance lapses, your insurance company is required to report the lapse to the DMV. From that point, you have ten days to reinstate your insurance or obtain new auto insurance to meet the state minimum requirement and provide proof of coverage to the DMV. If you have questions regarding what’s legally required to operate a vehicle in NC, give us a call. Our team at Oak Ridge Insurance Services is standing by.

 

What Types of Businesses Need Commercial Insurance?

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There are many types of businesses, each with its own unique need for insurance. But what types of companies are most likely to need commercial insurance? Here are a few examples.

1. Restaurants

As any restaurant owner knows, there are a lot of liabilities associated with running a food service establishment. From slips and falls in the kitchen to food poisoning outbreaks, restaurants can be sued for just about anything. Commercial insurance can help protect the business from these risks.

2. Retail Stores

Retail stores face many of the same risks as restaurants, but they also have unique dangers to worry about, such as theft and vandalism. A good commercial insurance policy can help protect the store’s assets in an incident.

3. Warehouses

In addition to theft and vandalism, warehouses have a few other risks, such as explosions and fire damage. Commercial insurance can help protect the business from all of these hazards.

4. Manufacturing Facilities

These businesses face different risks, including employee injuries or accidents on company property. Commercial insurance can help provide the business with an adequate safety net to guard against this risk.

5. Special Events

People who organize large events, such as concerts and festivals, need to ensure a policy that can adequately protect them from any lawsuits stemming from incidents at their special events. Whether it’s a slip and fall or something more serious, commercial insurance can help cover the liability.

6. Construction Companies

Construction companies are at risk for all kinds of losses, including accidents on-site or equipment failure that causes injury. Commercial insurance can help protect workers in these cases.

All businesses, regardless of what they manufacture, sell or provide, can benefit from commercial insurance. Commercial insurance is simply a means of protecting the business against various types of risk that it might face in day-to-day operations. Contact Oak Ridge Insurance Services to learn more about commercial insurance.

We’re a leading commercial insurance provider for small to medium-sized businesses in Oak Ridge, NC. We’ll help you find the right policy for your needs and budget. Give us a call today.

Buying A Home? What You Need To Know Before Purchasing A Homeowners Insurance Policy

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Buying a new home is exciting, but it can also be scary. Purchasing the right homeowner’s insurance policy can help you feel safe and secure that your finances are protected in the event that something goes wrong with your new home. Here, we’ll take a look at everything you need to know about buying a homeowner’s insurance policy. 

Figure Out What Coverage Level Makes Sense For You

Homeowner’s insurance isn’t just about the cost of your home itself—it’s also about the cost of the possessions that you’ll store inside your home. Work closely with your insurance agent to discuss the level of coverage that makes the most sense to protect your home and the physical assets that you’ll store inside the home.

Learn More About Policy Options

There’s not a one-size-fits-all insurance policy. Talk with your insurance agent about what type of policy makes the most sense for you. If you’re purchasing a condo, for example, you may want to choose an insurance policy that’s specific to your needs. 

Consider Your Deductible

A lower deductible may result in a higher monthly cost but can make sense if you can afford to do so. When you pay a higher monthly cost, you’ll pay a lower deductible in the event that something goes wrong. This can make it easier to handle necessary repairs that are covered by your insurance policy. 

Buying A Home? We’re Here To Help

Oak Ridge Insurance Services, serving Oak Ridge, NC, is here to help you prepare to move into your new home by helping you explore your homeowner’s policy insurance options. Reach out or stop in today to get more information. 

Is my old car eligible for classic car insurance?

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Those interested in obtaining classic car insurance should first understand that simply having an older car doesn’t necessarily make your car eligible for this type of insurance. There are other requirements. Although the requirements can vary from company to company, there are some requirements that tend to be universal when it comes to classic car insurance. Our team at Oak Ridge Insurance Services is committed to educating our Oak Ridge, NC customers on the requirements of classic car insurance. 

What is Classic Car Insurance?

First of all, your car must be restored to or kept in good condition to qualify as a classic car. Classic cars are usually anywhere from 15 to 20 years old, but less than 40 years old. As a general rule of thumb, classic cars are usually at least twenty years old. Most classic car insurance policies will insure a car that’s not a daily driver and is driven 5,000 miles or less a year.  The original design and specifications should also be kept.  However, as stated above, the requirements may vary from company to company. That is why it’s a good idea to shop around.

How Does Classic Car Insurance Work?

Classic car insurance operates on the premise that both the car owner and the insurance company agree on the value of the car. Your classic car is appraised and an agreed-upon value is assessed. This differs from conventional car insurance. Classic car insurance also provides services tailored to the needs of older/classic cars. Your insurance company may provide expert exotic/classic car repair as well as coverage for displaying your classic car at car shows. If you have questions about classic car insurance, the requirements, and what’s covered, give us a call. Our team at Oak Ridge Insurance Services is standing by. 

Does auto insurance cover a rental car?

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Auto insurance adds a lot of protection to your vehicle. But does that protection extend to a rental vehicle?  As more and more people decide the time is right to head out for a vacation, that question comes up quite frequently. At Oak Ridge Insurance Services in Oak Ridge, NC, we are independent insurance agents and that means we work for you, not the insurance companies. We can offer you more choices and customize your policy to your particular needs. 

Whether or not your auto insurance covers a rental vehicle depends on the type of insurance that you have on your own vehicle. If you have basic coverage, which is strictly liability coverage, it is going to partially cover you but not completely. The reality is, if you are comfortable with the amount of liability coverage that you have on your vehicle, then you won’t need liability coverage on a rental vehicle. 

More importantly, is whether or not your auto insurance will cover the vehicle you are renting. You need to have collision and comprehensive coverage to be fully protected and the car rental company will need to see proof that you have that coverage. You can opt to accept the collision damage waiver which is offered by the rental car company. This takes away the stress and worry of whether you will need to pay for any small or major repair that could result from even a minor fender bender. 

You can also check with your credit card company to see if you have car rental coverage. This is an option that you may not have even considered. Generally speaking, if you have full coverage on your personal auto insurance policy, it will cover a rental car. 

Contact Oak Ridge Insurance Services in Oak Ridge, NC when you want to discuss your auto insurance needs. 

Is Commercial Insurance a Worthwhile Investment?

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In a bid to keep the expenses under control, most business owners are likely to put commercial insurance under the wraps. While this might seem like a wise cost-saving strategy, it will end up in tears when the unthinkable strikes your business. Despite how busy or budget-strapped you are, always create room for business insurance.

Commercial insurance from Oak Ridge Insurance Services in Oak Ridge, NC, is an asset for your business because it covers you in the following areas.

Workers protection

Where would your business be were it not for your employees? Without your staff, your efforts would be zero. Nada. For this reason, you should invest in worker’s comp insurance to protect your employees from illnesses and work-related injuries.

Liability protection

Business insurance protects your business from various liabilities, including property damage, bodily, and advertising injury. Also, business insurance comes to your rescue when sued by other people.

It’s a legal requirement

Some aspects of commercial insurance are required by law. For instance, all businesses must invest in commercial auto insurance and worker’s comp insurance to avoid non-compliance fines and penalties.

Cushions you from financial losses

Were it not for commercial insurance, most businesses would have gone under due to financial distress. Think of the financial loss it would cost you when lawsuits, liabilities, and employee injuries come knocking on your doors? What about a fire that consumes your assets?

Not many businesses can cope with the full wrath of business risks.

To boost your reputation

Customers and suppliers need to deal with credible businesses. One way to boost your credibility is by investing in commercial insurance. With commercial insurance, stakeholders are assured that their interests are always protected.

Buy commercial insurance today!

Are you ready to protect your Oak Ridge, NC business with commercial insurance? Please get in touch with Oak Ridge Insurance Services for affordable commercial insurance coverage.

Brent Schroyer

Brent Schroyer

Insurance Advisor
Chastity Spofford

Chastity Spofford

Insurance Specialist

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