Renters’ Insurance Coverage Guidelines for Shared Living Spaces

If you are sharing a rental with a friend or loved one, make plans to insure the possessions you are solely responsible for. Use the guidelines below to protect your belongings during your tenancy.

Your Rental

Before you insure your belongings, you should inspect the rental unit you and the other person will be sharing. During the inspection, take note of any issues that could affect the security of your possessions.

In addition, decide which areas you will use to store your possessions. Designate areas for your stuff and areas for the other person’s belongings.

Your Inventory

Prepare an inventory of all the items you will be moving into your rental unit. The inventory should include the item type, quantity, and value.

Your list will come in handy when you shop around for a renters’ insurance policy. You can refer to the list for a quote for your preferred coverage type.

Updated Records

Plan on updating your personal records on occasion. These records should indicate any changes in the number of possessions you own. For instance, if you sell some furniture in the future, you should plan on removing the furnishings from your renters’ insurance policy.

If you purchase new items of value, they should be added to your policy. Review your records at scheduled times. By conducting a thorough review, you will be able to keep your insurance coverage up to date.

Contact Community Management Insurance Group

Contact a representative of Community Management Insurance Group for further assistance. An agent who serves Greensboro, NC, will set up your renters’ insurance policy.

I have a small online business. Do I need umbrella insurance?

Many businesses benefit from the protection that insurance provides. Unexpected events and circumstances can harm day-to-day business operations and reduce profits. As a result, insurance provides the coverage many businesses need to protect their assets and profits, as well as receive liability protection. Community Management Insurance Group is committed to helping Greensboro, NC business owners get the protection they need. 

What is umbrella insurance?

Umbrella insurance is secondary or backup insurance. For example, umbrella insurance kicks in after the limits of the primary business insurance policy have been met. Once the limits of your primary insurance have been met, any coverage that is still needed is covered by an umbrella insurance policy. Umbrella insurance can sometimes act as primary insurance if the primary policy doesn’t cover a particular situation or circumstance. Umbrella insurance kicks in only after the limits of the primary insurance policy have been met and exceeded. Similar to primary insurance, umbrella insurance covers liability, property damage, injuries, lawsuits, and more. 

I have a small online business. Do I need umbrella insurance?

Maybe. Regardless of the size of your business, there are still potential pitfalls that could be harmful to your business. Umbrella insurance can provide legal protection in addition to a whole host of other protections. In short, umbrella insurance creates peace of mind when it comes to the unexpected. None of us can predict the future. However, knowing that we have a secondary insurance policy ready and available to meet our business needs, should we need it, is invaluable to many business owners. One lawsuit, accident, or injury could greatly affect your business. Umbrella insurance protects you from lawsuits, loss, theft, vandalism, and more. Of course, some businesses have more risks and vulnerabilities than others. However, many businesses, large or small, online or in 3D, want to protect their business.

Schedule A Consultation Today

If you have more questions about umbrella insurance, call us at Community Management Insurance Group. We’d be happy to help you explore your options in Greensboro, NC. 

Why All Homeowners Need Flood Insurance

Making sure that you and your home are protected is important for every homeowner. No matter where you are, you could end up with a flood that devastates your home. If you’re a homeowner, it’s always a good idea to have this coverage in place. It can protect you in many ways from extreme expenses that could make you bankrupt if you don’t have coverage.

If you want protection against flooding, call us today at Community Management Insurance Group in Greensboro, NC.

Flood Zones

There are specific places that are labeled as flood zones. They may have a body of water close to them, or they may simply be in an area that regularly floods. If you live inside one of these areas, it’s often required that you have flood insurance. The area will be prone to flooding at a certain point. Some flood zones are called 50-year flood zones or another number of years that corresponds to how often it floods. However, if you don’t live in a flood zone at all, your area can still flood. Twenty percent of flood claims that are sent are from areas that are not in flood zones. No matter what the terrain is, you could be a victim of flooding. 

Home and Flood Insurance 

If you’re putting off getting flood insurance because you think your home insurance policy will cover it, think again. Home policies don’t cover floods. If you don’t specifically have a flood policy, you could face serious financial problems after a flood if you aren’t covered for it. You need both a home policy and a flood policy to stay protected against many risks your home and belongings face. 

Get a Flood Insurance Policy

To get your policy, call us at Community Management Insurance Group in Greensboro, NC to find out more about this type of policy. 

Condo Insurance Not Only Protects You From Your Risks But Also Risks From Neighbors

Condominiums have become a popular residential option for many people who don’t want the trouble and expense of maintaining a single-family property. However, the connectedness of condominium units entails special risks that can affect your own living space. At Community Management Insurance Group in Greensboro, NC, we provide condo insurance to protect condo owners against loss.

What Does Condo Insurance Cover?

Condominium insurance generally offers coverage for your condo’s interior walls, flooring, and ceilings. The exterior of your condominium structure is usually covered by the homeowners association master plan. Your insurance will also cover personal possessions kept in your condo, as well as providing liability coverage if someone is injured in your unit.

Protecting Your Investment Against Hazards That Your Neighbors Create

The difference between insurance for a single-family home and for a condominium is the question of additional risk. When you have a single-family residence, what your neighbor does is unlikely to affect you unless something encroaches across your property line. In a condominium, however, the actions your neighbor engages in could affect your own condo. For example, carelessness in the kitchen could cause a fire that damages your property, or a broken water line can cause water damage to your property. Condo insurance recognizes these special risks from having your property abut someone else’s.

Choose Us for Your Condo Insurance

The right insurance can allow you to rest assured that whatever happens, you will not be faced with significant financial loss. We offer a wide range of insurance products for your needs. Contact Community Management Insurance Group in Greensboro, NC today for a no-obligation quote on condo insurance to protect your property.

Why do I need to get a life insurance policy?

When you are in the Greensboro, NC area, you are going to have various insurance needs that should be met. When you are looking for insurance, you need to consider your life insurance needs. There are a lot of great examples of why life insurance is a good addition to your insurance plan. 

Financial Support for Dependents

A primary advantage of having life insurance is that you can offer financial support for your dependents. Those who are going to invest in life insurance will be able to build a policy that is curtailed to meet the needs of their dependents. This can include ensuring that you have coverage for all future costs they may incur including the cost of living, higher education expenses, and even retirement for your spouse. Ultimately, this can offer peace of mind knowing that your dependents have this financial coverage. 

Investment Advantages

A life insurance policy also offers various investment advantages. If you choose a whole life insurance plan, a portion of each payment builds into a cash value account, which will also grow with interest. In the future, you have the option to close and liquidate this account. With a whole life plan, you will have a unique and low-risk investment, which is a good addition to any personal investment plan. 

Consult With Us

If you are in the Greensboro, NC area, you will want to make sure you are properly covered with life insurance. As you are shopping for plans, you are bound to find that there are a lot of choices to make and our team with the Community Management Insurance Group can help. Our professionals with Community Management Insurance Group know the value of this coverage and can ensure you choose an ideal policy that will meet your needs. 

Do I need to purchase auto insurance when I rent a car?

Having an accident in a rental car is different because the rental car agency holds an interest in the car too. If you are involved in an accident, the agency will want to make sure that any related bills are promptly paid. Rental car companies in Greensboro, NC need their vehicles to look and run great because that is their business. That is why they pressure their customers to purchase rental car insurance even if they already have car insurance.

At Community Management Insurance Group, we can help you look at your policy so that you know whether you already have the protection you need. In many cases, you will not need to purchase additional rental insurance if you already have auto insurance.

Rental Car & Auto Insurance

Rental car insurance is not a legal requirement in Greensboro, NC. Rental companies have some rules that they can enforce about who is allowed to rent a car. Your rental car agreement is a contract, and you should read it carefully before you take possession of your rental.

If you only have basic car insurance, you probably don’t have coverage for rentals. That means that when you rent a car, you are driving without insurance. Most people who still owe on their vehicles have full coverage because full auto insurance coverage is a normal requirement when you have a car loan. Many individuals continue to carry full coverage after their loans are paid off because of all the extra protections.

We Are Here To Help

If you do not have your own coverage, take the rental car insurance. It can be expensive, but it is well worth it. If you would like to make sure that you have rental car coverage on your auto insurance, please feel free to call Community Management Insurance Group today.

Will HOA insurance protect you if someone is injured in one of the shared areas?

In a rental situation, the landlord owns the building and is responsible for it. With a condominium, there are various owners located throughout the property. Each Greensboro, NC property owner is responsible for their own place and should get separate homeowners insurance. This protection is for their belongings, such as furniture and clothing, and also for the parts of the structure they don’t share.

However, that leaves the question as to who is responsible in the shared areas. For instance, if there is a hallway between the various units, what happens if someone falls and gets hurt? At Community Management Insurance Group, we can help you decide if you need condo insurance.

Is Your Home or Condo Part of an HOA?

If you have a homeowners association, you already pay a fee for certain services. Those might range from street plowing to maintaining a swimming pool on the property. Your HOA probably also has its own liability coverage in case something happens in the shared places.

If you are part of an HOA, you are responsible for anything that happens in the shared spaces. Even if the HOA has liability coverage, it may not be enough to protect you.

Loss Assessment Coverage

If the HOA’s condo insurance does not cover everything, you may owe your part of the difference. Loss Assessment Coverage can help make up that difference. As long as the policy is in effect when you make a claim, you can use it to make up the difference.

At Community Management Insurance Group, we can help you assess whether you need extra protection for your Greensboro, NC condo. Call today so you can see whether this extra protection would benefit you.

Preserving Vintage Gems: The Definitive Guide to Classic Car Insurance

Classic car enthusiasts understand that vintage cars are not just vehicles. Vintage cars are cherished possessions that remind car owners of the essence of bygone eras and precious memories. 

Don’t leave the protection of your most prized possession to chance. Talk to the classic car insurance experts at Community Management Insurance Group in Greensboro, NC. 

Why You Need Classic Car Insurance for Your Vintage Auto

Traditional auto insurance and classic auto insurance don’t offer the same coverage for classic car owners in Greensboro, NC. Your traditional auto insurance policy may not recognize the vintage value of your vehicle in the event of theft, accident, or vandalism. 

Having a classic car insurance policy in place will ensure that you are able to recoup the current vintage value of your vehicle in the event of an unexpected mishap that causes the loss or damage of your classic automobile. 

What Classic Car Insurance Covers in North Carolina

Most classic car insurance policies in NC will cover replacement or damage if your classic car is in an accident, stolen, or damaged by a natural disaster. The level and amount of coverage vary based on the type of policy you choose when you’re offered a quote. 

The experts at Community Management Insurance Group can help you choose between collision and non-collision-based classic car insurance policies. Comprehensive and collision-based policies will generally offer more coverage than limited liability policies.

What Vehicles Are Covered by Classic Car Insurance?

The type of vehicles covered by classic car insurance can vary by state and/or policy. Talk to your licensed insurance agent to learn about classic car insurance coverage for the following vehicle types. 

  • Vintage Muscle Cars
  • Classic Motorcycles
  • Antique Trucks

Don’t wait until it’s too late to get the best coverage to safeguard your investment. Contact Community Management Insurance Group today! 

Three Myths About Renters Insurance

A homeowners’ insurance policy does not cover tenants. As such, if you are renting a room, apartment, condo, townhome, or house, you need to purchase a renters’ insurance policy. Here at Community Management Insurance Group, serving the greater Greensboro, NC area, we have heard many myths about why renters insurance is not needed.

Here are three of those myths and the truth about each of those myths:

Myth 1: I Only Rent a Room. I Don’t Need Renters Insurance

One of the first myths surrounding renters insurance is that you do not need a policy if you are only renting a room. If you are renting a room or living with roommates in a rental property, you still need renters’ insurance. These types of policies are not solely for individuals renting out a whole home or apartment. They can only cover you and your belongings in a shared space.

Myth 2: Renters Insurance is Expensive

Another common myth about renters insurance is that renters’ insurance policies are expensive. The average cost of renters insurance is just $15 per month. This makes renters’ insurance affordable for renters in all types of financial situations.

Myth 3: Renters Insurance Only Covers My Belongings

The final myth pertaining to renters’ insurance is that it only covers your belongings. This is not true. Renters’ insurance can pay for your living expenses for a period of time if your rental becomes uninhabitable. It can also help to cover costs if you accidentally cause major damage to your unit, such as starting a fire or causing a flood in your rental home. 

We Are Here To Help

As a renter, you should always purchase renters’ insurance. If you are looking to purchase a new policy, Community Management Insurance Group, serving the Greensboro, NC area, would love the opportunity to assist you. Call us today and let us help you get the coverage you need.

Who needs an umbrella insurance policy?

Umbrella insurance policies cover you when your liability exceeds what your normal homeowner’s or car insurance covers. Community Management Insurance Group in Greensboro, NC is here to help you determine if an umbrella policy would be right for you.

How an umbrella policy works

To get an umbrella policy, you would already have to have home and auto insurance. This is a lot easier if both are with the same company. If you have a business, you will have to get a separate policy for the business. The policy kicks in when your liability exceeds the limits of your insurance policy. If your insurance maximum is $500,000 on your home, and you are held liable for $1 million, you will have to pay the other $500,000 yourself. An umbrella policy will pay for that.

Who needs an umbrella?

Often it is wealthy people with a lot to lose who have umbrella policies. Sometimes people will try harder to sue wealthy people.  Most don’t try too hard to sue poor people because even if you win, you will not get the money. Retirees should also consider an umbrella policy to protect their retirement savings, even if it is not in the millions.

A rule of thumb

What is wealthy is relative to many factors. Generally speaking, if your net worth exceeds your insurance limit, you need an umbrella. Adding up your assets, minus your debts, determines your net worth. If that comes to $500,000 for instance, and your liability limit is $300,000 you should get one. In general, young people who have not built up a lot of assets, or people whose net worth is less than their insurance limits, do not need such a policy. 

Give Us A Call

Community Management Insurance Group in Greensboro, NC is here to answer all your insurance questions and help you get the coverage you need.