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.

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.