Mike Causey | Moving out on your own? You may want to consider renters’ insurance

Get ready, because soon-to-be-college graduates will be tossing their caps in the air and stepping into their own apartments or homes.

As these young adults venture out from the family nest, there’s a crucial consideration on their checklist: getting renters’ insurance.

Renters’ insurance is not only affordable but also invaluable for the peace of mind you can have knowing that if your belongings are stolen, damaged or destroyed by fire, storms, smoke, vandalism or other covered causes, they will be promptly replaced.

Some renters think everything inside their rental home or apartment is insured under the landlord’s policy. But that’s a myth. Landlord policies only cover the building itself.

I encourage you to reach out to your agent or get renters’ insurance quotes online. This must-have coverage ensures you’re prepared for unexpected emergencies. Before you commit, take time to understand exactly what your policy covers and how it shields you from life’s curveballs.

A renters’ insurance policy safeguards your personal property against damage or loss and covers you in case someone gets injured while on the rented property. It also extends protection to your home’s contents and the personal belongings of those who share your space. Coverage is subject to a designated limit, agreed upon by you and the insurance company and detailed in the insurance policy.

Typically, renters’ insurance protects against a number of hazards, including fire and lightning, to vandalism, theft and even damage from ice, snow or sleet.

While water or steam damage from plumbing mishaps is generally covered, flood damage from nearby bodies of water requires a separate flood insurance policy.

Should your home become temporarily uninhabitable due to a covered incident, renters’ insurance kicks in to cover additional living expenses like housing, meals and storage. Keep those receipts handy.

Renters’ insurance shields you if you’re held liable for injury to others or damage to the rental property. It can cover medical expenses for individuals accidentally hurt on your premises.

If you have a loss, notify your insurer or agent immediately. For thefts, report it to the police. For lost credit or debit cards, contact your bank. If immediate repairs are needed to prevent further damage, keep those receipts safe.

Always read through your policy thoroughly to ensure clarity. When in doubt, reach out to your agent.

If you need help with your insurance, feel free to call our toll-free number at 855-408-1212 to speak to a consumer expert. Or you may visit our web page at www.ncdoi.gov.

Let’s make sure you’re covered and ready to tackle this exciting new chapter.