At Mason Insurance LLC in Raleigh, we understand the importance of having a comprehensive renters insurance policy. While most people are aware that renters insurance covers basic risks like theft or damage to personal property, there are several lesser-known coverages that could prove invaluable in unexpected situations.
Keep in mind that one of the benefits of working with an insurance agent in Raleigh is that we can match you with a policy that makes sense for your needs and budget. Like any custom or semi-custom renter’s insurance policy, yours may or may not cover some of the items below. Please contact us first before assuming that you have a policy that covers these items, as every policy and law is different.
That said, there are some often overlooked or unknown parts of some renter’s insurance policies that yours may cover. These include:
- Temporary Living Expenses
When people think of renters insurance, they often focus on the coverage for their personal belongings. However, many don’t realize that renters insurance often includes coverage for additional living expenses. If your rental property becomes uninhabitable due to reasons such as fire, water damage, or other covered perils, your renters insurance can cover the costs of temporary accommodation, meals, and even pet boarding.
- Coverage for Belongings Outside Your Home
Another surprising benefit of renters insurance is that it may cover your personal property even when it is outside of your rental unit. Whether your laptop gets stolen from a café or your bike from a public park, your renters insurance may cover the loss. This extended coverage is often referred to as “off-premises coverage” and can be an unexpected but welcomed feature of your policy.
- Food Spoilage
Yes, you read that correctly. If your refrigerator or freezer malfunctions, or if there’s a power outage that spoils the food stored in them, renters insurance could cover the cost of replacing your spoiled food. While it may not be the first thing that comes to mind when considering renters insurance, it’s a benefit that can come in handy in specific scenarios.
- Unauthorized Credit Card Transactions
In the unfortunate event of a theft that includes credit or debit cards, some renters insurance policies can cover unauthorized transactions made on those cards. Though your bank or credit card company usually offers some level of protection against fraudulent charges, the additional layer of security provided by renters insurance can further limit your financial liability.
- Coverage for Your “Side Hustle”
The gig economy is booming, and if you’re someone who has turned a part of your home into a workspace for a side business, your renters insurance might offer limited business property coverage. While this is not a substitute for full-fledged business insurance, it can offer some financial relief if your work equipment is stolen or damaged.
Understanding the Scope of Your Renters Insurance
While these five areas offer valuable additional coverage, it’s important to note that all policies are not created equally. Specific coverages can vary based on your provider and the details of your policy. At Mason Insurance LLC, our team of experts is always available to guide you through the various facets of renters insurance and help tailor a policy that best suits your needs.
If you’re based in Raleigh or the surrounding areas and are looking to better understand your insurance options, reach out to Mason Insurance LLC. Our customer-centric approach ensures that you will find a policy offering comprehensive coverage at a competitive price.