Thanks for taking a few moments to review our Charlotte, NC Renters Insurance Guide. In line with our core values, we believe in educating renters on how they can get coverage quickly and easily to meet their needs. Did you know that only forty-four percent of Americans have coverage currently? North Carolina Renters Insurance is the best way to to make sure your posessions are protected.
Learn what coverage you need, how to get it, and why it’s important in this guide, and then reach out to Effective Coverage to see how easy it can be to get covered! Don’t forget that renters insurance in Charlotte covers losses from weight of snow and ice. That’s a rare peril, but it definitely happens from time to time, even in normally sunny Mecklenburg County. Charlotte renters insurance is designed to protect you from the perils you can anticipate as well as from ones you may not be able to.
Charlotte, NC Renters Insurance
Why Do I Need Renters Insurance In Charlotte?
At first glance, you might not think you need the liability coverage. § 42-10 of North Carolina law says in part, “A tenant… shall not be responsible for damage occurring on the demised premises accidentally, and notwithstanding reasonable diligence on his part, unless he so contract.” In plain English, that means that NC law says that tenants are not generally responsible for accidental damage to the premises as long as they used reasonable care. However, the gotcha is in those last four words, “unless he so contract.”
Almost every residential lease in NC will contain language that read something like this: “I waive the protections of NCGS § 42-10 and agree to be responsible for accidental damage to the premises.”
The protection is there, to be sure, but you’re asked to waive that protection in nearly every situation. What that means in short is that, just like every other state, you’re responsible for accidental damage to the leased premises. In this case, it’s a responsibility that you have to affirmatively accept, but that’s just a formality. No one in their right mind will rent an apartment in Charlotte to you if you don’t agree to be responsible for accidental damage.
Why? Because accidental damage would encompass things like a fire, or the overflow from a bathtub because you walked away to answer the phone and forgot about it until it drenched your neighbor downstairs. No landlord is going to want to rent to anyone who isn’t going to be responsible for the property they’ve entrusted to the tenant.
Further, very few landlords are going to want to rent to someone who can’t make good on that damage. That’s where the liability coverage on your Charlotte renters insurance comes into play. In the bathtub example, your liability coverage could take care of the damage to your apartment as well as your downstairs neighbor’s apartment and their personal property, since you’re responsible for it.
You need renters insurance in Charlotte because everyone who rents to you will want to be sure that you’ll be able to take care of damages like that. Bear in mind that losses can and do happen at unexpected times, and often when you least have the financial ability to take care of them. Having Charlotte renters insurance to back you up allows you to make whole the person impacted by your negligence without it coming out of your own pocket.
Does Charlotte, NC Renters Insurance Cover Theft?
Of course. Theft of most property is covered under your Charlotte renters insurance policy up to the policy limit. Certain classes of property are covered at lower limits in the case of theft, though. Unless otherwise endorsed onto the policy, jewelry loss by theft is generally covered only up to $1,500 by most carriers.
If you have additional high value items or jewelry, it’s important to work with a renters insurance provider who can ask the right questions and help you to get the right coverage on your policy. Charlotte renters insurance experts are hard to find, and that’s partially because very few companies want to write new single line policies in the current environment.
Why Is It Hard To Find Renters Insurance In Charlotte?
That’s an easy question. It’s hard to find renters insurance in Charlotte because many carriers have pulled out of the state entirely. This is mostly a result of the current regulatory environment, which was created in 1977 and has never been updated to account for the flow of data, the flow of money, or the flow of insurance in the current time.
Insurance carriers tell the state what they’d like to charge for a specific type of risk. Then, the North Carolina Rating Board collects similar data from the rest of the carriers. The next step is for the NCRB to very carefully consider the requested rates before laughing maniacally while denying nearly every rate change ever proposed.
In 1977, a gallon of gas cost 65 cents. The average rent was $240 a month. It cost far less to insure something because the risk being insured cost less money. As time has gone on, insurance companies in North Carolina are becoming more and more squeezed, and are being forced to write business that they can’t afford to write. This leads to a mass exodus of insurance carriers, and makes it difficult to find coverage that meets your needs in Charlotte.
That’s where Effective Coverage comes in. Because Renters Insurance is all we do, we’re able to bring enough volume that it’s practical to write the policies even in the current regulatory environment. If you’re having trouble finding North Carolina Renters Insurance, reach out to Effective Coverage and we can get you covered, typically in a matter of just a few minutes.
Renting In Charlotte, NC
Since 2000, Charlotte has increased its population by over 40 percent, to more than three quarters of a million people. The median housing price is just $168,000, and the median rent just $872, which makes Charlotte an attractive place to live. This up and coming city is a strong financial center, and even boasts a law school.
Charlotte is the largest city in North Carolina, and serves as the county seat of Mecklenburg County. It’s the second largest city in the Southeast, second only to Jacksonville, FL. Bank of America and Wells Fargo make their homes here, creating jobs in the financial sector as well as in supporting industries. Charlotte has two major pro sports teams, the Panthers (NFL) and the Hornets (NBA). There’s also a Major League Lacrosse team, as well as the NASCAR hall of fame.
Charlotte even boasts a major airport, Charlotte Douglas, which helps to increase the accessibility and culture of the city. If road travel is more your style, I-85 and I-485, as well as US 321, bring you into and out of the city. Many people live to the north and commute from cities like Hickory and Lenoir, and the state has stepped up and improved US 321 as a result.
Ever wonder why a city was named for a popular girl’s name? Charlotte was named for Charlotte of Mecklenburg-Strelitz, queen consort of the UK as of a year before the city was created. Charlotte (and its basketball team) are known as a “Hornet’s Nest,” because the city was referred to during the war as a “hornet’s nest of rebellion.”
Today, you won’t find a hornet’s nest of rebellion in Charlotte. You’ll find an upscale, cosmopolitan city that’s rapidly realizing its potential as a world class city and sends out a call to many people to come seek their fortunes here. If you’ve heard that call, one of the best places to start your life in Charlotte is apartments in the Ballantyne area of the city. Once you’ve found your home, make sure you protect it with Charlotte, NC renters insurance from Effective Coverage!