Should I Get Renter’s Insurance Even If My Landlord Doesn’t Require It?

When your landlord does not state in the lease that you need renter’s insurance, it might seem like an optional insurance policy. Unfortunately, at Jim Boyce Insurance in Matthews, NC, we’ve seen firsthand how putting off getting renter’s insurance can have negative consequences for renters, even if their landlord does not penalize them for not having coverage. 

What is renter’s insurance?

Renter’s insurance, also known as "tenant’s insurance," covers damages, repairs, and replacement of certain belongings, such as furniture, in the event of a qualifying disaster. Tenants who rent houses, apartments, or condos use renter’s insurance to cover repairs, medical expenses if found at fault in an accident in the unit, and more.

Is renter’s insurance required by law in North Carolina?

While North Carolina laws do not require tenants to purchase renter’s insurance, many landlords do include a requirement in their lease for the tenant to buy renter’s insurance. The reason for this is simple: renter’s insurance is an effective way for the tenant to cover damages and the cost of replacing belongings in a fire, theft, or other qualifying events. Even if a landlord doesn’t require it, you should get renter’s insurance as a tenant so that you don’t have to worry as much about potential disasters.

Should I get renter’s insurance even if my lease does not require it?

While you don’t have to get renter’s insurance in that case, the benefits of having renter’s insurance outweigh the disadvantages. Since renter’s insurance doesn’t cover retroactive claims, having it today means you’re prepared for whatever happens once coverage kicks in.

Call Jim Boyce Insurance in Matthews, NC today to explore our renter’s insurance policies!

Must Know Stats About Classic Cars (and Why Folks Need Classic Car Insurance)

Are you interested in classic cars? Perhaps you own one or are looking to pick one up? If so, it’s wise to take out classic car insurance, which will provide protection should a vehicle be damaged during various events. That said, discussing specifics with a car insurance expert is important. Live around Matthews, NC? Contact Jim Boyce Insurance to explore classic car insurance.

Car Production Was Much Smaller in the Past

In 1950, just 10 million cars were produced globally. Meanwhile, a few years ago, before supply chain shortages, annual car production reached nearly 100 million. As a result, cars, in general, were much rarer 70 years ago.

Generally speaking, the rarer a desired good is, the more expensive. Classic cars can easily cost more than their current year counterparts.

Few Cars Reach Their Golden Years

Cars are (largely) meant to be driven. As vehicles get used, they may also get used up. Salt on the road, hail, and even simple sunlight can cause damage (e.g., rust). Millions of car accidents unfold each year, and many vehicles will end up totaled. 

Roughly 15 percent of cars for a given make, model, and year will leave the market yearly. Thus, if 10 million 2023 Mustangs are sold in 2023, only 8.5 million might be left a year later.

There Are Around 10 Million Pre-1990 Cars Left

From 1900 to 1990, many tens of millions of cars were manufactured. Yet only about 10 million pre-1990 cars are left, and that number will drop with time. As a result, classic cars will only become rarer, thus making them more valuable. It’s generally a wise idea to ensure valuable property is protected by insurance, such as classic car insurance.

Want to discuss classic car insurance and live near Matthews, NC? Contact Jim Boyce Insurance to discuss coverage options.

Why You Need Life Insurance

When one of your household providers suffers a sudden and untimely death or disability, you might ask what’s next. If your answer is you don’t know, now is the best time to know. Jim Boyce Insurance in Matthews, NC can help.

Why Life Insurance?

Life insurance isn’t just for when someone dies. Life insurance can help with medical expenses, burial costs, and estate taxes. In some cases, you can cash out your life insurance if you’ve received a diagnosis of a terminal illness that might kill you soon. Insurance can support your survivors when they need to replace your income. It can replace funds you need to cover monthly bills and expenses, daycare, tuition, and planning for retirement. Life insurance is responsible for any family’s planning in case a wage earner dies unexpectedly.

How Can Jim Boyce Insurance Help?

Jim Boyce Insurance can help you find the right amount of life and accident coverage to cover your family’s needs and expenses. We can work with you to help fund your family’s charitable trust, if any, or to set aside money for children to finish their education from K-12 to Ph.D.

We can help protect yourself or a loved one against the financial devastation of death. Our trained and licensed agents, serving Matthews, NC, can help you find policies from nationally recognized insurance companies. We can help you understand different insurance policies’ specifics, strengths, and weaknesses. And we can do all of this either over the phone or from our office. If you have questions about how your insurance will cover you in North Carolina, we can help.

Call or visit Jim Boyce Insurance in Matthews, NC today for a free, no-obligation life insurance quote. Tomorrow might be too late.

Umbrella Insurance Takes Over Where Other Coverage Stops

What happens if an event occurs that requires more coverage than you currently have with your property or vehicle policies? Contact the insurance professionals at Jim Boyce Insurance of Matthews, NC. We can answer this and all your other questions regarding umbrella insurance.

Umbrella insurance provides extra protection on top of your current coverage. It can give you $1 million worth of coverage in addition to your homeowners or automobile policy limits.

Without umbrella insurance coverage, you could wind up paying out of pocket for damage to someone’s property or if you injure someone. Your existing policies may not provide enough coverage for:

  • Damage or injuries caused by your renters
  • The damage you cause to the property of others
  • Injuries you cause to others
  • Lawsuits such as defamation or slander

Without an umbrella policy, your savings or property could be at risk if you are involved in a lawsuit or major accident. Lawsuits can happen to anyone – not just the wealthy. You can be sued even if you feel you are not at fault.

Liability claims are usually expensive. Paying for them out-of-pocket could take several years. Umbrella insurance will cover the cost of your legal defense.

It goes without saying that the more you have, the more you stand to lose. Don’t let an accident or event jeopardize everything you have worked hard for. Lawsuits are becoming increasingly common. Be prepared. An umbrella insurance policy will protect you beyond your standard auto or homeowner’s policies.

The insurance professionals at Jim Boyce Insurance can help answer all your questions about why umbrella insurance would be right for you. Contact us today. You will be glad you did.

3 reasons why you shouldn’t put off getting renter’s insurance

Matthews, NC area residents can turn to the Jim Boyce Insurance team for all their insurance needs. We are here to answer any questions that you may have and help you find a policy that will best meet your needs. Call our office today to learn more about your renter insurance options.

Finding the Right Renter’s Insurance

Regarding renter’s insurance, there’s no time like the present. When you move into a new place, you will ideally already have this protection in place. Here are three great reasons to make renter’s insurance a priority:

  1. Your landlord’s insurance won’t cover your belongings – you are responsible for protecting your rental unit and personal belongings.
  2. You could also have protection from losses away from home – some policies will compensate for losses like theft outside of the home.
  3. Starting from scratch and having to replace all of your belongings can cause financial distress – if you suffer a major catastrophe, like a fire, it can cause more stress than anyone would want. Having the proper protection in place can help make it easier to recover from such an unwanted event.

These are just a few reasons why renter’s insurance should be on your "must-have" list!

Let us help you find the policy that’s right for you

Jim Boyce Insurance is proud to serve the insurance needs of the greater Matthews, NC community. You can rely on us if you have questions about renter’s insurance or any other type of insurance. Call us today to set up an appointment or visit our office to learn more about renter’s insurance.

Do You Have a Flood Emergency Preparedness Kit?

When a flood hits, it can cause damage and disruption. But you can take steps to make sure you and your family are safe in Matthews, NC. In this blog, Jim Boyce Insurance will discuss some of the smart preparations you should take when making a flood preparedness kit.

The Basics

After a flood, you may be alone without power or water for several days. It is critical to ensure you have a properly stocked and maintained flood preparedness kit. A flood preparedness kit should include the following:

  1.  Enough drinkable water to last you for at least three days. Each member of your family should have a gallon of water per day.
  2. At least three days’ worth of non-perishable food. Non-perishable means it will not spoil quickly, such as canned or dried foods. If you stock canned food, keep a hand-operated can opener. Please do not rely on frozen foods, as they will not keep for long once the power is out.
  3. A stand-alone battery-powered radio, at minimum. A better set-up is to have one radio to monitor local stations and an NOAA weather radio. An NOAA weather radio has a battery that will last for several years. If you worry about the batteries going dead in your other radios, invest in a hand-crank or solar radio.
  4. A flashlight and extra batteries.
  5. A first aid kit and a dust mask.
  6. Garbage bags, twist ties, and moist towelettes for sanitation and personal hygiene.
  7. You’ll need wrenches, pliers, and other tools to turn off the utilities.

Find Flood Insurance

Just a single inch of floodwater can cause more than $25,000 in damage to your home. Flood insurance does not come standard with your homeowner’s policy. Contact Jim Boyce Insurance today to protect your Matthews, NC home.

Is RV Insurance Mandatory?

When the weather is warm and cozy, it’s the best time to hit the road with your RV. But hear this: never leave home without RV insurance. This coverage protects you, your loved ones, and the vehicle during your travels. But is RV insurance mandatory in North Carolina? Jim Boyce Insurance of Matthews, NC has the answer.

Is RV insurance required in North Carolina?

Since an RV acts as a vehicle and home, most people are confused about whether insurance is mandatory. Just like your vehicle, RVs must have insurance to be driven legally on the road. At the minimum, you must purchase $30,000/$60,000 bodily injury liability and property damage liability of $25,000. These liability policies are meant to protect other people on the road.

It’s important to note that basic insurance won’t protect you when faced with a significant liability claim. Increase your liability limit or consider umbrella insurance if you need higher and broader liability coverage.

RV Insurance options

RV insurance isn’t only limited to the state requirements — there are other options to consider for optimum protection. These include:

  • Comprehensive coverage: It covers loss or damage to your RV when faced with non-collision perils like fire, theft, and vandalism.
  • Collision coverage: It covers physical damage to your RV after a collision with another motorist or stationary object.
  • Personal property coverage: You unquestionably have items like clothing, electronics, and other belongings in your RV. Invest in this coverage to cover losses or damage to your personal assets.
  • Medical Payments (MedPay) coverage: This policy covers medical costs for you and your passengers after a road accident.
  • Road assistance: It covers towing and issues like puncture repair, battery jump-starting, gas delivery, and locked-out keys.

Are you looking for an affordable RV insurance policy in Matthews, NC? Please get in touch with Jim Boyce Insurance.

5 Motorcycle Insurance Add-ons to Consider

You know that you aren’t optimally covered against all risks when you purchase motorcycle insurance. Thankfully, you can buy “add-ons” or “riders” to boost your motorcycle insurance policy. Since there are several add-ons to consider, Jim Boyce Insurance of Matthews, NC is here to guide you on the ones you can pick out.

Roadside assistance

You need this coverage if you regularly use your two-wheeler away from your home. This insurance policy comes to your rescue when your bike stalls when you are away from your residence. The breakdown could be a dead battery, electrical mishaps, punctures, or running out of gas. Whatever the reason, road assistance coverage has you covered.

Umbrella insurance

Are you a high-net-worth individual? You need umbrella insurance when faced with expensive lawsuits. Umbrella insurance takes over from where your conventional motorcycle insurance leaves off, protecting your assets and earnings.

Zero depreciation

If you want compensation for the full amount of what your bike is worth, you need to consider zero depreciation coverage. This policy shields you from depreciation, ensuring you get full compensation for what your bike is worth if it were to be replaced today.

Uninsured/underinsured motorist (UI/UIM) coverage

After a crash, it can be frustrating to find out that the other motorist at fault doesn’t have enough insurance. Or worse yet, they aren’t covered at all! The only route to recover the damage is through suing, which can be costly and time-consuming. However, you don’t need to go the long route of lawsuits if you have UI/UIM coverage.

Engine protect

Suppose your bike’s engine is damaged because of waterlogging or oil leakage. Typical motorcycle insurance won’t pay for the damage in such a case. However, engine damage is well covered if you have “engine protect” coverage.

Want to learn more about motorcycle insurance in Matthews, NC? Please get in touch with Jim Boyce Insurance for more information.

Common Myths About Umbrella Insurance That Need to Be Debunked

Umbrella insurance is the additional type of coverage, the purpose of which is to protect already existing coverages of other standard insurance policies that you carry. Since umbrella insurance is not mandatory and not everyone carries this type of insurance, there are many myths about it that need to be debunked.

What Are The Common Myths About Umbrella Insurance That Need To Be Debunked?

Here is a list of the common misconception about this type of insurance:

  • Umbrella insurance is very expensive. The truth is that the risk determines the price of umbrella insurance and how much you will have to pay for it. Therefore, if you have valuable things to insure, your umbrella insurance is going to be more expensive. 
  • Umbrella insurance replaces auto, home, and other types of insurance. In fact, this type of coverage works as an additional type of insurance, meaning that it does not replace any other type of insurance. 
  • Umbrella insurance is very complex. It is important to understand that is supplemental coverage. It is not a stand-alone policy. It is not a complicated type of insurance policy, but if you have any questions, you can always talk to an insurance agent, who will be able to provide you with all the information you need about it. 

Jim Boyce Insurance – Trustworthy Insurance Company Serving Clients In Matthews, NC 

If you live in Matthews, NC or any other nearby town, and you are looking for umbrella insurance to add additional coverage to your existing coverages, Jim Boyce Insurance is ready to assist you. Our insurance company specializes in all types of insurance, including umbrella insurance as well. If you have any questions, or you want to know more about umbrella insurance, feel free to contact us. 

Do College Students Need Renters’ Insurance?

Renters’ insurance covers both property damage and your possessions, in case they get damaged or stolen. It also has liability insurance, which will help you if anyone gets injured while they are visiting you. It will also cover your legal fees if you get sued. 

That being said, you may be unsure about whether you need to get renters’ insurance while you are away at college. Here are some things to consider when trying to make the right decision. 

Too many college students think that they are too poor to get renters’ insurance. However, that can be a mistake. Your electronics, clothes, and sporting equipment can often cost thousands of dollars to replace. If you can’t afford to replace them, you are going to want insurance so that you are able to. 

College students are often reckless, which leads to plenty of damage. This is especially true for those who have college parties at their place. People get hurt when they are drinking. Property damage is also very common at college parties. 

Though you may think that your landlord will protect you if something gets stolen or damaged, the truth is that they aren’t responsible. You are. Though they have insurance, it isn’t going to cover your possessions. 

Your parents’ homeowners’ or renters’ insurance policy may cover you when you are at college. If you live at home or in the dorms (or another school-owned property), their policy will cover you if you are listed as a dependent. However, if you live somewhere else, you will need your own policy. 

If you are wondering if you need renters’ insurance, don’t hesitate to contact us at Jim Boyce Insurance in Matthews, NC.