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!