Best Renter's Insurance Companies in Wilmington

Frequently Asked Questions

• What can policyholders in Wilmington add to their existing renters' insurance?

  Policyholders in Wilmington are advised to add an endorsement to their existing renters' insurance to protect their valuable belongings, such as personal collections, artwork, and jewelry. They can obtain coverages that go beyond the standard policy, such as water backup, which can pay for water removal services and protect items destroyed due to broken sump pumps or busted drain systems. They can also add personal injury coverage to cover legal fees and compensation if they are found to be liable for defamation or slander.

• What is the difference between renters' and homeowners' insurance in Wilmington?

  In Wilmington, renters' insurance protects tenants' personal belongings from damage or theft but excludes coverage for the building's structure, which is the property owner's responsibility. Homeowners' insurance, bought by property owners, covers the entire property, including the dwelling's structural elements like doors, walls, floors, and roofs. Homeowners are responsible for their property's entirety, making this insurance more comprehensive and expensive. Renters' insurance is more affordable, focusing solely on personal possessions. These differences lead to varied costs and coverage scopes for renters and homeowners in Wilmington.

• How can the loss of use coverage help renters' policyholders in Wilmington?

  Renters in Wilmington can use their loss of use coverage to cover their usual living expenses if their home becomes uninhabitable due to damage caused by covered perils such as a volcanic eruption, electrical current, or falling objects. Meals, short-term rentals, and warehouse storage may be included in these costs. However, loss of use is limited to 20% of the personal property, and policyholders must submit receipts or other proof to their insurance companies in order to be reimbursed.

• In Wilmington, can individuals share their renters' insurance policy with their roommates?

  A standard renters' insurance policy in Wilmington can cover the holder's roommates if they are relatives. However, sharing renters' insurance is discouraged because policyholders do not have the right to sue their roommates if they cause damage to their personal property. As a result, roommates, particularly those who are not related, are advised to obtain their own renters' insurance.

• Where to report a renters' insurance fraud in Wilmington?

  Residents in Wilmington who suspect renters' insurance fraud can call the North Carolina Department of Insurance's Criminal Investigations Division at 919-807-6840 or go to the Albemarle Building, 325 N. Salisbury Street, Raleigh, NC, 27603-5926. They can also file an insurance fraud report online or by fax at 919-715-1156. Insurance fraud is a felony offense, and those found guilty may face jail time, fines, and the obligation to repay all money obtained.