Tag Archive for: #insurance

TownTalk: NC Insurance Commissioner Encourages Renters To Consider Renters’ Insurance

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When you buy a home, insurance is one of those non-negotiables that homeowners are faced with – a homeowners policy is a must-have have to protect what often is a person’s biggest investment.

But what if you rent or lease your home? N.C. Insurance Commissioner Mike Causey encourages renters to spend a little money to get coverage that protects your personal property against damage or loss and insures you in case someone is injured while on the rented property.

A landlord’s insurance is on the property itself, but it doesn’t cover the contents of the property – that’s a renter’s responsibility. And although renters’ insurance is not mandatory, there are landlords who do require a renter to have insurance on their personal property and belongings.

Using a recent apartment fire in Morrisville as a backdrop, Causey encouraged tenants to make sure they understand what’s covered in their renters’ insurance policy.  “I think there is a misconception because some people may mistakenly believe the landlord may have some type of insurance, but the only insurance the landlord has is on the actual building,” Commissioner Causey said.  “So, unless people have renters’ insurance, the loss is on them.  It’s very inexpensive and it has so many benefits that people don’t think about above and beyond property loss.”

Renters’ insurance policies generally cover your belongings, medical expenses and even temporary housing if you are displaced.  Renters’ policies could be as low as $25 a month

There are plenty of types of coverage to consider, including protection for personal belongings of people who live in the apartment, condo or home.

Coverage C is subject to a designated amount, agreed upon by you and the insurance company, which puts a limit on certain types of property that are susceptible to loss – including money, securities, and luxury items like jewelry and furs, for example. Talk to your insurance agent to insure these items and more, including manuscripts, stamps and coins, according to advice on the N.C. Department of Insurance website.

Insurance can protect renters against what the insurance industry calls “perils,” which include a range of weather-related issues like lightning, wind, hail and damage caused by the weight of ice, snow or sleet.

Other perils that the DOI website mentions include vandalism and malicious mischief, explosions, riots or civil commotion, smoke, aircraft, vehicles, theft and even volcanic eruption.

That last one most likely won’t come into play here in North Carolina, but if you live in an apartment and a neighbor’s pipes burst on the floor above you, having renter’s insurance could come in handy.

Coverage D is available to help with additional living expenses if your home is damaged to the extent that you can’t live there.

While it’s being repaired, you could get housing and meals covered, as well as warehouse storage.

Coverage D is normally limited, so it’s important to speak with your insurance agent to learn about the details.

Visit the N.C. Dept. of Insurance website at https://www.ncdoi.gov/ to learn more about renters’ insurance.

 

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TownTalk: NC Insurance Commissioner Mike Causey Visits The Studio

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As the commissioner for the N.C. Department of Insurance, Mike Causey keeps his finger on the pulse of the insurance industry for the state and for its citizens, handling everything from rate requests by insurance companies, reports of possible insurance fraud from consumers and keeping an ear to the ground about possible cuts to his department in the upcoming budget.

Causey said it’s important for consumers to reach out to his office – via email, phone call or by visiting the website – it’s the best way he and staff can help.

Legislators often refer constituents to the Department of Insurance to get help with issues, and Causey said he and his staff are only too happy to help.

But right now, he’s got his eye on a budget proposal from the N.C. Senate that effectively eliminates a program popular with senior adults who seek advice about health insurance and prescription drug plans during the annual Open Enrollment period.

It’s called SHIIP – Seniors Health Insurance Information Program – and Causey called it one of the best programs the state has ever had.

More than 800 volunteers across the state help senior adults answer questions during Open Enrollment for Medicare, Medicaid and prescription drug plans.

“We do a lot to help our seniors,” Causey said during a visit to the WIZS studio Tuesday morning.

The federal government is looking to cut SHIIP’s funding, which Causey said is vital. If the Senate budget proposal goes through, it would essentially shut the program down.

“Let’s not cut anything from our much-valued SHIIP program,” he said. The program helps people save money by reviewing their plans each year, Causey said, adding that last year alone, SHIIP helped more than 66,000 people.

“That’s a lot of folks,” he said.

And more folks are on the way – more seniors, in fact. North Carolina is one of the fastest-growing states for retirees. “I would urge all retired citizens or anybody to please get in touch with your state representative and your state senator and let your feelings be known” about budget issues or other concerns they need to know about.

“If they don’t hear from you, they don’t know.”

To add insult to injury, the state wants to cut 19 full-time positions from the Department of Insurance. “If anything, we need to add 19 – we don’t need any cuts.”

The Department of Insurance is a self-funding agency.

“Money comes from the Insurance Regulatory Fund, and we bring in hundreds of millions of dollars through that fund to the general fund every year,” he said.

“We’re a money maker for the state,” he noted. “We’re asking for the House and the Senate to take a good look at the Department of Insurance” and what it brings to the table as budget work continues.

Visit www.ncdoi.gov to learn more, email Causey at mike.causey@ncdoi.gov or phone toll-free 855. 855.408.1212.

Whichever method you use, Causey said you’ll get a quick response, and you get the help you need.

“We’re here to help,” he said.

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