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Why It Pays to Get Renters Insurance

December 4, 2012

Apartment fireNot long ago, I was watching the evening news and the headline was an apartment house fire. There seems to be one of those every year as the weather turns, doesn’t there?

Anyway, the reporter was interviewing openly distraught people who were watching their life’s work and possessions go up in smoke. Listening to them, I found that most could deal with that, they were safe; their families were safe, but standing there in the rain they had nowhere to go.  No money, only the clothes on their back and the wet blanket that some charitable organization gave them, nothing. Some even had to leave their purses and wallets inside to escape.  “What do we do now?” One resident asked.  Another, “I have lost my home and have nowhere to go!”  Too many sad stories on one bad stormy night that were all unnecessary.

Money will never replace the memories lost in a fire, but other stuff is just stuff.  The biggest issue these unfortunate people were facing was where to go and where to live.  The volunteer agencies could offer them shelter for a night or two, but that is not a home.  Finding another apartment may take a month to get into. It did not have to be that way.  They could have had Renters Insurance for a nominal cost.

Renters insurance is not just for personal stuff like clothes, stereos, TV, dishes and such; it has a very important coverage called “Additional Living Expense”.  Additional Living Expense pays for those costs that are above what you would normally pay if you were in your home, but could not live there because of a covered loss, like fire.  They don’t have to live in a shelter or stand in the rain. Basic coverage Renters Insurance usually costs less than $20 a month. Additional Living Expense won’t set you up in Monte Carlo, but it will get you a warm dry place to sort out the loss and get organized. It pays for room, food, and similar expenses covered by the policy.

I don’t sell insurance but have been in this business for 35+ years and know that your over looked car insurance agent has plans that you can afford and will get you out of the rain.  Call your agent about Renters Insurance; insurance agents are an amazing resource on many issues. You should think of them like you do your doctor or attorney, they are part of your security plan. 

Article by: Tracy Skinner, Subscriber Services Manager

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