Tuesday, Aug. 17, 2010
CJCFPD reminds residents of benefits of renters’ insurance
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Renter’s insurance is an inexpensive way to protect personal belongings in the event of fire or other incident involving property damage or loss.
Consider: there is a fire in a rented home, destroying the building. The building itself is put back together with the building owner’s insurance. While inconvenient, at some point the property is rebuilt, repainted with new carpet and fixtures and is livable again.
As a renter, the building owner has no responsibility for personal property. All furniture, clothing, electronics, etc. can be damaged or destroyed leaving renters with two choices: to replace everything or do without.
Also, renters must consider what property owners and neighbors might do that can potentially cause a fire. In addition, what happens if someone gets hurt as a result of something a renter owns or did while renting? In some cases, but not all, the building insurance may cover liability claims. There is as much a chance that the claim will go against a renter as a resident. In that case, as with property replacement, options are limited and renters may be responsible for costs.
The simple fix is renter’s insurance. Renter’s insurance policies vary, but most cover personal liabilities, property loss or damage due to fire or theft, and in some cases, even expenses if the home is unlivable. Most people site cost as the primary reason for not having insurance. However, according to the Insurance Information Institute, the average cost of renter’s insurance for Missouri in 2007 was $154 per year and the average claim from 2003 to 2007 for fire and lightening damage was $24,153.
In 2007, 96 percent of homeowners had insurance, while only 46 percent of renters had renters People in general believe “it will never happen to me” when thinking about insurance needs. Accidents happen. It is better to have that protection in place. Renter’s insurance is like any other insurance policy. It is expensive until you need it.
“After 30 years in the fire service, and the losses I have witnessed people that rent their homes sustain, I strongly encourage anyone to have a renter’s insurance policy to protect themselves and their property,” said CJCFPD assistant chief Eddie Saffell. “It is additional money out, but well worth it if you have an accident that causes loss or damage. The building owners are protected, why shouldn’t the resident protect themselves as well.”
