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The Community EM Guy
Are your valuables and possessions protected?

Are your valuables and possessions protected?

Let’s set COVOD-19

aside for this post and look at another aspect of preparedness. This one is for those who rent.

If you rent your home, or even a storage unit, do you have Insurance? Did you know you could get Renters Insurance to cover your personal property?

Too often we hear about a classic act; a couple or family losing everything in a house fire, resulting in having to replace everything and start over by means of out of pocket expenses, loans, and donations.

Why? A landlords (property owner) Property Insurance 9 out of 10 times does not cover personal

Property/possession loss of a tenant.

(There are certain situations where it may; but that’s usually after finding negligent cause on the part of the property owner.)

All too often we hear about a family losing everything, without a means of replacing or starting over. That’s why it’s important to have a Renter’s Insurance Policy in place. Not only is it a peace of mind, but it’s a small price to pay each month to have a disastrous event mitigated and help keep you from losing your livelihood.

Not quite convinced?

Let me give you a first hand account where a Renter’s Insurance Policy saves a families financial stability; mine.

A mere 3 weeks ago; while my fiancé and I were in the Saturday late breakfast routine with our kids, we got a knock on our apartment door.

We answered to find a Village Police Officer, and he inquired as to whether or not we had heard any commotion from our neighbors apartment the night before, and asked if we had found any water in our apartment. Having not heard anything, nor had we found any water, the Police Officer bid farewell, for the time being.

After curiosity got to us, we started looking around and we did, indeed, find water in our apartment. Our Utility closet floor was covered and there was a copious amount of water coming from the wall dividing our apartment and next door. We had not seen the water initially because our couch covers it and the wall.

We ended up being displaced from our home for a week due to electric having to be turned off and damage to be assessed & repaired. Being displaced from our apartment (as a family of 4) and having to stay in a hotel as well as order food for our meals, as we could not be in our apartment got expensive real fast; for a grand total of $1,300.00 for 7 days. That doesn’t even include what personal property was damaged or destroyed. We had a few large ticket items that had to be replaced, or needs to be replaced which adds about another $4,000.00 PLUS more than $500 for food we lost in our Refrigerator and Freezer.

Grand Total in out of pocket costs… $5,800.00 +/-.

How many of you have resources to cover $6,000.00 in damages due to an incident?

As prepared as I try to be, and given undisclosed circumstances; I didn’t have $6,000.00 to just spend out of pocket to replace.

ALAS! The CoEM Guy has Renters Insurance! I was able to have ALL expenses reimbursed by my Insurance minus a $250 deductible. I’m out $250.00 rather than $6,000.00, and you know what my policy cost a month? LESS than $20 a month.

I was able to replace lost food, a couch and computer that was ruined among a few other items. It’s been no more of an inconvenience past keeping track of expenses and receipts, documentation of damage and/or destruction, as well as communicating with my claims specialist. An inconvenience of having to spend 7 nights in a hotel while mildly annoying, is better than having to wait for shelter from a non-profit.

Convinced yet? And that was a “minor” incident; compared to what could have happened.

Take stock of what your personal possessions are; their individual and total value, and start looking into a Renters Policy. You can usually group it with your auto insurance depending on your provider, but it doesn’t hurt to shop around to see what other companies can provide. Many policies may also provide personal liability insurance as well. My policy is particularly advantageous, as it also cover damage from an actual flood event. (If you’re a Military Service-member qualified dependent; look into a policy right at USAA)

What are you waiting for, protect your valuables now, before they get damaged tomorrow.

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