This weekend’s fire at an apartment complex in Rexburg could have been much worse. Still the damage is being measured in the tens of thousands of dollars and that doesn’t even include any damage to the personal belongings of the individual tenants.
Fires, wind, and other natural disasters are a part of life here in eastern Idaho and if you are renting, the responsibility of protecting your belongings falls on your shoulders.
Most of the time you can read about this in your renter’s agreement but if you glanced it over, you’ll probably be surprised to find that your stuff is not protected by your landlord’s insurance plan.
Every year renters learn this lesson the hard way and it’s not something experts like Aaron Moore like to see.
“It frustrates you because for the cost, it’s worth every penny that you put in,” said Aaron Moore, Insurance Agent for Tony McLaughlin’s State Farm Insurance Agency. “Knowing that your contents can be replaced and you can kind of get on with your life after tragedy.”
Renters insurance does not cover your dwelling but it will provide you a temporary place to live after a disaster. The coverage will also pay to replace your valuables and it’s surprisingly affordable.
“When you look at the big picture of everything that it does cove, it is very inexpensive,” said Moore. “$9.00 a month for $20,000 worth of contents, it can be very inexpensive.”
Renters insurance will cover your losses due to natural disasters. This can include hail, fire, strong winds, or lightening. Floods and earthquakes are not typically covered with renters insurance, so be sure to check with your agent.