[ad_1]
Raleigh, NC — Six people were injured and 70 people were displaced Monday night after a massive fire ripped through Camden Westwood Apartments.
One fire victim told WRAL News the owners of the complex required renters to have renters’ insurance.
Insurance industry estimates show only half of the renters nationally have a policy on their property. It’s important to remember, while rental properties are insured by the owner, those policies don’t cover the replacement cost of any goods lost in a disaster or theft.
North Carolina Insurance Commissioner Mike Causey encouraged renters to take a quick walkthrough of their rental property and document everything on your phone. The cost of what people own dwarfs the cost of renters’ insurance, according to Causey.
“Then try to calculate what they would have to pay to replace all their clothing items, all their phones, their computers any electronics that they might have and all their furniture, that they’d be really surprised at what it would cost to replace that,” Causey said.
Most renters’ insurance premiums cost a couple hundred dollars a year. That’s essentially the value of one pair of high-end sneakers. For parents with older children who rent while they’re away from home, you can add their renters’ insurance to your policy and it’s even cheaper.
Causey suggests you get your renter’s insurance through a local agent. That way, if you need to file a claim, the agent can see the damage first-hand, which could help with your claim.
Causey also said if you do file a claim and the insurance company offers a settlement you think is too low, contact his office before you accept it.
“You don’t have to take the first offer they give you,” Causey said. The Department of Insurance can get involved in your case, which could result in offer you feel is more fair.
There’s a form you can fill out online on the Department of Insurance’s website.
[ad_2]