Renters insurance: an inexpensive investment

"It's scary and it could happen to anybody I guess," said Jean Smasal about the apartment that went up in flames near home this weekend.

While it was not her apartment complex, it happened a little too close to home. Now, she is glad she has renters insurance.

"I pay $97 a year and I'm fully covered on everything," Smasal said.

About $8 a month for piece of mind.

There are two major components to renters insurance, says Ryan Flaig, an insurance agent with State Farm. He says the first component protects your stuff while the second lesser known piece protects against liability.

"If you were the one who started that fire just down the street here the other day you may be held responsible for not just the building but the other seven occupants and their stuff," Flaig said.

That can add up quickly, he says. Liability insurance will help cover the costs. And if you are in a fire and need to move, it covers living expenses.

"They'd also have additional coverage for living expenses while they're being put up in a motel which can sometimes take several months if they're going to get into a new apartment," Flaig added.

There is always that thought of this kind of thing can't happen to me, it only happens to other people. But the folks in the neighborhood where the apartment fire happened will tell you differently.

After seeing how fast things can change, Jean Smasal hopes people will act.

I'm glad I have renters insurance, everybody should have something, I hope these people did.

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Source: http://www.weau.com/home/headlines/Renters_insurance_an_inexpensive_investment__139250103.html

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