Importance of buying renters insurance
CHARLESTON, W.Va. (WSAZ) - It’s been five days since a fire destroyed the Regal Apartments in Charleston, leaving many without all of their belongings.
These types of tragedies are a reminder how importance insurance is.
“It provides a peace of mind, because we always say it’s not going to happen to you until it does and, heaven forbid, if it does happen but we like to pre-plan,” said Don Wilson with Capital Insurance Group.
Wilson says buying renters insurance is a transfer of risk. He says buying a coverage plan protects your personal property and will pay for your lost or damaged belongings, even though you do not own the building.
“You can’t just go out and buy all that stuff, and why not transfer that risk to an insurance carrier for eight, 10, 15, 20 dollars a month to make sure all your personal things are covered,” Wilson said.
Wilson also suggests to buy loss of use coverage which will help pay for other living arrangements while your home is being rebuilt or you have to find a new place to live.
He says while finances can be tight, it’s better to be safe than sorry.
“You’re talking $75 to $300 a year, and I know that can be a lot of money to some people but at the same time transferring that risk to an insurance carrier to cover $20,000 to $30,000 worth of your personal belongings and provide you with a temporary living arraignment it is a reasonable cost in my opinion,” Wilson said.
Wilson says any major insurance agency offers renters insurance as well as his agency Capital Insurance Group.
He says if you want to know your options and details about plans, to reach out to an agent.
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