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Rocky Mountain Insurance Information
NEWS
7951 E. Maplewood Ave, Ste 130, Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
(303) 790-0216 or 1-800-355-9524
Release Date: Immediately
Topic: Insurance
COLORADO SPRINGS APARTMENT FIRES SOUNDS ALARM FOR RENTERS INSURANCE
January 16, 2007 -
A five-alarm fire that engulfed a Colorado Springs apartment complex early Tuesday morning is a tragic reminder that too many people don't realize they need separate renters insurance to replace their personal belongings. An estimated 94,000 apartment fires occur each year in the U.S., costing approximately $948 million in damage to structures and contents, yet less than 50 percent of renters buy renters insurance.
"A tragedy like this morning's apartment fire is compounded by the fact that most people may assume their belongings are covered by their landlord's insurance or they may just think something like this could never happen to them," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "Too many renters find out too late that they need separate coverage to replace their personal possessions."
Renters insurance is also a very inexpensive insurance. The average Colorado premium for renters insurance is about $186 a year or as cheap as $16 a month. Many insurance companies even offer additional discounts for insuring your car and renters policy together. So, for about the price of a night at the movies people can purchase protection that will replace all their stuff. Renters insurance also covers additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses, but do have set limits on the amount they will pay.
A standard renters insurance policy covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Separate flood insurance is available for renters and homeowners. Renters insurance will also cover your responsibility to other people injured at your home or elsewhere by you, a family member, or your pet, and pays legal defense costs if you are taken to court.
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Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.
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