One moment can change everything, as evidenced by the explosion of the fertilizer plant in West, Texas. To date, there are 14 confirmed fatalities and 200 injured from the blast. As many as 75 homes, an apartment complex, a middle school and a retirement center were also destroyed in the explosion. And West isn’t an isolated incident. Last year, 150 man-made disasters occurred in the United Sates, including fires and explosions, causing almost $6 billion in damages.
Many renters don’t think they need insurance, assuming their property will be protected under their landlord’s insurance. However, most landlord insurance only covers the apartment or home structure and not personal belongings. Renter’s insurance costs about $15 a day. It is also a common misconception that renter’s insurance is unaffordable. Unfortunately, many West residents affected by the explosion were renters. If they did not carry renter’s insurance, it is unlikely they will be able to recoup their losses.
Know Your Coverage
The benefits you receive will depend on the cause of damage, such as flood or fire. It’s important to know what coverage you have, especially if your home has expensive upgrades, such as granite countertops so you can ensure they will be covered. It is important to have both the correct amount of coverage, as well as the correct type of coverage.
Take an Inventory
Make sure you take regular inventories of your belongings, particularly expensive or heirloom items. Several mobile applications allow you to easily take a detailed inventory of your possessions. Don’t forget important documents. These are easily overlooked when preparing for a disaster. Digitize these documents and transfer to a flash drive that can easily go with you if you are evacuated.
If your home or apartment is impacted by an incident, call your insurance agent right away. The sooner you call, the sooner you can recover your loses. Your home does not necessarily have to be damaged for you to receive help from your insurance companies. Many policies provide coverage for people who are displaced from their homes at the request of a government entity.
Don’t Become the Disaster
A little preparation will go a long way toward recovering from a catastrophe It can mean the difference between a partial replacement of damaged property and a total replacement. Or even worse, you may end up with nothing. Whether a homeowner or renter, be sure you carry insurance and that it will adequately cover your needs.