East Lansing and Meridian Township firefighters douse every last flame from the house fire last Friday morning at 318 Elm Place - photo taken by State News

A two-story rental home caught fire last Friday morning where 11 people, mostly Michigan State University students, lived. Half a dozen people were in the house when the fire started, all escaping without injury. Aside from a flat screen television and a house dog the young adults were unable to save a thing. From their text books, computers, and desks to their furniture, clothes and x box – they watched it all go up in flames. The sad part of this story is not one resident carried renters insurance and will not recover anything for their lost possessions. In fact, many MSU students would be in the same situation should a disaster occur.

Renter’s insurance protects an insured’s possessions from natural disasters and theft. Widely misconceived renters insurance is an inexpensive way to protect your possessions from a loss such as a house fire. Lori Conarton, communications director for the Insurance Institute of Michigan, points out many renters believe the landlord’s policy will cover their loss in case of a fire, tornado, or other like disaster however that this is not the case. The landlord’s policy will cover the building itself, however none of the resident’s belongings or added amenities. Conarton also spoke to the common belief student are covered under a parent’s homeowner policy stating this is true for only a small number of cases. She also said for those who are lucky enough to be insured through a parent’s policy, the coverage it is limited to a percentage of the content portion of the policy while renter’s insurance has no ceiling. East Lansing Police Captain Tom Johnstone commented on renter’s insurance as well. Johnstone told reporters theft is a recurring problem in the student rental housing community and believes students would greatly benefit from the coverage.

A policy for this MSU neighborhood through College Renters Insurance with a $10,000 personal property coverage costs a mere $140/ year*. Affordable as this insurance is, only 30% of renters have it according to an article by the State News. With the large scale of this house fire, purchasing a renter’s insurance policy would have saved each resident hundreds, if not thousands of dollars.

The former 318 Elm Place residents have been living by the financial support from friends, family, MSU and strangers aiding in the replacement of their belongs. Although this charity is a welcomed relief, Friday’s fire may serve as a lesson for students to purchase renter’s insurance. For a free renters insurance quote & peace of mind visit collegerentersinsurance.com.

*CRI quote run 4/23/10 with a $500 deductible – apartment/ condominium.

]]> http://collegerentersinsurance.com/blog/disaster-encourages-msu-students-to-consider-renters-insurance/feed/ 0 http://collegerentersinsurance.com/blog/american-campus-communities/ http://collegerentersinsurance.com/blog/american-campus-communities/#comments Wed, 03 Feb 2010 20:25:21 +0000 Cassie http://collegerentersinsurance.com/blog/?p=101 Looking for a luxurious college experience? As college enrollment continues to rise, many students accustomed to the comforts of home such as private rooms, bathrooms, internet services, individual kitchens, etcetera expect the same comforts away at college. American Campus Communities look exceed these expectations as numerous colleges and universities contract them to build student living communities on and off campus. American Campus Communities is one of the largest developers, owners, and managers of high quality student living communities across the United States. From East to West coast American Campus Communities portfolio holds grad total of 136 properties.

American Campus Communities is the first publicly traded equity real estate investment trust (REIT). ACC prides itself with expertise in the design, finance, development, construction management, and operational management of student housing properties.

*Helpful Hint: Students looking to save on rent should look into being a Community Assistant or Resident assistant for a student housing community. These positions, whether in the dorms or student communities, will usually give discounted rent to employees working for the housing community.

Also remember after finding a place to rent, purchase a renters insurance policy asap. Renters insurance will protect your personal property and liability. To find an American Campus Community near you visit their website at: http://www.studenthousing.com/portfolio/.

Before signing a lease be sure you have toured the entire complex. Ask to see a model, or if possible the actual apartment you will be renting. Realize however keeping a model apartment in good condition and looking great is much easier than the lived in apartment you will be moving into. When touring the apartment look for any warning flags such as: moldy carpeting, water stains on the ceiling, large or irregular holes in the walls, rusty appliances, etcetera. Here are a few key questions to either memorize or bring along written in a checklist:

-How much is rent and how long is the leasing term?

-What is the penalty for ending the lease early?

-When is rent due every month?

-If I forget to pay my rent on time is there a grace period? What are the late fees?

-Are utilities included in the rent?

-What is the complex’s maintenance policy? Do you have to repair appliances yourself?

-Does the apartment share a water heater?

(The more people who share a water heater the less hot water you will have available. If it is a smaller water heater or

shared by many people, you may not want to do the dishes, run laundry, and take a shower at the same time.)

-Does the complex allow pets?

-How many parking spaces are allowed per apartment and where do guests park?

After asking all the questions you can possibly think of and found an apartment in your price range it is time to look at the lease. When reading over the lease be careful not to skip over any part of the agreement. Here you will find the important responsibilities on the apartment complex and yourself. Make sure the lease states the correct lease effective date & termination date. If it does not contain correct information or you would like a portion of the lease changed, request a re-written lease with the correct information. If  you and the leasing manager initial next the the changes made you should be safe, however it is preferable that a new lease is printed.

Once a lease is signed be sure to document the apartment’s current condition and photograph or write down all damages before you move in. When moving in be sure to keep a copy of your lease accessible. This will be helpful if you should have any questions about your freedoms or the apartment complex’s responsibilities. Remember, if you do not abide by your responsibilities in the lease you are breaking the lease and in danger of eviction.

Another perfect fit for your new apartment is renters insurance. GradGuard’s Renters Insurance protects you from the costs of replacing your personal belongings when they are damaged, stolen, or vandalized. It can provide protection for personal possessions that don’t happen to be in the apartment or house at the time of the loss as well. GradGuard Renters Insurance also provides personal liability coverage if you are found at fault for injuring someone or their property. Keep in mind moving from the dorms to an apartment  is an experience in itself, find a renters insurance policy with the right fit for you at: www.collegerentersinsurance.com.

Happy hunting!