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.