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/where-do-you-live/ http://collegerentersinsurance.com/blog/where-do-you-live/#comments Tue, 23 Mar 2010 12:32:12 +0000 Ryan http://collegerentersinsurance.com/blog/?p=131 Renters insurance has multiple benefits from property coverage to liability coverage!

What some people forget to look into is where they live.  If you live in a particular area that is susceptible to damage caused by mother nature, you may need to add to your policy.  Depending on your particular situation, you want to make sure that the necessary coverage is applied.

If you have any questions or concerns, make sure you contact an agent so you can rest assured.

All of the sudden you hear a few loud thuds and you rush to see what happened.  One of your friends slipped on your stairs, causing him to tumble to the bottom.  As you get closer, you realize that he has broken their arm.  Worried about the well being of the individual, you end the party and help him get to the hospital.  The next day you are feeling pretty good about yourself because you stayed at the hospital all night to comfort your friend.  A few weeks pass by before you find out that you are being sued for the cost of the injuries.

At this point, you are confused because you don’t feel that you were liable in any way.  In fact, you feel like you did everything you could have to help the situation.  Well, too bad! If someone is injured on your property, you are liable for costs incurred from the injuries.

While it may be impossible to prevent some of the misfortunes that come with life, being prepared pays off.  Renters insurance not only provides coverage for personal belongings, it also covers personal liability.  With this coverage, lawsuits related to injuries on your property can be much less stressful.

It greats better, renters insurance is very affordable.  Based on a national average, premiums can be as low as $160 a year!

10am: While sitting in chemistry, you hear of a fire back at the dorms.

10:30am: You rush back to the dorms after class to see what all the talk is about.

As you approach the dormitory, you begin to realize that the dorm that has caught fire is your dorm. As people evacuate, you are forced to stand by and watch all of your possessions go up in flames. You begin to panic, price tags start to race through your head. You know that you live on a limited budget that won’t cover the costs of your belongings! As you sit there, you begin to wonder what could have been done.

This situation probably hasn’t played out in your head and hopefully, you will never have to experience it. Unfortunately, situations like these do occur and when they do, they tend to leave behind a trail of devastation. The students of New Jersey’s Seaton Hall College know this agony all too well.

On January 19, 2000, students awoke from bed expecting another normal day at Seaton Hall. Before the day was out a massive fire swept through their dormitory, claiming lives and destroying precious possessions.
The worst part is, Seaton Hall is not unique. Including Seaton, there are twelve schools that have incurred deadly fires within the past few decades.

• Providence College
• University of North Carolina
• University of California
• Ohio State University
• Greenville (Ill.) College
• Texas College
• University of Tennessee .
• Murray State University (Ky.)
• Rutgers University
• Central Missouri State University
• Radford (Va.) University

As surprising as this list may seem, it only reflects deadly fires. Minor fires that destroy possessions and structures occur much more frequently.
On top of fires, college atmospheres like the dorms, increase the likelihood for accidents and crime.

Don’t wait until you are the one on the curb wondering if you could have done something.

Do something today and get yourself renters insurance to protect against the economic losses caused by fire, smoke and many other perils of college life.

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/.

With this fast paced growth occuring in this student housing market, it is often hard to stay on top of the lastest news. If you are looking for new developments in your area, StudentHousingPlanet.com is a great resource to get information on student housing projects and developments close to you.

These housing options give students the option of not only living in a comfortable setting but experiencing an enviornment unlike any other. With this enviornment, comes risks that students need to be aware of. By living in a highly populated area, risks like theft and damage of property tend to occur more frequently. With renters insurance offered at CRI, these worries can be alleviated. With the high cost of personal belongings these days, such as laptops, stereos, ipods, televisions, and so on, replacement costs can be detrimental financially.

If you do not want to be left vulnerable, renters insurance is a great option to keep you protected. With the high traffic that occurs in the dorms, you never know what may happen. It may not be your fault but regardless, you will be the one to pay for it if you are not covered. Renters insurance is very affordable and when it is compared to the cost of replacing expensive belongings like laptops and televisions, it looks even better. Depending on your coverage, you will be reimbursed for the depreciated value of your belongings or their replacement cost. At college renters insurance, you can rest assured that if something happens, you will be getting ever penny it takes to replace your belongings because we only offer replacement cost policies. Furthermore, our policy covers accidents that occur within the rented property. This means, if someone gets hurt in your place and they come to after you for money, you will be covered!

It is far too often the headlines read everything lost in apartment fire or thousands in damages to be paid on property damage. In this case, Crista Fischer is fortunate enough to have a renters policy that is expected to reimburse all of her expenses associated with the fire. Since her experience in December, Fischer insisted that “everybody needs to have renter’s insurance.”

Although most people know the risks they take on without coverage, Mike Shanahan, an Insurance company owner in Fremont, reported to the Fremont Tribune that its common for renters not to carry renter’s insurance.

For $10 a month it saved Crista and some policies are even less that! Look into coverage before your horror story hits the headlines!

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!

Melodye Colucci-Stackpole, a Realtor with William Raveis Real Estate in Stamford discovered a fraudulent scheme last week when a potential customer called her about a rental property. The call raised some suspicion because Melodye did not have any rentals. After some investigation, she discovered the property the individual was calling about was a client’s property that she had listed for sale. Turns out, her craigslist listing fell victim to scammers looking to make a quick dollar.

The ad that she had placed on craigslist had been copied and resubmitted to the website as a rental property. In the new ad, all of the correct information was given regarding the address of the property, the owners name, and even the realtors name and number. The scammers also provided an email address which included the name of the owners as a means for communication.

The asking price for rent is generally much lower the market would allow to draw people in. In this case, this property could be rented for 3,000 but the scammers are only asking for 1,100. Once someone contacts the scammers via email, a intricate background story is given to explain why the “owner” had to leave the country. These stories vary but this particular case, the “owners” were forced to leave town to tend to business they have in Africa. Conveniently, for the scammers, the “owners” also took their keys with them to Africa so a walkthrough of the home is not available prior to renting. The “owners” elaborated further on their story by explaining that the rent amount is not their main concern, they just want someone who will be able to take very good care of their home while they’re away.

At this point, anyone interested is asked to fill out rental application that asks for a list of personal information. Of course, anyone who falls for this is going to be accepted, then comes the security deposit. If someone continues to fall for the act and sends the security deposit overseas, that’s the last time they will ever see that money. The whole purpose of this scam is to accumulate multiple security deposits and then the scammer disappears.

Stamford Police Sgt. Peter di Spagna said scams are as old as the Internet sites on which they appear. Spagna elaborates further on the matter by explaining similar scams he has seen in the past.

“They involve dogs, cars, furniture — there are constant variations of the same scams,”

To stay safe, anything involving anyone or any transaction that is out of the United States should be avoided. There is zero guarantee of what is going to happen to your money once it leaves the States.