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/new-resource-for-up-to-date-information/ http://collegerentersinsurance.com/blog/new-resource-for-up-to-date-information/#comments Tue, 02 Feb 2010 14:36:56 +0000 Ryan http://collegerentersinsurance.com/blog/?p=100 Student housing has changed a lot over the years. There used to be a common belief that college students typically lived in old and often small apartments and homes. Now, when you look at the housing projects that have gone up around college institutions, this can be far from the truth. College students now have the option of upscale student living and most want now what they hope to have later.

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.

With renters insurance being so inexpensive while covering so much, you would think that everyone would have it. Studies conducted by Allstate Insurance in San Antonio, Texas showed that 53 percent of college-age adults are currently renting without insurance. This is still occurring even though college students are taking more and more valuables to college these days. Some individuals are living in uninsured apartments or homes that hold over 10,000 dollars in valuable possessions.

The most common source of living accommodations while attending college is renting. This doesn’t come as a surprise seeing that every college student can’t afford to buy their own place. What is not commonly known is that without living in a campus dorm, college students are no longer covered under their parents home owners insurance. If someone is living in a dorm, some policies allow for coverage of personal belongings but this varies policy to policy and only provides partial coverage.

Let’s say that you decide living off campus is what you want to do. You come home late one night and you see that your apartment is on fire. The initial reaction is to panic but it slowly fades because you believe you’re covered under the landlord’s home owner’s policy. Wrong! It is also a common misconception that home owners insurance purchased for the property covers any tenants that are renting. In some cases, there is a small amount of coverage left in place for the property while all other expenses fall in the hands of the tenants. In most cases, all financial responsibility comes back to the renters.

The best part about renters insurance is that it is very affordable but covers so much. It is fast and easy to sign up so get yourself the protection you need!