Aug 14, 2008 4:00 pm US/Eastern
3 On Your Side: Renters Insurance
PHILADELPHIA (CBS 3) ―
As the families left homeless by Wednesday's fire look to find permanent shelter, they also have to begin the difficult task of replacing their possessions.
Most of the residents had renter's insurance, and as 3-On Your Side's Jim Donovan reports, it now turns out to be one of the best investments they ever made.
By some estimates, only half the renters in our area actually take out renters insurance. But we're told the residents of the complex were required to have it as a condition of their leases.
The average renter's insurance policy costs around $15 a month.
Allstate Insurance Candace Wischum says often people don't realize paying a small premium now will payoff in the long run.
"We encourage them to look around each room and say 'OK if I had to replace this room how much would it cost?'" Wischum said.
When doing that, don't over look the small stuff.
Candace advises, "Open up your closet door look at how many shoes you have, how many suits you have, jackets, winter coats, things like that, that all adds up."
Renters insurance is for anyone who rents an apartment or house. It protects your personal property against fire, theft, vandalism and can even protect you in case of a liability lawsuit.
If your still on the fence about getting a policy, Candace says think about it this way, "if you take the roof off of the apartment and you shake everything out, that is your stuff, that is what we are insuring."
To help consumers get on the road to recovery, Allstate offers the following fire loss tips:
• Report your loss immediately to your insurance carrier to start the claim process.
• Have the following information on hand when reporting your claim:
o Information about what was damaged and when.
o The extent of the damage.
o Home association information and rules if applicable.
o Your home inventory, including photos and/or video.
o Current contact information, including telephone numbers and mailing address.
• Allstate recommends that you maintain copies of your insurance policy, home inventory and other personal records in a fireproof safe and/or duplicated and stored away from the apartment.
• If you have not already done so, begin to put together an inventory of your belongings to provide to your insurance company.
• If your home is not safe to live in, ask your insurance carrier about temporary housing or advanced payments for living expenses, depending on the coverage purchased they may be available to assist you with temporary living expenses, such as hotel rooms.
• Maintain receipts for items purchased while you are displaced from your home, such as meals, clothing and toiletries. Reimbursement for these items may be part of your home/condo/renters insurance coverage.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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