Richard and Melissa Barber didn’t expect to be in the position they’re in, but they didn’t expect to suffer a house fire in their rented Statesville home.
If they had known in advance, of course, they would have purchased Statesville Renters Insurance which can cost as little as a hundred dollars a year.
They made the mistake so many others have made, thinking that “it won’t happen to us.” With five small kids and twins soon to arrive, the family is struggling after their loss.
The fire took all of their property, as well as much of their pride. What little pride they had left has been taken by having to sleep wherever they are able. Sometimes that has included in their car. One local hotel has given them a few nights on the house, but they’re not sure where they’ll go after that.
WBTV interviewed the family, and Richard had this to say,
I’m a firm believer that the man is supposed to be the provider and protector of a family, but I can’t protect them from the consequences of a fire
To add further insult to injury, Richard has since been laid off from his job. There is, at this time, no final word on whether the insurer responsible for the home will attempt to recover their losses from the family.
Those decisions can take months and sometimes years to make, depending on how many other insurers may be involved and the particular facts of the individual situation. That’s yet another thing hanging over the family’s head.
How Would Renters Insurance In Statesville Have Impacted This Family’s Lives?
Sleeping Wherever They Can
With five children, and twins coming shortly, sleeping in a car is less than ideal. Renters insurance policies offer coverage to make sure that the insured never has to resort to that. This coverage is called Loss of Use and it pays for your additional living expenses after a fire or other covered loss.
There are certain types of losses which are often contained by their very nature, such as a theft. Some things have been stolen, to be sure, but you still have most of your things and your apartment to fall back on. A fire is a different kind of loss altogether. Not only do fires spread quickly and often become total losses, but toxic smoke permeates everything.
Loss of use coverage after a fire is what pays for the hotel and other additional living expenses so that you can get back on your feet and so that you and your children have a place to go.
Left Without Anything At All
Since a fire loss is so often a total loss scenario, replacing what was lost can be both time-consuming and hard on your wallet. With young children, it’s likely that the family was counting on things they already owned from previous kids to provide for the new arrivals. All of that is gone, and has to be replaced along with furniture, clothes, things the kids need, and much more.
Personal property coverage on a Statesville Renters Insurance policy offers the opportunity to replace those things at retail. You’d get items of like kind and quality, subject only to the policy limits and the deductible.
When you have personal property coverage, you know that even a fire which takes everything from you is just a bump in the road. You and your family are safe and sound, you have a place to go, and you can start to replace the things that were lost in the fire.
Without this coverage, you’re dependent on what you can afford to purchase and on the charity of others. Charity is a wonderful thing, but it’s not good for pride and it’s not something to be depended on with the economy still in a questionable stage of recovery.
Who Pays For The Home?
In this case, we don’t know what caused the fire. That makes it impossible to determine responsibility. Did the negligence of the family caused it? Was it was just one of those unfortunate events which happen. If the negligence of the family is responsible, it’s possible that the company insuring the home could come after the family for the money that the insurance company paid out to replace the dwelling. This process is called subrogation and happens more often than you think.
How Does Subrogation Happen?
When the owner receives payment to rebuild the dwelling, he assigns his right of recovery to the insurance company. That means the insurer can and may stand in his place and use that right to recover money that was paid on the loss. How can you protect yourself against that risk?
Renters insurance liability coverage is able to protect you by paying for losses caused by your negligence. The coverage will also defend you against that claim or suit. The other insurance company isn’t stupid. They’ll likely settle for the policy limits and accept that they were able to recover something, even if it’s not the full amount. Without this coverage, they’ll be looking for the full amount and they’ll do whatever they have to do get it.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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