If you live in an apartment or rent your home and don’t have renters insurance, here is your wake-up call. None of the residents of Park Manor Apartments in Berrien Springs, which burned to the ground on Saturday, were insured. They all lost everything in their homes except their lives, and while they’re getting some help, it doesn’t bring things back. Corey Flaugh runs Flaugh Insurance Group in Benton Township and talked to WSJM News about the importance of having that coverage.
“It not only provides coverage for their personal property, but it also provides coverage for liability in case they were negligent and a guest was on the property and slipped and fell or in the event of a fire or some type of catastrophic loss,” says Flaugh.
The coverage also helps pay for hotel costs for temporary housing if that’s needed. Flaugh says rates are dependent on several factors, but tells us for a $25,000 policy with replacement value and a $500 deductible, most people would pay around $300 a year in premiums, or $25 a month. That’s a lot less than having to replace everything.
