LUBBOCK, Texas – The devastating fire at an apartment in Boulders in Lakeridge on Monday is a reminder of how important it is to have tenants insurance.
The fire destroyed 24 units and displaced 28 people. Many people have lost some of their most prized possessions, such as wedding bands and handmade quilts made by family members. Some were able to recover clothes, but others were not.
Local insurance agents said it was very common for someone to come to them after something bad and regret not having renters insurance in the first place.
Ron Hettler of Hettler’s Insurance said: “You need renters insurance when bad things happen.”
These bad things can include theft, damage from a flood or tornado, or a fire that destroys property.
Weston Taylor owns an insurance company, and he said renter’s insurance can be replacement cost or actual cash value. Basically, the insurance company will cover what it would cost to pay for that item or that money.
They explained that renters insurance not only covers the structure, but also the property. It can be clothes, furniture, electronic devices, etc. It also provides civil liability insurance in case of damage caused by the tenant. The good news is that it is affordable.
“$200 to $300 per year for $30 to $40,000 coverage. You want to make sure you have enough coverage. $40,000 would definitely go a long way toward getting your house in order from zero,” Hettler said.
Taylor added that if combined with car insurance, it can be cheaper. It can range from $15 to $100 per month.
Renters insurance may also cover damage to personal effects inside their car. “Think of how many people have had their cars broken into,” Hettler said. “There are people every week, probably every night in Lubbock who want tenant insurance.”
The two said it’s common for customers to contact them after something bad happens, and once they don’t have renter’s insurance, they sign up for cover.
Boulders management in Lakeridge said it requires all of its tenants to have rental insurance, but would not comment further.