ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Thursday, January 9, 1997 TAG: 9701100052
SECTION: VIRGINIA PAGE: C-1 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Renter's insurance, which would have protected tenants in Tuesday's fire at Bent Creek Apartments, is surprisingly affordable.
Myra Taylor, an agent with the Roanoke firm of Chaney, Thomas, Stephenson & Hill, said most companies charge between $73 and $78 a year for a policy providing $10,000 worth of coverage, assuming a $250 deductible provision. The amount varies depending on whether the apartment building is built of brick or wood.
Increasing the coverage adds only $1 or $2 a year for each supplemental $1,000, Taylor said.
Some tenants may not realize that their landlord's insurance policy will not cover their own appliances, furniture and other possessions, she said. She has never seen a landlord's policy that provided any protection to tenants.
Taylor said the policies cover the renter's possessions in case of a fire. If the apartment is uninhabitable during repairs, the policy will pay living costs over and above the normal costs of rent and utilities.
The insurance also covers liability. It would provide a defense and payment in case a delivery man, for example, falls over a piece of furniture in the apartment. Taylor said the liability section also covers allegations of slander by the tenant.
Renter's insurance would also come into play for water damage, whether it stems from fighting a fire or whether the policyholder allows a tub to overflow.
Such policies also protect a renter's property from theft, whether or not it occurs in the apartment. Taylor said the renter is reimbursed if an item is stolen from luggage in London or if purchases are stolen from a car at a shopping mall.
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