by INFORUM
Apartment fire: Unknown how many residents were insured
October 12, 2010 at 7:00 pm in INFORUM
It’s unknown how many tenants displaced by Monday’s Galleria On 42nd apartment building fire in south Fargo had renters insurance because it wasn’t required by the building’s property managers.
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At $10 to $12 a month, they are making a killing? Small price for piece of mind and protection. I am the last person that is going to complain about the absurdly low insurance rates in North Dakota. We pay about half of what we did for the same coverage as when we lived in Texas. Same State Farm, also.
Well-loved. Like or Dislike:
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If you had been living in that apartment when it went up in smoke you would know how cheap renters insurance is. (ten to seventeen dollars a month depending how much coverage you want.)
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Renters insurance is very affordable in fact I had one policy where adding renters insurance actually saved me money. I would advise any renter to check with their agent. I’m sure North Dakota will be adding restrictions for bbq grills and balconies. I believe Minnesota law to be much stricter than North Dakota.
Well-loved. Like or Dislike:
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From my knowledge Minnesota law is not stricter. I think it was just earlier this year (although my time might be wrong) that Moorhead was working on an ordinance to prohibit stand alone gas grills on balconies in apartment buildings. To have a gas grill it would have had to be built into the balcony and be fed from a gas line coming from the building. The MN state fire marshal was behind this, the city was behind it because they didn’t want a catastrophe. It was all set to pass, until they realized that Fargo didn’t have any such limitation and the city council was afraid to lose renters to Fargo.
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I don’t get it. When I lived there, I was required to show proof of my renter’s insurance policy. I’m not sure if that was because I had a dog, but I had to have it. I know the building has changed management companies, but I don’t understand why that requirement would have been removed. My heart pours out for all of these people who have lost everything!!!! I’m rallying up donations and everything, but I almost feel like renter’s insurance should be a requirement for everyone, just has home owner’s insurance is required. I’m happy everyone is safe and kudos to all the fireman who risked their lives!!!
Well-loved. Like or Dislike:
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It was probably required because of the dog. Pets are much more likely to cause damage.
Homeowner’s insurance is required by the terms of the mortgage from the bank because they are the legal owners. Pretty sure there is no law requiring it if you own your home outright.
I don’t think a law requiring it should be necessary. This information has been disclosed in every rental agreement I ever signed (although that was some time ago). It comes down to personal responsibility.
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If you own residential property outright you aren’t required to carry insurance.
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Just like any insurance policy, make sure you have the right amount of coverage. Just because you have renters insurance does not mean they will cover all of your losses.
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After you purchase your renters insurance policy, you should go through your apartment with either [or both] a still camera / video camera and take pictures of your stuff. The disk or photos should be kept someplace other than were you live — safety deposit box, if you have one, a lock box, parents home, but someplace away from your home. Any jewelry, expensive clothes [don't forget winter coats, boots, etc], furniture, computers, TVs, art, grandma’s china, microwave, toaster, coffee maker, etc. should all be photographed or at least inventoried. Invalueable in case of a fire ………
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“The disk or photos should be kept someplace other than were you live — safety deposit box, if you have one, a lock box, parents home, but someplace away from your home.” The same is true for data on your computers.
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