Renters Insurance: 'Small Price to Pay'

Insurance officials say investment is critical

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By Monique Williams

Story Created: Jun 15, 2012 at 6:27 PM EDT

Story Updated: Jun 16, 2012 at 10:00 PM EDT

COLUMBIA, S.C. (WOLO) -- An apartment complex fire in Columbia that destroys three units and damages five others, leaving some 15 people without a place to live, prompts local insurance officials to stress the importance of obtaining renters insurance.

James Byrd, Deputy Director, Office of Consumer and Licensing Services with the South Carolina Department of Insurance, claims securing renters insurance costs less than some may think. He says a basic policy cost an estimated $173 a year, which amounts to approximately $14-$15 per month. He urges, anyone who rents an apartment or home, need to make securing such coverage a top priority. A $173/year policy could provide more than $10,000 worth of coverage.

A renters policy not only protects against fire, but also wind, hail, vandalism, lightening and what officials call 'malicious mischief.' For more information on your policy options, call 1-800-768-3467 or visit www.consumers@doi.sc.gov.