That bike that got stolen on Capitol Hill? You’re probably not going to get it back. Meanwhile, another summer of Capitol Hill apartment building fires sparked by careless smokers and burnt dinners thankfully did not claim any lives. But the fires did cause serious property damage as flames, smoke, and water seeped into adjacent units. In many cases, getting your property replaced or a new bike comes down to about $10 a month.
If your landlord doesn’t already require it, taking out $10 a month renter’s insurance policy can be protection against break-ins, water damage, and all the other things that threaten to destroy your smartphone — including theft on the streets.
Tom Spangler, who runs the longtime 15th Ave Spangler Insurance, said policies for as low as $10 a month will cover property damage, relocation costs, and even some medical bills.
“It’s lots of protection for the money laid out,” he said. “You don’t have to be rich.”
(Image: Kate Clark via Flickr)
The Seattle Fire Department has responded to 24 apartment building fires so far this year which resulted in an estimated $775,350 worth of property loss and damage, an SFD representative told CHS. Here are a few Capitol Hill examples:
- Seattle Fire battles two-alarm Bellevue Ave E apartment building fire
- SFD takes care of Bellevue Ave E apartment fire
- SFD quickly tackles Bellevue Ave E apartment fire
You get the drift.
Meanwhile, three bike thefts a day are reported in Seattle — the unreported number is probably twice that.
The Spangler Insurance company has been operating on Capitol Hill since 1961 and at 15th Ave and Republican since 1981. Over the years, Spangler said he has seen more clients come into his office seeking renter’s insurance because increasingly more landlords require tenants to have coverage.
But many don’t. And though you’ll be screwed in the event of massive acts of nature — most renter’s insurance will not cover things like floods, earthquakes, and landslides — you’ll only be out the ongoing cost and a deductible when somebody liberates your $3,000 road bike from the rack.
For more on what to look for in a renter’s insurance policy, check out the NW Insurance Council site. For more on what to expect after a house or apartment fire, check out this SFD brochure (PDF).
Have a renter’s insurance story or advice to share? Let CHS know in the comments.
Totally agree, and endorse Tom, whom I have dealt with over 20 years. Very helpful and knowledgeable. Consider too, depending on your situation, an umbrella policy, also inexpensive and can really assist if something extraordinary occurs. Also covers other things you wouldn’t think of, fills in some of the gaps your usual policies may not cover.
Get renter’s insurance anyway. Just do it, don’t wait until something bad happens to make you wish you had.
Earlier this year someone broke into my Public Storage storage unit, stole about $5000 worth of stuff, then replaced the lock. When I discovered this I was devastated, but so happy to have the insurance that I had signed up for through Public Storage that covers bulgary and break-ins. Oh, wait, only in cases where “there are visible signs of forced entry,” per the contract. And there weren’t, so I got nothing.
If I had had renter’s insurance it would have covered what was in my storage unit and I wouldn’t have had to go through the extreme frustration of having some 19-year-old claims adjuster giving me typo-ridden letters denying my claims. If you have a storage unit anywhere and are paying for whatever insurance they sold you but you do not have renter’s insurance, stop immediately. For the same price you could have insurance that will actually protect you and your belongings inside that storage unit and in your home as well.
Take pictures of any valuable belongings you have, make a spreadsheet, note serial numbers,
just doing a little bit can go a long way so that when an emergency happens, you’re not scrambling to find receipts or proof of ownership. Even if you’re not wanting to get this organized with it… Just get renter’s insurance. It’s the best deal in the business.
If you already have an existing insurance policy, adding renters insurance may actually lower your premium as the “multi policy discount” can be greater than actual cost of renters insurance.
I’m lucky in that my rent requires it. I’d previously been a homeowner in another region when I moved here so it wasn’t something I’d have even thought of, but when our garage was broken into and two of my bikes were stolen (one of which was a ~2500 road bike), I was really glad for it.
I actually expected lots of trouble with it, since the bike referenced above was custom built. I had to gather a couple dozen separate receipts and document all the components that were on it, but surprisingly it was approved without issue once I did that.
I used to own a condo that I rented out after I moved into my house. I feel so strongly about renter’s insurance that I specifically made it part of the lease agreement that my tenant(s) would get it, for their own good. That provision probably didn’t carry any teeth, but at least 2 times tenants told me they probably wouldn’t have gotten it the lease didn’t call it out. Nothing ever happened– but hopefully it spurred a couple of people to develop a good habit “just in case”. It’s such a good deal and a good idea.
every place I have ever rented in Seattle requires Renter’s Insurance (usually up to $100,000 of coverage) which usually comes out to about $200/year.
Regarding renter’s insurance: If you take an “endorsement” on your policy the cost will be something on the order of $5 or $10 per year in addition to the cost of your renter’s insurance policy. With that said you need to be cautious about claims on your policy. I was advised by my insurance company that if you have multiple claims on your policy you risk being cancelled. So my advice is do not use insurance to get new stuff use it as insurance and make legitimate claims. You can also put an endorsement on things such as your smartphone so don’t fall for the push that mobile carriers give to buy their supplemental insurance for $3 or $4 dollars a month with a big deductible. Endorsements have no deductible but heed my advice and do not make claims indiscriminately.
insurance is a layer of the onion. i secure all my windows and door. lock up even when going downstairs to do laundry, don’t let anyone unknown in the building. my landlord checks the fire detectors every year. i know my neighbors, in and outside my building. smart home security systems are improving and can monitor fire, co, water, movement, breakins and connect to the smart phone. i am strongly considering getting “piper” to monitor my apartment. we can’t control everything, crap happens, but every bit to increase the odds in my favor helps.
thanks for all the good info here.