“I hated throwing out all of that food.” How many times did you hear that from an FGC neighbor, following the power outage that occurred on the evening of June 29 and lasted until the morning of the 4th of July? Six nights and five days of sweltering heat was no picnic, but many FGC members felt relief when they received compensation for their food loss from their homeowners’ insurance company.
During the interviewing process, potential FGC members are strongly encouraged to get homeowners/ renters insurance. Not only does the insurance provide protection for destruction of private property, it insures your belongings from damage or theft, and provides liability protection for people who are injured while in your home. Renters’ insurance can aid your financial recovery if your unit is damaged by fire; if your property is stolen when someone breaks into your apartment; and if an electric power surge damages your television, stereo and computer. Food is not covered in all renters’ insurance policies (check with your insurance agent concerning your policy.) Flood and earthquake damage are not generally covered, but may be purchased for an additional cost. It is important to keep all receipts for your valuables and other possessions in a safe place, in case your insurance company asks for them when you make a claim.
Many renters mistakenly believe that their landlord’s insurance includes coverage for personal possessions inside their unit. Not true. Generally, the landlord’s insurance only handles the building and common areas of the property.
Some homeowners’ insurance cost around $300 a year (with a deductible of $100 or more) for protection of $30,000, more or less — depending on your coverage.
Members seeking renters’ insurance should shop around for the policy that suits your needs – but get insurance for your own peace of mind.