Virginia: Your Need for Renters Insurance
Did you realize your apartment community's insurance policy does not cover your personal belongings when a natural disaster strikes? Most apartment communities' insurance only covers damage to the building, leaving your belongings uncovered. Renters Insurance offers protection for your personal property when fire, theft or a natural disaster occurs. Between the years of 1976 and 2004, Virginia had 23 declared major disasters, ranking Virginia among the top twenty states in number of major disaster declarations. But your coverage from Renters Insurance does not end there; it also can cover your liability if someone is injured in your home.
Can you imagine trying to replace your personal property by yourself? Or paying hundreds of dollars in doctor bills if a friend hurts themselves while in your home? Don't realize the importance of Renters Insurance when it is too late.The affordable premium is well worth the peace of mind you get from knowing your property is safe.
Learn more about prominent risks in Virginia and the surrounding area:
Theft
U.S. Department of Justice's Bureau of Justice Statistics reports that rented households were burglarized at rates 79 percent higher than owned households. In 2001, the bureau reported that rented households experienced 210 property crimes per 1,000 households nationwide, while owned households experienced only 146 property crimes per 1,000 households. In 2004 alone, 968,932 burglaries occurred in the South according to statistics reported by the Federal Bureau of Investigation. As you can see, the most common threat to an apartment unit in the nation, as well as in Virginia, is burglary. Unfortunately, your apartment community's insurance policy does not cover your personal belongings lost due to theft. Do not let fences or gates at your apartment complex mislead you to think it is safer. On most low-crime properties the main purpose of gates or fences for apartment communities is to provide the sense of privacy and exclusivity.
Fire
Fire is a risk in all states, including Virginia. The U.S. Fire Administration reports that direct property loss due to fires was estimated at $9.8 billion in 2004. According to the Federal Emergency Management Agency, apartment fires accounted for 23 percent of residential fires between 1992 and 2001 as well as accounted for 20 percent of the dollar loss from residential fires during these years. With these kinds of statistics, it is better to be prepared and protect your property from this risk.
Tropical Storms and Hurricanes
Hurricanes and tropical storms are a threat for Virginia, as well as all states along the U.S. coastline. Hurricane Katrina was the third-most intense hurricane to ever hit the United States since reliable records began in 1851, according to the National Weather Service. Damage from the hurricane is still being assessed, but the expected damage incurred ranges from $40 billion to $60 billion. Hurricane Camille, the most powerful storm in U.S. history, devastated the coast of Mississippi. As the storm moved inland, it flooded areas of Kentucky, West Virginia and Virginia.
Wildfires
Wildfires are a threat in Virginia, as well as a risk to all of the United States. Wildfires consume thousands of acres of land, threatening the apartments, homes, and lives of many in the vicinity. An average of five million acres burn every year in the United States, causing billions of dollars in damage. According to the National Fire Protection Center, wildfires that occurred in Southern California in October and November of 1993 resulted in an estimated $809 million in property damage.
Tornadoes
Tornadoes are nature’s most violent storm. Although tornadoes affect all states in the nation, including Virginia, they highly impact Texas, Oklahoma, Kansas, Florida and Nebraska. Surrounding areas of Norman, Oklahoma had over 473 apartments destroyed and damaged 568 apartments. The National Oceanic & Atmospheric Administration reports about 1,000 tornadoes across the United States in an average year. The ‘Tornado Alley’ extends roughly from the Rocky Mountains to the Appalachians and from Iowa and Nebraska to the Gulf of Mexico.
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