March 4, 2021

Recent fire sparks discussion about renters insurance options

HANNIBAL, Mo. (WGEM) – Local fire officials with the Hannibal Fire Department are stressing the…

HANNIBAL, Mo. (WGEM) – Local fire officials with the Hannibal Fire Department are stressing the importance of having renters insurance after a fire destroyed units in the Park Terrace Apartments in Hannibal last week.

Fire investigator Mark Kempker said only one unit out of the twelve in the fire had insurance.

Kemper said insurance should be a part of your emergency preparedness plan because once a fire starts, it’s already too late.

“It is probably something that should be in your emergency plan. You pre-plan and have your smoke detectors and your emergency plan for how you’re going to get out of the building. You need to have insurance along with that too,” Kemper said.

Hannibal Fire officials said organizations like the United States Fire Administration have detailed plans for how to prepare before a fire.

Local insurance agents said renters insurance is not as expensive as many expect.

“It is not expensive to have. It’s very affordable. Around 10 to 20 dollars per month depending on the type of coverage and how much you need. And that will protect you for around 20,000 dollars,” Craig Spratt, local insurance agent.

Spratt said renters insurance will also protect renters in case of problems like broken pipes or accidents if someone is injured on the property.

The topic of uninsured renters is not only happening locally, it’s happening across the country.

37% percent of renters have insurance, according to the Insurance Information Institute.

According to the National Association of Insurance Commissioners, this is how much it cost a year for insurance in the Tri-States:

  • $144 in Iowa
  • $167 in Illinois
  • $173 in Missouri