"I should never have canceled my policy."

December 29, 2009

Life's lessons can be very costly, as I learned one autumn day in September.

I lived in a Chicago suburb in a third-floor apartment. I was planning to move in a few weeks, to a new townhouse. I enjoy taking care of all the little things. There are so many details involved in buying a home and moving to a new neighborhood.

I had renter's insurance for the entire time I rented my apartment. But a few weeks before moving, I opted to purchase homeowner's insurance, canceling my renter's policy. Moving is costly, and money was tight. So in an attempt to be frugal, I thought it wise to forego having two premiums at the same time. Could I have been more wrong? My new home wasn't quite move-in ready. The townhouse had been abused by its previous owners, so there was plenty of work to be done before it could be made livable.

Then, on September 26, just a week before I was to close on my townhouse, I got the shock of my life. I was ready for bed. It was about 10 p.m. when there was a knock at the door. I heard a commotion in the hallway. Someone said the building was on fire, and I should get out. At first, I thought he was kidding. He wasn't. Still wearing my pajamas, I grabbed my keys, purse, a coat and shoes. I went downstairs as quickly as I could. Once downstairs, I looked up. Flames were visible in the attic and roof just above the place that had been my home for three years. I felt so helpless. I had hoped the fire could be extinguished before it spread through the walls and into my apartment. The fire appeared to be confined to the east end of the three-story structure where my fireplace was located. That turned out not to be the case. As I watched, I was sickened to see the red glow through the window where a few hours before I had been washing dishes. The flames seemed to tease firefighters as fire escaped from above the eaves in an effort to devour the entire building. Just then, heavy streams of water beat them back. Despite the firemen's best efforts, the fire had spread throughout the entire top of the building from front to back, dancing through the roof in several places.

Hours passed before the fire was out. The entire place was doused with water to ensure that hot spots would not reignite. The next day, I went back to pick up some belongings and assess the damage. It was extensive. What wasn't burned was destroyed by water or covered with charred insulation. I could see daylight from the gaping holes in the roof. My beautiful stone-walled fireplace was nothing but barren brick. The carpeting was saturated, squishing when I walked. What was once my home was now barely recognizable. It was surreal.

I was able to salvage a few things, but most of what I had saved and collected all my life had been destroyed. It would take a long time to replace it, since I no longer had renter's insurance. The irony is that I was protected until just a week before. If only I could turn back the clock. I should never have canceled my policy. I wish I hadn't tried to cut corners on such an important thing as renter's insurance.

— Carol from Arkansas

Take a few minutes to get a free no obligation renters insurance quote from Homesite and see just how affordable it can be.