Beaver Dam apartment explosion highlights the importance of renters insurance

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MADISON, Wis.(WMTV) Beaver Dam Police said Thursday night the apartment complex on Knaup Drive where explosives were found will be demolished.

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Roughly 30 people lived inside the apartment building 109. Authorities said the build will be destroyed because there on-going concerns about remnant explosive materials, as well as structural concerns following Monday’s explosion, and Wednesday’s controlled explosion.

Beaver Dam residents now looking for a new place to live highlight the importance of renters insurance.

“It’s a really affordable way to protect your belongings, and protect things that could happen to you in other apartments,” said Josh Erickson, who owns an agency with American Family Insurance.

While protecting the building is your landlord’s responsibility, Erickson said renters insurance will help protect your personal property. Renters insurance helps you repurchase, or return your possessions back to normal should there be something like a fire, theft, water damage, or, like in Beaver Dam, an explosion.

“Simple things like a fire in a neighbors unit, the tub overflows, or the cord to the fridge breaks and your apartment unit floods or your neighbors [floods] because of something you did. It’s protecting not only your stuff, but also what you may do to others,” said Erickson.

Residents in Beaver Dam are now looking for new apartments. Erickson said during their search, if they have renters insurance it will likely cover the cost of hotels, and meals.

“If you need to stay at the Holiday Inn for a couple nights to figure out what happened, your renters insurance will likely cover that,” said Erickson.

For the typical person renters insurance can cost between seven and ten dollars a month. Erickson said you can save money by bundling the insurance with auto-insurance. The best way to get started is by calling your insurance agent.