Fire can cause enormous damage and according to the US Fire Administration, tenants bear most of the financial burden when a fire occurs in their apartment.
Consequently, it’s extremely important you have good insurance coverage. A tailored renter’s policy protects you from the financial implications of an apartment fire, which can be considerable.
What Caused the Fire?
If a fire occurs, your landlord has a legal responsibility to repair the rental property to a safe and habitable space. If landlord negligence caused the blaze, they may be liable for your lost wages, inconvenience, damaged personal property, and lost perishable food.
However, a fire caused through your actions shifts financial responsibility towards you. You’ll pay these costs in addition to your rent.
Fortunately, renters’ insurance is designed to cover the expenses involved in an accidental fire, including smoke damage.
Landlords carry insurance on the structure such as the walls, floors, and cabinets. They do not cover the belongings in your apartment. You’re responsible for these items and without your own renter’s insurance policy; you’ll pay out-of-pocket for any losses.
Create a thorough home inventory and then give us a call. We’ll review your inventory and recommend the best coverage at the most reasonable cost perfectly aligned with your possessions. That way you avoid paying for unnecessary coverage and don’t neglect coverages you need.
Take the time to prepare a home inventory as it carefully documents what you won and can speed the claims process during the stressful time after a fire.
Policy Limits & Exclusions
Another important reason to use an insurance agent is all insurance policies include limits and exclusions. As an example, you own expensive sporting equipment worth $6,000.
However, most policies have a limit of $1,500 and some exclude sporting equipment completely. If a fire ravages your equipment, the insurance company will only pay you the limit on the policy. If that’s $1,500, you’re out $4,500. If they exclude coverage, you’re out $6,000. Ouch.
Your insurance agent checks for items like these and will recommend a “rider” to increase the limit. Other items that could fall under this scenario include jewelry, collections, antiques, art, musical and computer equipment, and more.
If they can’t add a rider to the policy, they’ll suggest an additional policy. Either way, it costs far less than replacing your treasured, expensive items.
Can You Live in Your Apartment?
This is a big question mark after a fire and one that can severely impact your life. A major fire can lead to weeks of repairs before it is habitable again.
If you can’t stay in your apartment, you may need to rent a hotel room and eat in restaurants until it is ready. Those costs add up quickly and it is the last thing you want to worry about after a fire rocks your life.
Renter’s insurance can pay for “additional living expenses” when you’re unable to stay in your apartment due to a loss by a covered peril such as fire.
Don’t go it alone when it comes to buying insurance. It is a complicated industry and policies vary greatly. Local independent insurance agencies like ours understand the language in policies and potential risks. Let us be your go-to source for free, reliable advice so you can protect yourself and your belongings