How Renters Insurance Can Help You After a Fire

10/9/2019 (Permalink)

Your renters insurance can help you replace your belongings following a robbery

How Renters Insurance Can Help You After a Fire

You have probably heard that your renters insurance can help you replace your belongings following a robbery. Yet this insurance can also come in handy after a fire.
Fire damage cleanup typically addresses both the apartment itself and the contents inside. The landlord's insurance should cover the cost of repairing the actual building. However, your tenants insurance policy provides plenty of additional coverage.

Personal Property

Your tenants insurance policy primarily covers the loss of your personal property. This includes any damage to your belongings after a fire. Insurance can also help you pay for fire restoration services.
Of course, your furniture and electronics have depreciated in value over time. Thankfully, most renters insurance policies will give you the amount of money you need to replace your belongings rather than the actual value of those items.

Fire Liability and Medical Payments

A fire may not just affect your Oklahoma City, OK, home. The flames could cause fire damage to nearby apartments, as well. Your neighbors could also suffer burns or smoke inhalation.
If the fire started in your apartment, you may have to pay for the repairs to your neighbors' valuables. Your tenants insurance should cover these costs. Specifically, the insurance covers any property damage of third parties not named on your policy.
Your policy may also provide some coverage for your neighbor's medical bills. Typically, this medical payment coverage is minimal and applies to minor injuries such as a sprained ankle.

Loss of Use

Finally, tenants insurance can cover any expenses you incur due to the temporary loss of use of your apartment after a fire. For instance, the insurance can pay for the cost of a hotel for you and your family while the apartment is being restored.
Fire cleanup is an extensive and costly process. Renters insurance can help you replace or repair your belongings and pay for other fire-related expenses.