How Renters Insurance Can Help After a Fire

9/24/2020 (Permalink)

Renters insurance can be a big financial help after a fire at your home

A fire at your Comanche, MT, rental home can be a major hassle. Fortunately, renters insurance can protect you.

Insurance Coverage

There are a variety of expenses that can result from a fire. Your insurance policy may cover most or all of them. Insurance policies often cover the following:

• Liability and medical payments
  
• Contents
  
• Temporary living expenses
  
  

If the fire is your fault, you may be held liable for the damage. In some cases, especially for small medical expenses to third parties, insurance will cover the cost without establishing liability. Additionally, insurance policies generally cover fire damage to the renter’s personal property, also known as contents. Some policies will pay what the contents were worth just before the fire, and other policies will cover the cost to replace or repair the items. Although damage to the structure itself is covered by the landlord’s policy, a renter's policy will often pay for temporary living expenses during the fire restoration process. Make sure you read your policy carefully and discuss the terms with your insurance agent so that you know the coverage limits and what is and is not covered.

Home Inventory
To get the most out of your renter's insurance, it is important to create a document called a home inventory. This is a list of everything you would want to replace should it be damaged, the purchase price and purchase date. Take pictures or video of all the items, including serial numbers if present. Add receipts and appraisal documentation if you have them. Be sure to update the inventory regularly, especially after you have made a big purchase. Store the inventory in a safe place, such as cloud storage or an off-site location.
Renters insurance can be a big financial help after a fire at your home. If you need assistance with the restoration of your personal belongings, enlisting an experienced restoration team may be a good idea.