Renters Insurance and Fire Damage

8/24/2022 (Permalink)

Savvy renters in West Warwick, RI, know the importance of having renters insurance. If the unexpected happens, it provides peace of mind that your belongings will be covered. Since every policy may be a little different, it is important to thoroughly understand it, especially when it comes to having to make a fire damage claim.

The Basics

In general, there are three types of available coverage:

Personal Property – Damaged belongings
Additional Living Expenses – Costs for temporary relocation
Liability – Damage afflicted to another person

In situations such as a fire, renters insurance is vital for replacing your damaged belongings. Whether the fire was accidentally started during cooking or spread from another apartment, most insurers will cover items directly affected by the fire. It’s also important to understand that any structural damage will not be covered by this policy. The property manager or landlord will have their own insurance to cover those repairs.

Additional Living Expenses
The other important reason for having your own insurance is the potential need to temporarily relocate. If the damage was significant enough, fire restoration by a fire and smoke damage restoration company may not be a quick process. If you have to live somewhere else for a while, the costs can quickly add up. Even having to stay at a hotel for a few days and eat out can result in a lot of unexpected expenses. If the damage is enough to force a permanent move, the policy may also cover costs associated with the move. Other expenses covered may include the cost of doing laundry, furniture rental, storage costs and pet boarding. Again, how much will be covered is dependent on the policy and amount of coverage you have paid for.
A lot of unknowns can happen inside and outside the home. Even if you are a renter, having renters insurance is important to more easily take on the unexpected.