Renter’s Insurance & Fire Damage

3/3/2020 (Permalink)

As a renter, you probably know that it is important to have a policy to protect yourself and your belongings.  While you are not the owner of the building, you do own your possessions, and being able to replace them in the event of damage is important.  But what does renter’s insurance actually cover if you have a fire?

Your Property

Renter’s insurance covers your things in the event of fire damage.  This pertains to fires that are a result of negligence by you or another party.  If you lose clothing, electronics, or anything else, the policy will cover the cost to replace these items.  Your landlord’s policy will cover the structure, which includes light fixtures, and other fixed items.

Your Temporary Housing Costs

If fire damage renders your apartment unlivable, you will need to live in a hotel until you can move back in.  Your renter’s insurance policy will cover those costs as well.

Your Medical And Legal Liability

If a fire occurs as a result of your own negligence, you may be liable for damages incurred by other tenants, whether it may be legal or medical.  Renter’s insurance will cover these costs up to a certain amount, based on the policy that you take out.