What Renters Can Expect From Their Coverage

4/15/2021 (Permalink)

What Renters Can Expect From Their Coverage

Many tenants buy renter’s insurance to cover the cost of replacing their personal belongings if they are damaged or destroyed by an accident in the building where they live. Your coverage, however, may pay for much more than just item replacement. It’s important to talk to your agent, so you know just how much you can expect your insurance company to pay if the place you are renting in Reston or Herndon catches fire.

Belongings

Part of the fire restoration process is determining which items can be cleaned and saved and which must be thrown away. Your insurance coverage should pay for:

•  Assessment
•  Cleaning costs
•  Replacement costs

Make sure your policy states that it pays replacement cost rather than the actual cash value of your items. The purpose of insurance is to make you whole again, and replacing lost belongings is a good start.

Liability

If the fire was caused by your negligence, you might be liable for any damages you cause to other people or to the structure itself. Your renter’s insurance probably has a clause that protects you from legal costs. Your policy may cover damage to your neighbor’s belongings or the property itself, as well as cover medical bills of anyone injured in the fire if you bear some responsibility for its starting.

Shelter

Fire restoration experts may work quickly, but there are probably going to be some nights that you are unable to stay in your rented space. Finding a temporary place to live can be expensive. Your insurance policy is likely to cover this as well. You can include your shelter needs as part of the fallout of the fire damage to your home when you file your claim.

Your renter’s insurance does cover the loss of your belongings, but it can also cover other losses. Your insurance agent can help you build a solid policy that takes all potential expenses of the fire into consideration.