Renter's Insurance Can Help After A Fire

7/2/2024 (Permalink)

Having a renter's insurance policy in place can help you in case of fire damage.

A fire at your Crossville, TN rental home can be a major hassle. Having a good renter's insurance policy can help you.

Insurance Coverage

There are many different 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 you are found to be responsible for the fire, you may be held liable for the damage. In some cases, you may be financially responsible 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, which is sometimes referred to 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 to go through your policy thoroughly and present any questions that you may have to your insurance agent so that you are aware of the coverage limits and know exactly 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 serve as a big financial relief 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.