Renters Insurance: The Unsung Apartment Dweller’s Hero

12/7/2021 (Permalink)

Fire damage is typically covered under your policy's peril section, and the good news is that negligence is unlikely to affect your personal property

Renters Insurance: The Unsung Hero Of The Apartment Dweller

Have you ever accidentally left the oven on and worried about whether you might inadvertently start a fire in your apartment? Have you ever wondered if your renters insurance would cover the ensuing damage? As a great relief to many apartment dwellers, insurance does cover you in most cases, offering significant protection in four ways.

1. Personal Property

Fire damage is typically covered under the peril portion of your policy, and the great thing is that negligence likely does not affect personal property coverage. Most plans include your property’s replacement cost rather than actual value, meaning you can afford a new sofa. However, check to make sure that your policy isn’t only covering actual cash value because this price takes into account depreciation, which can significantly lower replacement coverage.

2. Liability

Renters insurance also offers protection against liability. This means that you cannot personally be sued for damages caused by a fire, even if your negligence caused it. Your representative can respond to injury and loss claims and act on your behalf.

3. Medical Expenses

Your policy will most likely have a section for medical payments to others, which is no-fault insurance meant to handle minor injuries. This portion of your coverage is meant to expedite payments to others without declaring fault or blame.

4. Loss of Use

Unlike liability and medical payments, loss of use is for you personally. This coverage ensures that you continue to have a roof over your head while a fire restoration company in the La Verkin, UT, area fixes your apartment. Your policy will likely cover hotel stays for a certain period, depending on the extent of the damage.

Renters insurance is a valuable tool, and it can ease your worries when it comes to forgetfulness and personal liability. Be sure to either purchase a policy or check your coverage, so you know how you are protected in an emergency.