Understanding Your Renters Policy
You may expect a homeowners policy to cover a variety of issues if a house you own catches fire. What happens when you rent, though? If the fire was accidental, the landlord's insurance should cover the structure itself, but your renters insurance for your apartment in Kettle Corner,RI, may cover more than you think.
If the things you own get damaged during a fire, your coverage should pay for restoration or replacement of those items. A renters policy can replace a variety of belongings:
When you make a claim for your possessions, you want to make sure you get the replacement cost instead of the cash value of the lost items. This gives you the money you need to purchase new things rather than have to scrape together the difference between what your 5-year-old television was actually worth and what it would cost to get a replacement.
When the place you are living is uninhabitable, your renters insurance may cover the expenses of finding a temporary place to live. It may take a few weeks for fire restoration specialists to completely repair the property so that you can move back in. In the meantime, your policy can save you the cost of having to come up with extra money for your family's lodging.
Injury to Others
Sometimes, your own neglect may be the cause of fire damage to the building where you live. In this instance, you may be liable for damages to the property or injuries that other sustain as a result of the fire. It's helpful in these situations if your renters policy includes some liability coverage so that you don't have to pay these expenses out of pocket.
Renters insurance can come in handy if there is a fire in your apartment. While most of the policy is likely focused on your personal belongings damaged by the fire, it may also cover other expenses.