3 Things You Should Know About Your Renters Insurance and Fire Damage

5/20/2019 (Permalink)

A Few Things You Should Know About Fire Coverage

When you rent a home in Park Ridge,IL, having renters insurance can be helpful in many situations. This insurance can cover a wide range of damage, including that caused by a fire. However, there are some limitations. Here are a few things that you should know about fire coverage.

1. When Is Fire Damage Covered?

Because fire is a covered peril, your insurance will approve your claim in most situations. Even if the fire is a result of your own negligence, the damage will more than likely be covered. Whether it is started by a burning candle, a cooking accident or something else doesn’t usually matter. There is, however, one obvious exception. If the fire was started intentionally, it will not be covered under your insurance.

2. What Is Covered?

When a fire occurs, much of your property loss will be covered under your policy. Depending on your policy, you may be able to receive the cost of replacing your belongings as opposed to the actual value of your lost items. This can be helpful if much of your furniture is older and has depreciated a lot over time. If you are unable to stay in your home while an emergency remediation company is doing repairs and fire restoration, your temporary living expenses can be covered as well.

3. What Is Not Covered?

While renters insurance will cover many expenses after a fire, it does not cover the structure of the building. The owner and his or her insurance company will generally be responsible for the costs related to damage to the actual building. In some cases, they may request payment from you, in which case your insurance company may be able to help.

While many renters insurance policies have similarities, it is important that you look over yours for the specific details. Knowing exactly what is covered will make the claims process much easier during an emergency.