Who Needs Renter's Insurance?
After a fire moves through your rental home, one of the first questions on your mind will probably concern what your renter's insurance covers and what isn't covered. To set your mind at ease right from the start, the answer to your question is that when a fire destroys your Century City, CA, apartment, or rental home, your insurance will reimburse you for the lost items and cover the costs of staying somewhere else.
Who Pays for the Damage?
Residential fires are frightening for many reasons and can be especially concerning when you're worried about who will pay for the ensuing damage. Here are some key points to help you know what to expect:
Fires are covered when you have insurance for renters. Make sure you contact your insurance agent before you even move into an apartment.
If your home is uninhabitable, a loss-of-use policy provides you with the means to pay for a hotel in the vicinity.
When fire damage happens because of an accident for which you are responsible, a personal liability provision in your policy provides some reimbursement for the damage.
Your insurance doesn't cover damage done to the physical building and property belonging to the building's owner.
Install smoke detectors or sprinkler systems to reduce the risk of fire and to potentially have lower insurance rates.
Look for fire and smoke coverage in the personal property loss section of your policy. Make sure there is a loss-of-use provision or temporary housing won't be available.
How Do You Know Whether You Have the Right Insurance?
It's always a good idea to research your options when purchasing an insurance policy. Unfortunately, however, some people don't believe they need renters insurance if they have other types of coverage. Many renters believe that the owner of the property has insurance to cover their belongings. This isn't the case. Property owners are not responsible for your belongings unless you can prove negligence which is difficult to do.
Renters insurance is a policy that covers you and your property when you don't own your home. In addition to covering damage from fire and smoke, it also covers water damage, vandalism, theft, and lightning strikes. It may cover some fire restoration offered by qualified professionals, but it doesn't cover physical property that belongs to the property owner.