Some people choose to go without renters insurance, and some people make sure that they have Chandler Renters Insurance before they move in. But why is the coverage so important? What are the costs of an apartment fire? Are there hidden costs if you’re responsible? You may be surprised.
Personal Property Costs Of An Apartment Fire
Personal property costs of an apartment fire can be substantial, but they’re only part of the equation. Remember that you’ll have to go out and buy a new everything. Fire spreads quickly, and what the fire doesn’t get, the smoke and water will. Your personal property is all of the things that you’ve accumulated over a very long time. The money you spent didn’t seem like much at the time, but when you’re trying to replace everything at once, it adds up to thousands or tens of thousands of dollars.
If you have kids, you can assume that those costs will increase substantially. It’s not just the clothes and bedding. It’s the furniture, tall of the things that younger children need, all of the electronics that older kids have, it all adds up very quickly. Don’t forget about your own electronics, too!
Additional Living Costs Of An Apartment Fire
Where are you going to go after the fire? Where will you stay? Can you afford a hotel for a few weeks out of your own pocket? What about meals and the other costs of not being able to use your apartment? Those costs, too, add up quickly. Arizona hotels aren’t cheap, and that goes for just about anywhere you live. Not to mention, you’ll probably have a longer and less pleasant commute from a hotel than from your apartment. Those little costs add up to big bucks.
Structural Damage Costs Of An Apartment Fire
If you’re really lucky, the fire will be contained such that you’ll only be responsible for repairing the inside of your apartment. That’s likely to involve a complete gut and remodel, which is likely to run at least fifty thousand dollars. But if there’s damage to the structural integrity of the building, you can expect those costs to rise, as well.
Different buildings are constructed in different ways. Some are designed to contain a fire in its entirety, and some are designed to slow a fire and give time to escape, but not to save the structure in a worst case scenario. The age and type of building have a great deal to do with this as well. If the building is not safe to refit, you could be looking at hundreds of thousands of dollars in damages or more. If it’s your fire, you’re responsible for those costs.
Smoke And Water Damage Costs Of An Apartment Fire
What about the smoke and water damage to other units? This can be substantial, as well, and can ruin everything in the other apartments in the building. Smoke just doesn’t come out of most things, and will result in those people having to replace all of their personal property. The same goes for water damage after a fire, because it’s not just the water. It’s also the soot and ashes and other things that come with the water, along with the dust and dirt from every crack and crevice that the water has filtered through.
The costs of an apartment fire are significant – often well into the hundreds of thousands of dollars. The person responsible for the fire is responsible for those costs. In other words, you. The only way to protect yourself from that risk is with renters insurance. The personal property coverage on your policy will pay to replace your things, and the liability coverage pays for the damage others suffer. The national average cost of a renters insurance policy is around fifteen dollars a month, and well worth it to protect your family and your assets.
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