Casey, of Frisco, TX, recently called us here at Effective Coverage on the verge of tears. She was returning to her apartment with a load of laundry, only to find that the Fire Department was there ahead of her, battling a blaze that threatened to consume the entire building. They were able to put the fire out and prevent it from spreading to other buildings in the community, but Casey’s building was a total loss. Casey wanted to know what she might be able to do without renters insurance. She had planned to buy a Frisco, TX Renters Insurance policy, but just hadn’t gotten around to it. The only thing she had left in her possession were the clothes that she had just washed.
Without Renters Insurance Is The Landlord Responsible For My Property?
No, never. Without renters insurance, the landlord is never responsible for your property after a loss. Your stuff is your responsibility to insure. The landlord wouldn’t be responsible –after all, someone else started the fire. The only person who can insure your personal property is you. That’s because insuring something requires that you have an “insurable interest” in it – in other words, you can’t insure something if it’s destruction wouldn’t impact you financially. The landlord wouldn’t be impacted by your property being destroyed, so he couldn’t insure it.
A common amount of coverage for personal property is $15,000 of replacement cost. While that may not be enough to purchase everything that was lost in a fire, it would put you in a very similar condition to the one you were in before the loss. You’d be able to buy new property. Landlords often are able to offer a vacant unit to residents impacted by a fire, but they’re not required to do so. Without renters insurance, you’re at the whim of others.
Without Renters Insurance, Where Can You Stay After A Fire?
Finding a place to stay in the first few days after a fire without renters insurance can be a challenge. In many cases, your wallet and cards would also be a victim of the fire. There are organizations who can put you in a hotel for a few nights, but after that, you’re on your own. Hotels are expensive, and many people just don’t have the extra cash available. Do you have friends or family in the area? Couch surfing is the most common way to survive after a fire without renters insurance.
If you had a renters insurance policy, it would pay for a hotel as well as your additional living expenses. Loss of use payment is based on the amount of personal property coverage that you have. It generally offers thousands of dollars of coverage for you to stay in a hotel. Loss of use also covers the additional living expenses you might not think about, such as extra food costs since you can’t cook at home.
Without Renters Insurance What Happens If I’m Responsible For The Fire?
That’s an excellent question. If you don’t have Frisco, TX Renters Insurance and you’re responsible for the fire, there will be a long line of people trying to get money from you. You may not have any money, of course, but that won’t stop them from trying. The landlord’s insurance company will want to collect the total cost of repairs from you. The insurance companies that cover other residents will want to recover their personal property and loss of use claims. You could well be on the hook for six-figure judgments.
If you have renters insurance, the policy offers defense coverage to safeguard you against those claims. It will also pay those claims, should that be necessary. This would be a much better outcome than having judgments pending against you until the moment you have something worth taking. It wouldn’t just be current assets that you’d be sued for– both future assets and income are also at risk. Without renters insurance, all of that would be out of pocket. With renters insurance, all you have to do is let the company know about the problem and they’ll spring into action on your behalf.
I Am Without Renters Insurance Because I Can’t Afford It
Since household budgets are tighter than ever, this is one of the most commonly cited reasons that only forty-four percent of renters have renters insurance. However, it can be a lot more affordable than you think. In most cases, it’s not too much of a stretch to shift things around and buy a policy. The average cost of renters insurance is about fifteen dollars a month. You can’t even get a pizza delivered in Frisco for fifteen bucks!
You can get covered by calling an insurance expert at Effective Coverage, or going online. Just call (800)892-4308 or click to get covered - whether you need Frisco, TX renters insurance quotes online or coverage anywhere else!
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