Renters insurance liability protects you if you cause bodily injury, or property damage due to your own negligence. But what protects you when a neighbor makes a poor choice that affects you negligently? A recent apartment fire has spurred quite a few people to ask this question. Many people wonder what renters insurance is, and how it can protect them. There are several ways it can protect you, so let’s take a look at a few.
Renters Insurance Protects You From Neighbor’s Negligence
Did you know that renters insurance covers you if you are impacted by something your neighbor does? There are two kinds of renters insurance coverage that are relevant if your neighbor does something like negligently start a fire and it impacts you. The one that comes to mind first is Loss of Use, also know as Additional Living Expenses coverage on renters insurance. This coverage is generally a few thousand dollars, and it pays for your expenses when living somewhere temporarily.
The fire that prompted this question spread quickly, and did over a million dollars of damage to Stonebridge Apartments. The fire required at least 50 firefighters to get under control. Interestingly enough, the same complex had 24 units rendered unusable by a fire back in 2007. When a fire like this gets out of control, you know you’re not sleeping in your apartment that night. Where do you go? Renters insurance loss of use coverage pays for your hotel expenses, meal expenses, and other costs associated with not being able to use your apartment. These costs stack up quickly, and while we’re grateful that the Red Cross exists, utilizing your additional living expenses coverage on renters insurance helps take some of the strain off that organization so they’re able to help more people. The coverage also lasts longer than assistance from an organization might.
Renters Insurance Protects You From Damage To Your Property Caused By Others
Renters insurance also covers your personal property. This is crucial because in a significant fire, you’ll have almost nothing available to you. Having coverage means that you don’t have to try to save property and you can focus on the much more important things. While you have a duty to mitigate, that duty does not require you to place life or limb in jeopardy. Your first duty is to get yourself away from the fire. The only possible mitigation of the loss at this stage is done by the fire department. Renters insurance allows you to get out and know that you can replace your property later, once you’re in a safe place. Personal property coverage on renters insurance is often at replacement cost, rather than actual cash value.
Rest assured knowing that if you have a renters insurance policy, you’ll be able to get new items to replace those lost in the fire, and that you have coverage for additional living expenses. If you don’t have a policy, please do yourself and your family a favor and get a free quote above or just call Effective Coverage at (800)892-4308. Our renters insurance experts are standing by to answer your questions and ensure that you understand the coverage, how much coverage you need, and why it’s important.