A two alarm fire in Denver has displaced residents of several apartments. Denver renters insurance is doing more than replacing the personal property lost in the fire, however. Those residents with a policy have a place to stay tonight thanks to their coverage. How is that possible? Read on to find out about the miracle of Loss of Use coverage!
When you think about Colorado renters insurance, you think about it replacing your personal property after a loss. While it’s true that your policy will do exactly that, there’s much more to it! Renters insurance in Denver also covers liability, of course. That means that if you were responsible for the fire, you’d have coverage for the losses suffered by the building owner and by the other residents. But there’s still more to it than that.
As the people impacted by this recent fire at 9120 E Girard Ave found out, Denver renters insurance also provides what’s called “Loss of Use” or “Additional Living Expense” coverage. That means, in a nutshell, that when a covered claim prevents you from using the apartment, you have coverage for the additional costs you incur such as hotel expenses.
Often, people leave their wallet and important documents when they hear a fire alarm, which is exactly what they should do. But what happens when your apartment will be usable the next day, but isn’t tonight because of a fire? How do you get a hotel without credit cards or ID? Loss of use on renters insurance helps there, too!
Often times, your renters insurance company will have arrangements with hotel chains to bill loss of use claims directly to the insurance company. That prevents the worry that comes with evacuating quickly, without even your wallet. Just start the claims process and often your insurance company can make it right.
Perhaps more importantly, your apartment doesn’t have to be the one that caught fire. In this particular fire, several nearby apartments suffered smoke damage and water damage. Both are covered perils under a renters insurance policy, and will allow you to make a loss of use claim.
This valuable coverage doesn’t cost anything additional, loss of use is just part of this complete renters insurance policy. Work with the renters insurance experts and make sure your family has all the coverage you need to be safe today!