Renter’s Insurance : Does it Cover Home Fire Damage?
Residential fires can cause significant property damage, not to mention the stress and upheaval for the residents. If you have had a fire in your Chesterfield, MO, home or apartment, you have many questions to answer, including whether your fire damage will be covered. Having some details about renter's insurance may help you understand your options.
Fire Coverage Basics for Renters
Fire insurance can look very different from one policy to another. Here are the basic categories you will see in most fire policies for renters.
Personal Property – Reimburses you for your personal property losses
Liability – Allows your policy to pay others who sustain loss or injury from a fire in your residence
Natural Peril – Mandates you be covered if your fire was started due to a natural disaster or severe weather event
Mandatory Evacuation – Allows you to be reimbursed for living expenses should you be forced to evacuate your home
Loss of Use – Provides reimbursement expenses if you need to move out of your home during fire cleanup and restoration
While these categories will generally be consistent, the coverage may vary for certain details. These variables can affect your bottom-line coverage considerably.
Fire Policy Exclusions and Variables
When weighing a renter's insurance policy, you can start by comparing the deductibles and coverage limits for the various categories. Your policy will cover some portion of the fire damage remediation work, but you may find varying provisions about how your property loss values are reimbursed. Replacement-value coverage is far superior to current-value coverage. Without the replacement-value designation, you may be left with a damaged nine-year-old sofa, reimbursed at a fraction of its replacement value.
You may find some policies have special exclusions for the cause of the fire. It’s important to confirm you are covered, regardless of the fire source.
Whether you are shopping for renter's insurance or evaluating your current policy, these details may help you understand your choices. If you require fire restoration in your home, the better you understand your policy, the more informed you will be while navigating the remediation process.