It could be a mistake if you rely on your landlord when renting an apartment. The reason is that some of them might have the type of insurance that can cover only the damage made to the structure and parts of the apartment like walls, floor, and electric installations. That can be a problem if you face an accident where some of your devices, furniture, and other things are damaged or destroyed.
That is the main reason to consider buying separate renters insurance and securing all your belongings. You can check this guide to learn more about the importance of renters’ insurance and how to choose the best option.
You should keep in mind that accidents are always possible, and there could be all kinds of circumstances like issues with electric installations, flooding, or fire caused by broken appliances or recklessness.
Since there are different types of premiums available, some of them might not provide you with full coverage for the damage caused by a kitchen fire. We are going to provide you with some important information related to fire damage and which type of insurance is best in that case.
Standard Renters Insurance
In most cases, a standard policy will cover all expenses related to fire damage in your apartment as you as you can prove that it was not made by your intention. As we already mentioned, different things could cause the fire.
For example, if some of your appliances get broken and cause a fire, you can easily file a report and request compensation. The same is when you are cooking with grease, which can be highly flammable, cause the same problem.
The great thing is that you get coverage for your clothes and furniture if it is damaged by fire or smoke. Another reason to always have renters’ insurance is in case there is a fire in some other nearby apartment when you can request compensation for the things that were affected by the accident.
When it comes to the price, you can expect much better terms in case you have various security systems in your home, like sprinklers, alarms, smoke detectors, a sensor for carbon monoxide, and a fire extinguisher.
What It Can Cover?
There are different types of coverages secured with this insurance. However, it is important to know that there are certain limits where you might need to choose between different requests. Also, it depends on the premium you choose and its price.
When it comes to personal property, that is one of the core reasons to always have insurance. On the other hand, you should know the difference between some policies, where one might provide you with a full compensation evaluating the full value of the new product, while there are policies that will cover only the value of the goods in their estimated price as a used product.
Moreover, it will cover the liability as well. Therefore, you don’t need to worry if the damage was made by your mistake, or if the fire also affected some of your neighbors. The same is for medical expenses where this premium will cover for the treatment. Another advantage is that it will provide you with funds that you had to spend on renting another apartment or booking a hotel in case the damage made on your rental was too serious.
Some Things Are Not Covered By It
First of all, this type of policy will secure only your belongings, while the landlord must have proper insurance for the damage made to the structure, installations, walls, and more. Furthermore, some accidents might require additional coverage, like earthquakes or floods.
Besides that, if it is proven that you intentionally started the fire, you won’t be provided by the coverage. The same is for car fires or business equipment. That is the main reason why a lot of agencies are offering additional terms that you can add to the contract. For example, if you live in an area with increased risks of earthquakes, it is always a good choice to add that term to the policy.
How To File a Report and Request the Coverage?
It is very important to contact the agency right after the accident so you can start with the process where you will report details of all goods that are damaged. Also, you should take photos of damaged belongings so it can be easy for you to prove your claims.
Moreover, you will need an official report made by the police, which can serve as proof to the agency. The evaluation can be complicated, and there is a chance that the agency might try to lower the amount you request. That is the reason to hire a professional adjuster to evaluate and determine the accurate amount of money that you should get from the insurance company.
The problem is that many people are not aware that they even need fire damage insurance. A lot of them think that it is all covered by the landlord’s policy. Another complicated situation is when your goods are damaged due to a fire in a nearby apartment. In that case, you can expect compensation if your neighbors have it. However, it is much easier when you own a policy as well.
There are some limits for the coverage as well. In most cases, it can be up to $30k. Also, we already mentioned that there could be differences in evaluation, where the best option is to choose a coverage that will provide you with the replacement cost of the damaged goods.
In the end, it is essential to pay more attention and always have additional devices like sensors and alarms so you can react on time and prevent bigger damage. Some types of grease and oils are highly flammable.
Therefore, leaving it on the stove and not paying attention could lead to a fire. Even though this policy can cover the damage in that case, the main issue is that it can become a serious problem to you and all other residents in the building.