Making Your Remodel Easier

Your Guide To Fire Damage & Renter's Insurance

Renters often believe that there is no recourse for them if something terrible happens. This could not be further from the truth. Renter's insurance is available, and it will cover your belongings because the landlord's homeowner's insurance will not. If your home is ravaged by fire, you can lose a great deal of your belongings, ultimately causing you to experience severe financial losses.

Renter's Insurance Coverage for Fire Damage

If you purchase renter's insurance for your home, you may experience coverage for items like electronics, furniture, clothes, jewelry, and appliances. When you start adding up all the potential losses, it can be quite a lot. Depending on the coverage offered by your policy, you may receive a great deal of your losses back.

In addition to covering your belongings, you may be able to have renter's insurance cover temporary living expenses if the fire causes your house to become uninhabitable. It is important to remember that the fire damage coverage will only cover your property, not the structure that you live in. This would be covered by homeowner's insurance taken by your landlord.

In order to collect on your insurance policy, it is important that you maintain an inventory of your items as well as how much you spent on them. Take photos of the items and serial numbers regularly.

Renter's Insurance Considerations

When you purchase renter's insurance, it is important to consider two aspects. These include the actual cost value and replacement cost value. If you are paid by actual cost value, the amount has depreciated on the value of the item since you purchased it. The replacement cost value pays the amount it would cost to replace the item with something comparable.

It is also important that you consider the costs associated with your deductible and premium. If you have a lower premium, you have a higher deductible when you intend to use the insurance. You may be able to adjust these figures if you speak with your insurance agent about fire damage.

Renter's insurance covers much more than fire and smoke damage too. You might consider it to deal with issues like lightning, hail, explosions, damage by vehicle, vandalism, and theft. You cannot prevent terrible things from happening, but you can take a pro-active approach. This means that you need to keep your policy updated so that you do understand exactly what kind of fire damage coverage you receive.

About Me

Making Your Remodel Easier

Years ago, my wife and I had our home remodeled and experienced a lot of difficulties. We didn't plan as well as we should have, and we ended up changing our minds quite a bit and causing a lot of delays and extra costs. We were also trying to live in the house during the remodel, which made life pretty stressful for us, and probably for our contractors, too. When we decided that we were going remodel again this year, I wanted things to be different. I took what I learned from all of the things that went wrong the last time, and set about doing things differently this time. The results were amazing. We're so much happier with this remodel. I decided to put what I learned about smooth home remodeling into a blog so that others could learn from our mistakes and successes.


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