Does Renters Insurance Cover Fire Damage?

11/23/2021 (Permalink)

Fire damage to a home in St. Peters, MO.

Is Fire Damage Covered by Renters Insurance?

Fire coverage on renters insurance can offset the loss of possessions and other liabilities after a fire. The exact coverage may vary from policy to policy, so it may be beneficial to familiarize yourself with the fire portion and limits of a policy, and then discuss any concerns with the insurer.

Rental Property Coverage

The homeowner's coverage maintained by a landlord typically covers a rental property, but not your contents. This is where renter policies kick in. Renter coverage often also provides limited liability coverage and compensates any third parties who sustain injuries or suffer damages on the property due to fire or negligence.

Personal Property Coverage

Fire damage to the contents in a rental property is a covered peril under most renters insurance policies. You should be able to obtain the full cost of property lost in a fire rather than the depreciated cash value. Be sure to check any policy you are considering to make sure this is the case. The current cash value will likely not be sufficient to replace the possessions you have lost.

Other Types of Coverage

Renters policies also tend to provide limited coverage for medical payments involving your liability for minor injuries to others. This coverage can also provide some measure of protection to the renter on the policy if another person is injured on the property. Depending on the policy you choose, you may also have some level of loss of use coverage to help to offset additional living expenses during the mitigation and restoration period after a fire.

If you rent an apartment or house in St. Peters, MO, you should consider the inexpensive ease of mind that is readily available through a renters insurance policy. When it comes to covering fire damage to contents or related liabilities, this policy can help to make a fire less of a devastating event. Additionally, your return to the property may be shortened if the landlord relies on the expertise of a fire restoration company.