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Fire & Water - Cleanup & Restoration

What Is the Extent of Renters Insurance Coverage?

3/26/2021 (Permalink)

Renters insurance form and dollars on the table. Renters insurance coverage

What Is the Extent of Renters Insurance Coverage?

Property owners often recommend renters insurance to tenants. These policies can be useful for covering the cost of damaged or ruined contents at a rental property in Denver, CO. It is important to check the details of any renters policy to determine the full extent of coverage in each of the following areas.

Damaged Contents
Most renter's policies cover the cost of restoring damaged contents. This coverage can pay off when items can be treated by content cleaning professionals during fire restoration. Any of the following methods may be used:

  • Dry cleaning
  • Immersion
  • Wet cleaning

Renters policies will cover costs associated with content restoration up to a set limit. Additional costs associated with cleaning or temporarily storing cleaned items may require that a renter pay out of pocket.

Replacement Costs
Some renter's insurance policies cover replacement costs. It is important to check to make sure this is the case, as some policies only cover market value. Regardless of the purchase cost of any item, its value depreciates over time. Replacement cost coverage will pay the total cost for replacing a ruined item, but market value coverage may come up short.

Temporary Relocation
The best renters' policies allocate a specified amount of coverage for temporary relocation. If fire damage restoration at a property will require evacuation, this coverage can offset some of the cost of securing lodging off-site for days or weeks until cleanup is complete. Be sure to check the policy limit and any requirements for this benefit.
If a renters insurance policy only covers the market value and not the replacement cost of contents or does not extend to relocation costs, it may be worthwhile to switch to a policy that provides more complete coverage. All of these areas of coverage can be helpful in the event that fire damages an apartment or rental home located in Denver, CO.

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