Rental Fires: Know Your Responsibilities
Three Important Things About Damage Coverage After a Fire
Covering the damages of a devastating fire can be hard enough, but when a rental property is involved, the complexities can quickly multiply. Who pays for what? These are some of the questions that you may face, and if you don’t know the answers in advance, it can cost you big time. Here are three important things to know about damage coverage after a Belton, TX, rental property, or apartment fire.
In general, there are two possibilities for who is responsible for fire damage from a rental or apartment fire. Those are:
- The landlord
- The renter
Each of those stakeholders has a specific set of requirements to ensure full coverage. Knowing them well in advance can make everything go more smoothly.
Any time an owner lives off-site from renters, they will need to have insurance for the rental property. Property owner's insurance typically covers damages to the structure, electrical system, plumbing and major appliances. It’s important to note that not all policies cover the latter, so when shopping for insurance, find a policy with the most comprehensive coverage. It may cost a bit more, but it’s worth it in the end when you don’t have to come out of pocket.
While property owners’ insurance covers the structure of a building, it’s up to the renter to cover the contents. This is the case for a residential property as well as a commercial property. The renter must file a claim to be reimbursed for things like personal property, furniture, or even important equipment. Don’t make the mistake of avoiding such insurance: Property owners are under no legal requirement to cover the contents lost in the fire.
Don’t make the aftermath of a rental or apartment fire harder than it has to be. Familiarize yourself with your responsibilities when it comes to fire repair to minimize stress.