Apartment Fire in Kissimmee Orlando Area. Are You Covered?

5/31/2019 (Permalink)

Fire damage to your property can be devastating! At the end of April building in an apartment complex in the Kissimmee/Orlando FL area went up in flames.18 units were destroyed in the fire. SERVPRO of South Orange County FL has worked with many other apartment complexes who experienced similar circumstances. As costly as this will be to the Apartment complex to fix the structure that was burnt, it has been overwhelming for the renters who had to vacate their apartments. One common issue for the renters is having to leave property behind that in some cases are not salvageable.

Generally, apartment leases require renters to have liability insurance to cover damage to the structure of the apartments but don’t necessarily require you to have coverage for your personal contents. However, in most leasing agreements, there is generally wording that absolves the apartment complex of liability for your contents if you don’t have coverage for your contents. Now, they are still investigating the cause of the fire. If it is found to have been caused by the negligence of another renter, they can possibly go after the insurance policy of the renters at fault. But generally, the apartment complex has first priority to claims per the rental agreement. The cost to restore the building could be well over $500K and will most likely exhaust the claim coverage.

So insurance policies are sometimes complicated to understand. But there are some basics PolicyGenius.com suggests for renters insurance.

• $25,000 personal property damage coverage: Covers the cost of replacing or repairing your belongings if they’re damaged or stolen.
• $300,000 personal liability coverage: Covers legal costs from damage or injury that occurs in your apartment.
• $2,000 medical payment coverage: Covers medical expenses for anyone injured in your apartment.
• $10,000 loss of use coverage: Covers the cost of lodging, food, and more if your apartment becomes unlivable due to damage.

They also suggest having a deductible of around $500. Yes, you can get your insurance cheaper with a higher deductible, but remember, if something happens you have to make sure you are able to cover that deductible.