No Renters Insurance
SERVPRO Employees scoping fire loss that did severe damaged to main level of the house. The tenant that lived hear had no renters insurance. All of their belongings (TV's, childrens toys, beds, clothing, furniture and food) were destroyed due to soot and high heat damage or burned by the fire. The cost to demo, clean and rebuild the structure to pre loss condition will be around $50,000.00
According to Insurance Information Institute
“Many renters are under the misconception that their landlord’s insurance policy will reimburse them if their personal property is damaged or destroyed, but that’s just not the case,” says Salvatore. “Fortunately, renters have a range of insurance options to choose from.”
Renters insurance provides financial protection against damage to or loss of personal possessions due to hurricanes, fire, lightning, theft, explosion and other disasters listed in the policy. There is even coverage for water damage caused by burst pipes or a neighbor who forgets to shut off the water in the tub. Coverage is available on either an actual cash value basis (depreciated value) or for its replacement cost (no deduction for depreciation). Renters insurance does NOT cover flooding and earthquake, but separate policies can be purchased for these events.