What Insurance Coverage Pays for Damage in an Apartment Fire
If you own an apartment complex in Whitemarsh, PA, it's important to have the right insurance coverage. Just like you would do with your own home, you want to protect your business assets. If an apartment fire damages one or more units, commercial property insurance will pay for your losses. However, your tenants should consider renters' insurance to cover their belongings.
What Property Insurance Takes Care Of
Your commercial property insurance will cover losses due to an accident, theft, vandalism or an apartment fire. The insurance will pay to repair or replace the following (among other items):
Heating and air conditioning system
While this insurance will pay for items lost to fire damage, your policy will be void if damage occurs due to your neglect. For example, if you fail to properly maintain systems, components and areas of the building, the insurance will deny your claim. Also, intentionally causing damage such as a fire will not cover your losses (in fact, this could land you in jail).
Contents in Apartments
While apartment fire damage will fall under your commercial property coverage, tenants' belongings will not have this same coverage. People who seek payment for these losses should purchase renters' insurance. These plans will cover items such as furniture, jewelry, books, keepsakes, and other personal belongings. Renters should be prepared to provide a list of what items were lost or damaged. They will also need to estimate dollar-amount losses. An adjuster will verify the claim before the insurance company issues a payment. As the property owner, you are not responsible for paying for these damages. Similarly, you will not have to pay a content cleaning specialist to clean anyone's personal items.
Make sure you review your insurance policy today. Your commercial coverage should come to your rescue if you have an apartment fire.