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Fire, Flood, Damage: Why your landlord isn't responsible for replacing your stuff

Every renter should have renter's insurance. It costs between $10 and $30 a month on average.

GREENSBORO, N.C. — Just this week, sixteen people were forced out of their homes after an apartment building caught fire in Greensboro. Five apartments at the  

Cinnamon Ridge Apartments on Sails Way were impacted. Some had fire damage, some water damage from the fire crews trying to put out the flames.

The apartment complex is responsible for getting the damage fixed, as in the damage to the apartment itself. All the stuff inside the apartment, like the couch, the bed, all the clothes, and kitchen stuff, that's the responsibility of the renter.

If you don't have renter's insurance, replacing everything comes out of your pocket. From the TV and the couch to your toothbrush.

"Renters insurance is fairly standardized, though coverage can vary based on the insurer and where you live. Bottom line: make sure you understand your policy—what’s covered and what’s not,” said Penny wang, Consumer Reports Money Editor

Renter's insurance can cover the damage from fire or tornado, a broken pipe that floods your place, or even if your stuff is stolen.

Renters insurance can also cover the cost of a hotel room if you need to move out while your home is being worked on due to fire or flood. It may also cover some of your possessions when you're not at home, like if something got stolen out of your car. That's a renter's insurance claim-- not an auto claim.

According to insurance.com, the average cost of renters insurance
is $326 a year, that's $27 a month.



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