1. Will My Belongings Be Replaced If They Are Damaged in a Fire?

If your personal property is damaged in a fire, your insurance policy likely covers the replacement of those items. One important thing to ask about your policy is whether you will receive actual cash value or replacement cost coverage. If there is fire damage to your three-year-old leather couch and your policy offers actual cash value, that means that your policy covers the current value of your couch, not its original price.

Ultimately, that means that you don't get as much money toward new furniture. Replacement value means that your policy pays to replace your damaged couch with a new, similar couch. Keep in mind that there are caps on policies that cover personal property. If you own expensive jewelry or a lot of computer equipment, consider taking out an additional insurance policy to ensure that you're covered.

2. How Can My Insurance Help Me If I Can't Stay in My Apartment?

A fire that does major damage and requires you to leave your apartment is covered under your insurance policy. If you can't live in your rental property until the landlord works with a fire restoration team to repair your home, your insurance policy will pay for a hotel and other associated living expenses such as food and transportation.

3. Are My Roommates Covered Under My Policy?

Each renters insurance policy is for an individual. Even though you share an address with a couple of roommates, you each need to carry your own insurance policy. Imagine that you started a kitchen fire that ruined one roommate's personal belongings and the other roommate hurt their wrist trying to use the fire extinguisher. One policy can't cover you all because there's a conflict of interest. Instead, you each need your own policies to cover your belongings and to pay medical damages to your roommate.

4. How Do I File a Claim with My Insurance Company?

After a fire, as soon as you can safely do so, contact your insurance company. The longer you wait to file, the longer it takes for the insurance company to get you your money. If you can, take pictures of the damages to submit with your proof of loss form. The company will ask you to provide an inventory of the items that were damaged. Once you submit your claim, you'll have to wait for the claim to be processed and approved before you can get the finances to cover the costs of replacing your belongings.

A renters insurance policy is important to have because you never know what sort of emergency will require you to file a claim.