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The Value Of Renter’s Insurance

(credit: Justin Sullivan/Getty Images)

(credit: Justin Sullivan/Getty Images)

feldman_amy Amy Feldman
Amy E. Feldman is a business commentator and legal business...
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By Amy E. Feldman

PHILADELPHIA (CBS) - It turns out that fire does not kill vampires, although it sure can kill neighborly feelings, a fact that actress Ashley Greene, who played a vampire in the Twilight series found out the hard way (although she could have found out as I did – by getting 54 million results to the query ‘what kills vampires?’) Greene found out after getting sued by four neighbors in her condo complex and the doorman for a fire that started in her apartment when a candle set her couch on fire.

What recourse do you have if another neighbor in your apartment building causes damage to your property by fire, flood or overflowing toilet?

Virtually all apartment leases inform tenants that the landlord is not responsible for damage to your personal property so, while the landlord may fix the structural damage, it will not pay for your stuff.

You can talk to the neighbor who caused the problem about paying any deductible. Where the damage was caused by her negligence, you can sue, although that’s a long and ugly process.

Think about getting renters insurance to cover your possessions rather than driving a stake through the heart of the person who lives next door.

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