In an apartment fire am I only responsible for paying the depreciated value?

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In an apartment fire am I only responsible for paying the depreciated value?

I don’t have renters insurance. I talked to the building owner and landlord. The building owner told me that I would have to pay for the damages ( he states a new oven is around $300-500 and new cabinets is around $1500) and his maintenance crew would get started and have everything fixed by next week and he would send me a bill. I don’t have a problem paying for the damages but it should be fair. The apartment complex is really old, rent is dirt cheap, and the appliances are outdated. I think he will try to buy a $500+ stove, when the other one wasn’t worth $150.

Asked on June 21, 2012 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

No, you do not get credit for depreciation. The landlord is allowed to replace appliances, fixtures, etc. with ones of comparable quality, even if they cost much more than the original ones were then worth due to their age, or even cost more than the originals had cost when new due to inflation. While the landlord may not upgrade at the tenant's expense, he or she may replace destroyed items with new equivalent ones, even if the destroyed ones had been old.


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