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Fire Insurance: Pros and Cons



Fire insurance provides additional protection, on top of your standard insurance policy. This can directly effect the compensation you would receive in the event of a fire (or smoke) damaging your home, property or appliances. Depending on what state you live in, fire is considered one of the 15 or 16 named perils that are covered on standard homeowner insurance policies. This means that if a fire was at the root cause of any damages or losses to your home or belongings, your insurance company would cover your losses. Smoke damage from the fire can also ruin more things it comes in contact with - your clothing, artwork or electronics. This is also listed on some homeowners insurance policies.


WHY DO YOU NEED FIRE INSURANCE?

Fire insurance helps cover losses and damages above your property coverage limit, and sometimes exceed the max amount your insurance company will pay. This is particularly helpful for homeowners, when it comes to replacement and reconstruction costs in the unfortunate event your place burns down or if you experience a total loss. These type of dramatic scenarios aren’t typically fully covered under your standard insurance policy. Call today to learn more about your coverage limits, and how your property may have adequate protection with a standard homeowners plan.


WHAT IT COVERS

As a "named peril", fire insurance covers accidents that result in fire. If there was a short-circuit at your electric panel that caused a fire, you’re covered. If the source that caused the fire isn’t covered by insurance (i.e. a flood somehow caused a fire to break out destroying your things), you’d also be covered. The only time your insurance will not cover a fire is if you, or anyone on your policy purposefully set the fire. This is considered negligence and is discouraged, and never covered by insurance.


Fire insurance will also cover you for "loss of use", which defines whether or not your home was made uninhabitable. You can also file a claim for loss of use with your appliances like your refrigerator or your laundry room. Be sure to save receipts if you had to throw out a substantial amount of food, or had to use a local laundromat until your insurance company is able to replace the damaged appliances.


A typical fire policy also includes additional coverage for smoke or water damage to your place and your stuff, sometimes for even up to a year. This isn’t covered by standard home policies.


GET A FREE INSURANCE QUOTE:

Call ONIT Insurance Group today to learn more about Fire Insurance, and get quotes from multiple providers. We can help you get the right coverage for your home and auto, saving you time and money. Get a FREE quote today: 469-498-0152

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