Does Homeowners Insurance Cover Fire Damage?
Fire insurance is a type of coverage for your home as well as your property around it from damage due to a fire. Most homeowners and renters will be sufficiently protected for fire damage through their normal home insurance, as coverage is included in typical homeowners and renters insurance policies. Some homeowners may find that insurance companies may not offer you coverage or decline to renew your policy, due to a very high risk of fire. Multiple factors can play in this, you can be too far from a fire department or your home is too close to brush that can catch fire very quickly.
Types of Coverage
You can set your coverage limits based on factors such as the value of your home and belongings. Your limit is the absolute maximum your policy will reimburse you after a covered loss.
Dwelling Coverage: Covers the cost of repairs to the singed or burned-away portions of the house. This also covers smoke damage to the house itself.
Personal Property: Coverage will replace clothing, furniture, and other belongings after a fire. Other valuables may be treated differently, as high-value items typically have limits set per-item.
Liability Protection: Protects against lawsuits and related damages for an isolated fire spreading from your house to a neighbor’s property.
A fire caused intentionally or by gross negligence is NOT covered.
The best way to save on Insurance? Don’t start a fire and make safety a PRIORITY! Make sure to closely watch cooking equipment, heating equipment, hair styling tools, lit candles, and any other item that uses electricity or heat. For more information on protecting your home, contact SOGO Wealth and Risk Management.