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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Everything You Need To Know About Home Fire Insurance Coverage

by Jason Prescott

Fire insurance is a type of property coverage that covers property damage and any other losses resulting from a fire. It pays for the cost of any necessary repairs or replacements. The policy also covers your accommodation costs during the time when your home is unusable.

Fire insurance coverage also covers detached structures found on your property like fences, sheds, or garages. Some policies also pay for landscaping costs if your shrubs and trees are damaged in the event of an inferno.

Although most homeowners' insurance policies include fire coverage, there are exceptions. For this reason, it is good to be aware of what your coverage includes and understand your options to protect your home better.

How the Insurance Works

Imagine coming home from a typical day at work only to find your home in flames. The whole situation may be hard to process, and you may find yourself in emotional turmoil. However, your first course of action should be calling your insurance company and filing a claim with them to be compensated for the damages. It would also be wise to take pictures of the scene that will act as evidence during litigation. Later on, your insurance provider will send an adjuster to your property to assess the extent of their damage. Upon their arrival, verify their identification before proceeding to walk them through your property.

Your insurer then sends you an estimate, which you need to review and compare to your policy. This way, you can ascertain whether it matches the coverage that you've been paying for.

What Are the Exceptions?

When it comes to covering for fire damages, different policies have different limits. It isn't uncommon for most policies to exclude damages resulting from nuclear radiation, war, and other associated perils. Your insurance may also fail to compensate you if the fire was started deliberately. Also, if your now-damaged home had been vacant for the past 30 days at the time of the fire, you will receive no compensation. Vacant homeowners insurance policies are available for those that need to cover vacant homes.

Depending on your area of residence, your insurance policy might exclude coverage for other events or increase premium charges. People who live in areas with a high risk of wildfires, for example, are subject to certain limitations.

Replacement Cost vs. Actual Cash Value

Another important thing you should know is whether your insurance policy pays replacement cost or actual cash value (ACV) for property damaged during fires. ACV coverage alone won't be enough to get back all your last items with the existent market value.

As can be seen above, your home is your biggest investment; therefore, you should do all it takes to safeguard it. A home fire insurance coverage policy will help you do precisely that.