Fire Insurance Basics

If you’ve ever suffered through the destruction of a house fire, you probably know thatoften timessmoke and flames can cause damage that only insurance can repair financially, which is why so many choose to invest in fire insurance. If you’ve thought about investing in fire insurance, but have shied away from it, you may want to think twice as it can make a difference in your financial stability after a devastating experience.

What is Fire Insurance?

Fire insurance was originally included as a part of basic homeowner’s policies in New York in 1943. The idea was to provide insurance against the destruction caused by fire, lightning, and in some instances, smoke.

What Are Some Benefits of Fire Insurance?

  • Make Repairs – If your home has been partially damage by a fire, you can make the necessary repairs with the right coverage.
  • Replace Home – If your home is fully damaged by a fire, the right protection can help you replace your dwelling.
  • Temporary Housing – Whether you’re getting your home repaired or have to rebuild, fire insurance can help your family pay for the unexpected costs associated with live elsewhere temporarily.

What’s Not Included in Most Fire Insurance Policies?

What’s often not included in fire insurance policies is coverage associated with your home’s contents (furniture, personal items, etc.), or medical bills. These items are usually covered by your standard homeowner’s policy; however, all paperwork should be reviewed to make sure all needed items – as well as your structure – is protected in this instance.

You know that fires can occur for a number of reasons, including cigarettes being improperly disposed of, unattended food on the stove or in the oven, and even lightening strikes. So in addition to keeping a smoke alarm and fire extinguisher in your home, it’s important to get a solid fire insurance policy.