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Fire Insurance Tips

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Most fire insurance policies break down into four different areas of coverage that help protect you and your property. The primary form of coverage is your home itself. Fire insurance will pay to rebuild or repair your home after a fire. Next are other structures on your property, like a carport, detached garage, storage shed, etc. Third would be your personal property inside the home, like clothing, furniture, and all your personal items. Finally, fire insurance covers the cost of your having to move out of your home while it's being repaired from the fire. Before you choose a fire insurance policy, you should make sure it contains all those elements of coverage.

Add Endorsements to Your Fire Insurance

If you have a large art collection, a lot of jewelry or furs, or other investments in your home, you can add endorsements to your policy to cover these items, since most regular policies limit the amounts you can collect on these types of items. You should also think about code upgrades, especially if you live in an older home. If your home is destroyed, or even significantly damaged, you may have to have it rebuilt according to newer building codes which could cost much more. You can add an endorsement to your policy to cover you if this happens. Many insurance companies cover limited code updating costs, so you should check with your company to see what their coverage actually protects.

Business and Rental Fire Insurance

If you rent houses or apartments, you need fire insurance to protect your investment. Look for a fire policy that covers your loss of rental income and that covers improvements your tenants might have made to your property. If you own a business, you need fire insurance, too. Look for a plan that will pay you for lost business time and that covers your personal and business property inside the business. Some fire policies also cover damage from wind, hail, and lightening, as well.

Most homeowner's insurance policies cover fire, but you should make sure you understand the limitations of these policies, and add additional coverage if you think you need it. Fires can happen any time, and fire insurance is about the only thing that can protect you if you experience a fire.

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