Knowing what coverages your home insurance policy offers makes all the difference in securing your home. Emergencies such as house fires can happen fast, so having the right policy secures your property when disaster strikes.
Does homeowners insurance cover fire?
Standard homeowners insurance offers coverage for fire damage. This coverage typically extends from the interior of the property all the way to detached structures such as barns, fences and sheds.
If you’re misplaced from your home as repairs are made, standard policies also pay for temporary housing and food.
Replacement cost versus fair value
It’s crucial to note when choosing a policy, some plans do not offer replacement costs for items. Instead, they may offer fair value price. Replacement cost is how much the item is originally worth, whereas value cost is the amount it would currently sell for in the market.
Natural disaster coverage
Many damages caused by natural disasters are also covered under standard homeowners insurance. These perils include, but are not limited to:
- Hail storms.
- High wind damage.
- Hurricanes.
- Lightning strikes.
- Etc.
Fire protection
It’s reported by the National Fire Protection Association over 300,000 house fires happen yearly.
Dwelling coverage protects your home structure if fire damages occur. Personal property coverage financially compensates for personal belongings damaged by fire.
Having the right coverage and understanding compensation options is important to make an informed decision when choosing the best plan to protect your household.
About the Author
Michelle Plunkett, Associate Broker
It's simple, really. Help people. Each client is unique. Every situation deserves special attention. Each home, neighborhood and community is a perfect fit for someone. Whether you are part of a grieving family settling an estate, 1st time home buyer, Upsizing, simplifying or find yourself starting a new life chapter, I am eager to understand your needs, provide you with options, guide you along and help you to make insightful, shrewd decisions. What journey do you find yourself embarking on? I would love to share the adventure with you - keeping it exciting, fun and rewarding! I am a FULL TIME Realtor - working my schedule to fit with your lifestyle and adapting to your technological abilities. Together we can make it happen! In appreciation for your business and in keeping with the spirit of thankfulness to the community that has supported me along the way, a portion of each commission is donated to charity.
