Exploring Fire Damage Restoration Covered By Home Insurance – Written by Lizzie Nealon Written by Lizzie NealonArrow Right Insurance Contributor Lizzie Nealon is an Insurance Contributor and enjoys making home, auto and life insurance accessible to readers so they can prepare for the future. Connect with Lizzie Nealon on LinkedIn Linkedin Lizzie Nealon
Edited by Angelica Leicht Edited by Angelica LeichtArrow Right Editor, Credit Cards Angelica Leicht is an editor at CreditCards.com. She has more than a decade of experience as a writer and editor, with a special focus on personal finance content for more than half of her career. Angelica Leicht
Exploring Fire Damage Restoration Covered By Home Insurance
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There are many household hazards that can cause damage to your home, including the risk of fires. If a fire breaks out in your home, the damage it causes can result in huge financial losses, in addition to the physical risks the fire poses to you and your loved ones. And what is perhaps more alarming is that house fires are not uncommon. There were about 1.3 million fires in the U.S. in 2021, the most recent year for which data is available. Those fires caused a total of $15.9 billion in property losses, according to the National Fire Protection Association.
As a homeowner, you should take steps to try to reduce the risk of a home fire, as a fire can damage your home or completely engulf your property. In addition to taking steps to try to reduce the chances of a home fire, it’s also important to know if your homeowners insurance policy will cover fire damage. The good news is that most home insurance policies cover fire damage to your structure and belongings. However, there are several situations where your insurance provider may not cover losses. Here’s what you need to know.
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You may be wondering: Does insurance cover fire damage? And in what specific cases can home insurance cover a fire? Homeowners insurance usually covers fire and smoke damage. House fires can start from cooking, lit candles, dry Christmas trees, heating equipment, electrical faults, appliances, lightning strikes, or a fireplace fire burning out of control.
Home insurance policies usually cover damage caused by fire – whether it’s caused by electrical wiring, cooking, candles, your fireplace, heaters or any other household item. You may be wondering: Does homeowners insurance cover an accidental fire? Usually, even if the fire started accidentally or due to user error, such as leaving the stove unattended, your home insurance policy will likely cover the damage.
Your house may or may not be protected from wildfires. Many home insurance policies will cover damage caused by bushfires. However, if you live in a wildfire-prone area, your insurance company may charge more for your premiums or deny insurance coverage entirely if you live in a wildfire-prone area or state. Some states, like California, also have FAIR plans that you can buy for coverage if you can’t get coverage elsewhere. The best way to find out if you are protected against wildfire damage may be to contact your insurance agent and ask about the specifics of your policy.
Does Homeowners Insurance Cover Fire? yes Home insurance policies, however, do not cover arson or any fires deliberately started to damage your home. If someone sets their house on fire in hopes of getting an insurance payout, that person can be charged with insurance fraud.
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No, homeowners generally do not need a separate fire policy. Almost all standard homeowner’s insurance policies already include types of coverage that typically pay out for fire coverage, so you shouldn’t need to purchase a separate fire coverage policy. The types of coverage that would pay to cover fire damage include:
The average claim amount for fire and lightning damage is $77,340, according to the Insurance Information Institute (Triple-I). How much your insurance covers depends on your coverage limits. Your policy will outline your coverage limits, and it may be helpful to discuss these limits with an insurance agent.
If your house burns down and you have $250,000 of home coverage, your insurance will pay up to $250,000 in restoration costs, less any
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