What is Fire Insurance?
Fire Insurance covers damaged or lost properties in the event of a fire. Usually, home insurance includes fire insurance, and it has enough coverage to cover damages caused by fire. However, houses located in areas considered as high risk to fire cannot avail of the policies under standard home insurance. As a result, homeowners will need to buy extra coverage to insure their houses.
How does Fire Insurance work?
- Fix areas or material that needs to be repaired urgently. But check first if it is safe to fix them.
- Take photos of the damages ahead of time. If you bought some materials for repair, it would be best to keep them recorded.
- Record the damages or any other things that will help you form the claim’s basis. Get your camera or phone to take photos or videos detailing the damage from room to room if necessary.
- Notify your insurance company either online or over the phone. Your insurance company will facilitate your claim and help ensure that you’re compensated promptly.
What Does Fire Insurance Not Cover?
- Loses or damages caused by war or revolution
- Nuclear radiation
- Volcanic eruptions and earthquakes
- Damaged artworks, manuscripts, essential documents, paintings, and computer system records
What is a Replacement Cost and Actual Cash Value?
- Replacement Cost coverage will pay to replace your belongings with new equivalent items. A Replacement Cost Coverage provides enough money to rebuild your home even if building costs rise. Thus, this is highly recommended by experts even though it costs higher.
- Actual Cash Value coverage covers enough money for properties that depreciate quickly. Actual Cash Value estimates how much is the original price of the property. However, it also estimates the depreciated cost of the property.
What does Fire Insurance Cover?
Personal Property Coverage
Medical Payments Coverage
Additional Living Expense Coverage
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