Introduction
Imagine this scenario: You wake up in the middle of the night and all of your belongings are on fire – everything you own, all your pictures, mementos, and keepsakes, even your beloved pets have no chance.
How would you feel? Many people don’t realize that if this happened to them, they could be financially ruined as well. While it’s frightening to think about, it’s an unfortunate reality that fires strike around our country every day, destroying homes and sometimes entire neighborhoods.
A word about fire protection
Thankfully, fires are not as common as other natural disasters such as floods, tornadoes, hurricanes, and earthquakes. This is because of the prevalence of fire extinguishers and smoke detectors. Unfortunately for those living in Southern California, fires occur much more often than in other areas of the country. In fact, there was a recent major fire that destroyed over 1500 structures in Santa Rosa on October 2017.
The cost to rebuild could be anywhere from 1-2 million dollars with uninsured homeowners at risk of being responsible for the repayment of the loans they took out on their homes before the incident occurred. For this reason, it is imperative that everyone purchases insurance so they are protected if the worst happens!
How insurance works
Your home is one of your biggest investments, with a value that goes well beyond the cost of its purchase. That is why it's so important to have insurance. Property coverage will help pay for repairs or replacement of the items you have inside, up to the policy limits.
Replacement cost coverage means that if the storm damages your roof, for example, the insurance company will give you enough money to replace it with a new roof. Building coverage pays for damages to your home’s structure – if a tree falls on your house during a hurricane, your building coverage might repair it. Personal liability pays for damage done by activity in or around your house.
The importance of having enough coverage
Insurance is not something that you can go without. It protects against any risk that may come your way, from your car to the house you live in. But many people who live in an apartment or rent their home don't think about the importance of insurance for their property, leaving them at risk if it were to be destroyed or damaged. Thankfully, there are options out there for renters and homeowners alike so read on to find out more!
-You should ask your landlord or leasing company what kind of protection they provide. Some landlords offer specific forms of coverage for tenants through a building policy or tenant liability insurance.
-Your first step should be to call your local insurance agent.
How much coverage do you need?
You might be asking yourself what the cheapest fire insurance company is? Here are some facts about buying fire costs: The cost of coverage for $250,000 for a year will range from $650 to $1,200. The range varies depending on the location, age of the home, and whether or not you have homeowners insurance. Find out more information by contacting your local agent.
Fire protection measures to take (seven sentences)]
There are many things you can do that could lower your risk of a fire: putting safety locks on your chimney; removing the clutter around the home; replacing flammable materials with flame-resistant materials; installing smoke detectors in every bedroom and near all the doors going into your home.
What if you have a wood-burning fireplace or woodstove?
One of the most dangerous features in your home could be a wood-burning fireplace or woodstove. Even if you don't burn wood on a regular basis, fireplaces, wood stoves, and chimneys need to be inspected every year for potential problems, such as:
- Choking chimney passages can cause fires to back up into your home. - Funneling smoke is an open invitation for insects or other small animals to set up housekeeping in your walls or floor joists. - Weather conditions like high winds can create chimney fires that may spread to engulf your entire roof with embers or cause tree limbs or other landscaping debris to smolder behind your house.
Don’t assume that homeowners insurance will pay for everything. They won’t.
Don’t assume that your homeowner's insurance will cover everything that’s lost in a fire. In many cases, it does not. And if the damage is extensive enough, your homeowner’s policy may even deny coverage for your loss altogether.
Don’t leave yourself vulnerable to this potentially devastating situation; consider taking out comprehensive fire insurance to protect yourself and your home against property damage caused by a fire.
Fire insurance offers more protection than just the replacement of the structure and its contents – it can also provide money for rebuilding expenses, such as hiring contractors and paying for new furnishings. It’s also worth considering getting more expensive replacement cost coverage rather than cash value because you get reimbursed what you paid at the time of purchase instead of depreciated value (i.e., market value).
Save on your premiums by installing smoke alarms, fire extinguishers, CO detectors, and other safety devices in your home.
Install smoke alarms on every level of your home, outside each sleeping area, and in attics or other spaces with no regular living area. To reduce false alarms, test them monthly and remove any that are near fireplaces or kitchens where cooking vapors can set them off.
Keep your batteries fresh by changing them when daylight saving time ends in the fall or purchase a 10-year lithium battery for $1 extra when you buy the alarm; replace smoke alarms after 10 years. Buy fire extinguishers rated ABC (depending on what's appropriate for your situation) because they're safest to use on kitchen grease fires or animal fires and CO (carbon monoxide) detectors that emit a high-pitched warning when gas levels become hazardous.
Get an inspection before buying a new home. There may be problems with the electrical wiring, roofing, plumbing, foundation, etc. Section: Consider yourself fortunate if your landlord carries fire insurance on the building you live in. Even then...
Though landlords are required to carry fire insurance on the building you live in, the policy only covers the building. It does not cover your belongings. As such, be sure to get a home inspection before buying a new home. There may be problems with the electrical wiring, roofing, plumbing, foundation etc., that will have to be corrected for you to live there. And if your landlord does not offer fire insurance on your rental home- beware! You are responsible for paying for repairs out of pocket if there is a fire.
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