Are you trying to decide whether you need to buy fire insurance to protect your home? There are over $37 billion in fire insurance claims made each year in the United States.
Although a fire may seem unlikely at first glance, it can be a real threat to your home and safety, depending on where you live. Read on to learn if you need fire insurance in addition to homeowners insurance.
What Does Homeowners Insurance Cover?
Before you decide whether you need fire insurance, you need to answer the question, ‘What does homeowners insurance include?’ While insurance coverage varies depending on a particular policy, these plans typically cover some standard events.
For example, a homeowners insurance policy can cover you if someone trips and falls on your property. They often include coverage for fires inside of your home. Fires that start because of an unwatched pot on the stove or a short in an electric system.
It will not cover fires that start from natural conditions outside the home. You will need to speak to an insurance broker to learn more. You can shop for home insurance from The Insurance Outlet to find the best coverage for fire, automobile, and homeowners insurance.
Where Do You Live?
Now that you know most homeowners insurance policies do not cover coverage for fires, you may be wondering, ‘Do I need fire insurance?’ The answer is, ‘It depends.’
Sometimes the state where you live may require a separate fire insurance plan in addition to your homeowner’s insurance coverage. For example, living in a state like California or Washington are places where natural fires are more common.
These are considered “high-risk” areas for natural fires and ones where you will need to get fire insurance to protect your home!
How Fire Insurance Protects Your Property
Fire insurance protects your property from natural fires that occur through no fault of your own. One of the most classic examples of this is forest fires. In the midwest, there are the places most prone to forest fires.
If your home is damaged or ruined due to a forest fire, fire insurance will cover your loss so that you don’t have to go out-of-pocket for it yourself! If you don’t have fire insurance, you may suffer an expensive loss in the event of a fire.
The Benefit of Buying Fire Insurance Today
Don’t delay buying fire insurance today if you know you need it now. If you wait to buy this coverage, you put yourself and your family at risk of suffering a catastrophic loss.
Even if it seems unlikely that your home may fall victim to a natural fire, you will have peace of mind that you are protected when you buy fire insurance. It’s not uncommon for the worst forest fires to burn out of control and cause millions of dollars in damage!
Check out our Finance blog post section for other great tips and tricks to improve your personal financial position today!