Understanding How Your Homeowner's Policy Protects You Against Fire Loss
Take Time To Consider Your Coverage Limits
No homeowner expects fire damage to happen. Most people rest easy, believing they are free of any imminent fire disasters. Unfortunately, residential fires happen every day, and aside from calling a fire damage restoration company in Geneva, FL, homeowners can call their insurance providers. Most essential policies cover at least four areas should a fire occur.
- Liability Protection
- Personal Property
- Living Expenses
A homeowner's insurance policy covers a specific value, typically the cost of the home. Dwelling coverage pays for either repair to your property or to recover the loss of a home. Policies are typically valued for either the replacement cost of the house or the actual cash value of the property.
Every property owner should evaluate their liability protection. Sometimes, a fire can spread from one home to another. Depending on how the fire began, a property owner needs to make sure they cannot be held liable for fire damage to a neighbor's property, which is the purpose of liability protection.
Nearly every homeowner's policy will also have personal property protection, which helps to replace or repair specific personal effects. The personal property portion of your policy can cover smoke damage to furniture and clothing, but it can also help cover the losses of more expensive items, like jewelry.
Your homeowner policy may even cover additional living expenses, beyond the recovery of damages. Sometimes, you will need to live off-site for the reconstruction of your home. Some policies will cover a portion of these living expenses, up to 30% of the dwelling limit.
While fire damage is not often expected, a homeowner should be prepared. Insurance coverage is the best way to protect against significant loss, and so is having a restoration company on standby. Take time to consider your coverage limits, and reach out to a local restoration specialist for a home assessment.