Most homeowners and renters have some kind of fire coverage if they carry an insurance policy. For those who do not have the coverage, it is something you might want to seriously consider. Fires can strike anytime, anywhere, without warning. If you are lucky to come away from it with your life, you will most likely have lost much or all of what you owned before. Fire insurance can ensure that you have the coverage to get back on your feet and replace what you had.
Understanding Fire Insurance
Even those who do have the coverage do not often understand what fire coverage really is and how it works. After all, no one really expects a fire, nor is the insurance used by every individual who has it.
Most fire insurance policies consist of at least four parts: coverage for your home, coverage for outlying structures (not attached to the home), your personal property, and loss of use or living expense coverage (allowing you to get back on your feet and find another place to live either during repairs or permanently).
Most fire policies do limit the amount of coverage, so if you have additional valuables, such as jewelry, furs, etc. You might want to consider housing those in a safe place where there is little risk of fire or get yourself additional endorsements on your insurance policy. It is an important thing to consider, especially if you are someone who would prefer to rebuild rather then to move elsewhere permanently. If your dwelling was older, your city might require code upgrades. In this case, the insurance company coverage cap might put a damper on repairs without an additional endorsement.
All Your Stuff
Whether it is with a video camera or snapshot kind of camera, catalog everything that you own. If you own the property and the dwellings, document it. Go through the house and document all your personal property, in writing and on video or in pictures. You need to know what you have and what it is worth and so does the insurance company. This will benefit you a lot if you ever have to file a fire claim. Once you do this, ensure that your insurance company has a copy and give one to a family member or put one in a safe deposit box.
