Look at this, the National Fire Association data reports that there are over 358 000 fires rummaging houses every year in the US alone. Given the statistics, it is prudent to find out the insurance options available in case your home or property is damaged by fire. Alorair provides advice on the measures to take to get the best of insurance options in the event of a fire at your home or office. Most insurance companies define fire insurance as a cover that compensates clients for damage caused by fire. The damage spans from property to even the health and life of the principal insurance holder. Fire cover, therefore, usually caters for the cost of replacement or repair or both, after a fire has destroyed property. Fortunately, fire damage is part of the insurance package available for homeowners. Nevertheless, the devil lies in the details. There are exceptions to what fire damage insurance can cover. Most insurance companies put a cap on the amount of compensation that can be done in the event of a fire at your home or workplace.
The Exclusions
For fire damage insurance at home, you will only get compensated up to the point the policy outlines. Most insurance companies shy away from events that occur as a result of the war. Interestingly, incidents of property damage with the fire resulting from riots are often, but not always treated as war occurrences. Similarly, acts of arson are also not covered by most policies. In this regard, arson is defined by insurance companies as situations when a homeowner deliberately decides to set their home on fire.
Interestingly, if fire razes down your vacant home, you are likely not to be compensated. In particular, many insurance companies also cap the period of vacancy that qualifies for cover. If your home had been vacant for over 30 days before a fire, then you are not likely to be compensated. Nevertheless, there is a reprieve for covering such a home. There is a separate insurance policy for covering a home that is vacant for long periods. Such a policy is likely to set you off by a few more dollars compared to covering a home that is occupied.
Types of Fire Damage Coverage
If you buy a homeowner's insurance policy, you are likely to be compensated for property damage. This includes the contents in your home before the fire, and some additional compensation such as the living expenses in the period shortly after the fire: if the situation demands that you stay away from your home while the restoration is done. There is a cover known as additional living expenses. This cover is highly touted as a helpful one for fire damage cover. The cover caters for hotel expenses such as accommodation, meals, and others that you may incur when you cannot access your home to spend your life there. Note that if you do not go expressly for Additional Living Expenses, your insurance may not cater for many of the costs that you may incur as a result of seeking accommodation elsewhere while your home is being repaired.
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