You probably have smoke detectors installed in your home, but what else are you doing to protect your home? Do you have the proper homeowners insurance to cover your home and personal items in the event that a fire breaks out? Sure, you may not think you need to worry about something like this in Arvada, Colorado because of the weather, but even in cold and snowy climates, fires can occur. Here’s what you need to know about fires and your home insurance policy.
Check Your Dwelling Coverage
This coverage is going to help you pay for the costs to rebuild or repair your home after a fire. You want to ensure that you have adequate coverage to do this. Don’t forget to also determine if you have actual cash value or replacement cost coverage – replacement cost is generally always better because you’ll get the most bang for your buck.
You may even want to check into extended replacement cost insurance coverage, which can help cover costs roughly 20 percent (depending on where you live and your insurance carrier) above your policy limits.
Do You Have Coverage for Other Structures?
If you have a shed in the backyard that gets damaged in the fire as well, your regular homeowner insurance isn’t go to pay to repair it or to rebuild it. Unless it’s attached to your home, it won’t be covered. However, there is coverage for these other structures, so if you don’t have the coverage, get more information from your independent agent.
Check Your Loss of Use Coverage
This particular type of coverage will help pay for you to stay in a hotel while your home is being repaired or rebuilt, if you are unable to stay in the home. It may also pay for other associated expenses.
Do You Have Coverage for Your Personal Belongings?
If a fire were to occur, your regular homeowners policy is going to pay for the home itself. However, it will not pay to replace your personal belongings. Again, you will want replacement cost for these items or you’ll be shelling money out of your own pocket to replace your items in new form.
No one wants a fire to occur, but you never know what life is going to throw your way. Make sure you, your family, your home and your homeowners insurance are all prepared for a fire. Speak to one of our independent agents serving the community today for help in reviewing your current policy or obtaining the necessary coverage to ensure that any and all damage from a fire is covered under your policy.