Understanding Homeowners' Insurance Coverage for Fire

10/19/2022 (Permalink)

Having a homeowners’ insurance policy is always a good idea.

Understanding Homeowners' Insurance Coverage for Fire

For many people, a house is the largest investment they’ll ever make. If your home in Jasper, SC, is financed with a mortgage, your lender will require you to carry homeowners’ insurance to protect their investment and yours. A homeowners’ policy protects the structure of your property and your belongings from certainly covered perils including theft or certain disasters, such as a home fire. Even if you don’t have a mortgage, it’s good to have such a plan in place to cover potential damages and losses. You should know that there are certain situations where your policy won’t cover fire damage.

When Is a Home Fire Not Covered?
While policies will vary based on your insurer, geographic locations, and other criteria, most homeowners’ plans won’t cover the following scenarios:

Arson: If you intentionally set a fire to your house, your policy won’t cover your losses or expenses associated with repair and cleanup.
Unoccupied or vacant property: Most policies won’t cover fire damage and other perils for a home that is vacant. You’ll need to purchase a special type of coverage for a vacant home fire.
Act of war: Generally damage that results from acts of war is not covered.

Acts of war are distinct from those of terrorism, which are usually covered by homeowners’ insurance.

What Else Should You Consider?
Where there’s fire, there’s probably smoke. In the aftermath of a home fire, you may also experience smoke damage, soot damage, and damage from the water used to extinguish the blaze. Water damage can also lead to mold, so it’s important to have a professional residential restoration provider complete cleanup and repairs. The pros can restore your home to preloss conditions.
Having a homeowners’ insurance policy is always a good idea, even if it’s not required. It protects you from having to rebuild or restore property damages out of pocket in most cases. It’s incumbent on you to know when you’re covered and when you’re not.