Does Homeowners Insurance Cover Fire Damage

Does Homeowners Insurance Cover Fire Damage

By David Libowtiz

One of the worst incidences that can happen in your home is a fire accident. Fires are known to spread quickly and cause a lot of damage. Restoring your home to its original state requires you to invest some money, which can be costly on your part. However, you don’t have to meet all the expenses on your own, because homeowners insurance covers fire damage. However, you need to understand how this works so that you make your claim the right way.

During a fire incident, there is a lot of damage that occurs to your property and personal possessions. The damage results not only from the fire, but also from the smoke and the actions by the fire brigade. This is called secondary damage. Secondary damage can lead to mold growth, rusting or metals and permanent staining of plastics and PVC materials.

What Does Fire Damage Insurance Cover?
These policies are varied, and cover anything ranging from totally razed down structures and personal items. Generally, the policies cover:

• The cost of total loss to your home.

• Cost of repairs to your damaged structure and the interior of the house.

• Covering of lost personal possessions.

• The cost of temporary housing as you wait for the house to be repaired.

• Costs of secondary damage to your property due to smoke and water damage.

In order to be compensated, you need to file a fire damage insurance claim.

One of the worst incidences that can happen in your home is a fire accident.

One of the worst incidences that can happen in your home is a fire accident.

Filing a Claim for Damages
Filing for damages can be complicated. This is because the insurance company will try to give you a minimum payout that might not be enough for the damages incurred. Here are tips to makes sure you get what you deserve:

Document the Damages
List all the damages that you have incurred both structural and personal. Make sure you take photos of the damages, the date it occurred, type of loss and a written report if possible. Document any injuries and make sure you get the police report. When taking photos, include a general photo as well as close-up photos of specific damages.

Keep Receipts and Bills
The insurance company needs evidence to understand what to pay. If you have performed any minor repairs, keep the receipts so that the insurance company understands the original damages.

Keep the Evidence Intact
The adjustor uses the site of the accident to determine your compensation. So, don’t throw away any damaged items before the insurance adjustor has been at the site.

Contact the Insurance Company
You need to call the insurance company representative immediately to report the claim. The sooner you call, the faster the company will send an adjustor to the site, which speeds up the process.

Once you contact the insurance company, make sure you work with the representative to settle the claim as quickly as possible. Return all phone calls and provide the required documents.

In summary, you need to understand the process of filing for fire damage insurance, and what to do to make it a success.

About author

David Libowitz

David is the Owner of SERVPRO of West Palm Beach, and was recently appointed the Chairman of the Advisory Board of the University of Miami Brain Tumor Initiative. David graduated from Tufts University with a B.A. in Economics and The Wharton School with an MBA in Finance. David has an extensive career investing in and working with companies to facilitate their growth, both organically and through acquisitions. David spent 11 years at Warburg Pincus (one of the largest private equity firms in the world), and worked his way up from Associate to Partner. Over the course of his career, David has served on the Board of Directors of 15 private and public companies and was also the CEO of a start-up software company. David has IICRC Water Damage Restoration and Applied Structural Drying Certifications and also holds a Lead Based Paint Certification.

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