What About Fire Insurance
If you own your own home, you understand you have the sole responsibility for insuring your home and it’s contents. But what if you are one of the many millions who are renting a house or apartment? Although the property owner’s insurance policy may be of some minor help, in the event of a fire, a wise tenant will also have a renter’s insurance policy. These policies can cover things such as theft from your apartment, and even your car, as well as damage from fire, and they can cost as little as eating out once a month.
You will want to sit down with your prospective insurance agent to discuss your insurance needs. Some policies will include coverage only on the structure, while others will include the contents. You will also want to ask if you are covered for replacement cost of your items, or just the value at the time of the fire. This distinction could make the difference between getting $50 for your television set or $500 for a new one.
If you have more expensive items such jewelry, you will want to ask if it is covered under the policy or if you will need to purchase a separate jewelry rider. Most insurance policies only cover jewelry for $1,000.00 for each theft or fire, no matter how much you actually lost. The separate jewelry rider will cost you a certain amount for each $100 in value, and will probably require a written appraisal.
It is important to make an inventory of the contents of your home, which should include photographs and/or a video tape. In case of a loss, this inventory will help the insurance company verify what your jewelry looked like, which will make it much easier to replace, as well as showing thing like how many place settings of Grandma’s china you had. The more information you can give your insurance company, the more likely you will be properly compensated if the time comes. This inventory should be stored off premises; preferably in a safe-deposit box.
Many insurance companies will offer a reduced premium, if you keep debris and extra plants away from your house. There are many cases when the plants outside the home, which make the yard so beautiful to look at, are the very things that help ignite the fire when it would have otherwise escaped the flames. Having clear areas around your structure also makes it much easier for the firefighters to protect your property.
In many cases, when you file an insurance claim, it will not only help you replace your property, it will also increase the cost of your insurance. It only makes sense to take as many preventative measures as you can. Every home should have smoke detectors, at least in the kitchen and bedrooms, and these should undergo a regular monthly check, as well as replacing any smoke detectors that are ten years old or older. Your home’s heating system should be checked once a year, by a professional and you should not leave electrical appliances running when you leave home.
Every home should have at least two exits, just in case fire blocks one of them. It’s important to sit down with the family and create a fire safety plan. Every member of the family should fully understand what they are to do should there be a fire. When making you fire safety plan, don’t forget to include any of the family pets. Everyone should know who is going to be responsible for which pet.
One last caution: It’s important to check all your appliances before you leave the house. How many times have you left the house then wondered, “Did I turn off the stove?” If in doubt, turn around, go back home and check. You may be a few minutes late arriving at your destination. But you will be much more likely to have a home to come home to.
