Does Homeowners Insurance Cover Fire Damage

Homeowners insurance covers things that happen at your house that are not covered by another insurance policy. It’s often called primary homeowners coverage because it is the first coverage that most insurers will sell you. This article looks at what home owners insurance covers and how much it costs. If something happens to your house, it can be expensive to repair or replace everything from floorboards to fixtures and furnishings. That’s why most homeowners policies include coverage for things that happen as a result of something happening to the house itself.

These are called Dwelling Insurance Coverage Extensions (DCCEs). Depending on the kind of structure you have, your DCCE might cover some of the following risk types:

• Fire – Smoke or CO2 damage from natural causes Water
• Flooding from natural causes
• Lightning – Damage caused by an electrical discharge (static discharge)
• Wind – Structural damage caused 20 mph from natural causes Vein Risk
• Structural damage due to ground movement, such as an earthquake Hail Damage – Structural damage due to falling rocks or freezing ice Storm Damage
• Structural damage due to extreme weather conditions such as tornadoes, hurricanes and hailstorms In addition, some DCCEs may extend coverage for other types of risks not mentioned above. Below we look at what is covered by standard homeowners insurance policies and how much it might cost you if you have no other form of insurance.

What is Covered by Homeowners Insurance?

Homeowners insurance covers damage or destruction caused by fire, lightning, wind, water, smoke and other natural disasters. It also covers damage to your home’s structure, contents and infrastructure (such as the roof, plumbing and electrical systems).

Homeowners insurance also covers theft and vandalism. A standard homeowners policy typically covers more than just the structure of your house.

It can also sometimes include coverage for personal property. This includes things like furniture, clothing, dishes, appliances and sporting equipment. Homeowners insurance can also cover some living expenses if you need to be away from home as a result of a covered event. For example, if you have to stay in a hotel or in a nursing home as a result of a covered event or if your house is not suitable for use due to a covered event (such as a fire), your homeowners policy may cover some of your living expenses.

How much does it cost to add Dwelling Insurance Coverage?

If you want to add Dwelling Insurance Coverage to your home insurance, your carrier will assess your home and decide how much to charge you. There are several factors they take into account, including: The type of structure you have (e.g., a single-family home, a two-story home, a condo etc.) Your age Your location The condition of your home How much coverage you already have Adding Dwelling Insurance Coverage is typically a one-time cost and you don’t have to do it again unless you move.

What else is not covered by standard homeowners insurance?

While homeowners insurance provides coverage for many types of events, it doesn’t provide coverage for many other things that can happen to your house and its contents. For example, it won’t fully cover the cost of rebuilding or repairing your house or your plumbing, wiring and appliances if they are damaged as a result of a covered event.

You may be able to get some of these things covered through a condo association, a homeowners insurance plan or a separate policy. A condo association is a legal entity that owns a building.

As a condo owner, you are covered by your association’s insurance plan. Depending on the plan you purchase, you may be able to get additional coverage for things like the roof, HVAC, windows, doors, and landscaping.

Why can’t I get insurance to cover floods and earthquakes?

While flooding and earthquakes are often tragic events, they are not typically covered by standard homeowners insurance. In most cases, homeowners insurance will provide some basic coverage to help you through a major disaster such as a fire, a flood or an earthquake, but you may be required to provide some of the funding for rebuilding.

Depending on your financial situation, you may be able to get some of this funding from a government relief agency or a charity.

How much coverage do you need for a flood?

The National Flood Insurance Program (NFIP) provides flood insurance to homeowners and renters who can’t get insurance from their local government. Depending on your location, you may be able to get coverage through the NFIP.

How much coverage do you need for an earthquake?

Earthquakes are not typically covered by standard homeowners insurance. Depending on the energy of the earthquake and the damage it causes, you may be able to get coverage through a specialty policy.

What are Specialty Policies For?

Specialty policies provide additional coverage in areas where standard homeowners insurance doesn’t go far enough. For example, a car insurance policy typically covers the costs of breaking your car. But if your car is fully paid for, a car insurance policy might not cover the cost of buying a new one. A specialty car insurance policy, however, would cover that expense. Other specialty policies include boat insurance, homeowners inland flooding insurance, homeowners earthquake insurance and homeowners umbrella insurance.

Which Specialty Policies Are Available with Homeowners Insurance?

Homeowners that own a boat or a motor vehicle can add auto-title insurance to their homeowners policy. Homeowners that have a motor vehicle, but that do not own a boat, can add motor vehicle insurance to their homeowners policy. Home owners that have watercraft (e.g., a sailboat, a jet ski, a boat with a motor, a houseboat, etc.) can add watercraft insurance to their homeowners policy.

Can You Get Additional Homeowners Insurance Coverage With Your Policy?

Yes, some insurance companies offer discounts to customers who agree to pay higher premiums. These can be quite expensive, so it’s best to call your agent and find out if they offer discounts and what they cost. Here are some of the most common discounts.

• Homeowners with a paid off home: If you have less than 10% equity in your house, you may be able to get some of this coverage at little or no cost.
• Homeowners living in certain areas (e.g., counties that are not at risk for hurricanes): Depending on the location of your home, you may be eligible for some or all of the following discounts.
• Homeowners with a paid off home: If you have less than 10% equity in your house, you may be able to get some of this coverage at little or no cost.
• Homeowners living in certain areas (e.g., counties that are not at risk for hurricanes): Depending on the location of your home, you may be eligible for some or all of the following discounts.

Summary

Your homeowners insurance policy will cover a host of risks, from fires to tornadoes. It may also cover natural disasters, such as earthquakes and floods. If something happens to your home, your homeowners policy will cover some of the costs of repairing it. Depending on the kind of structure you have and the location of your home, your homeowners insurance policy may not cover all types of risks.

For example, it may not cover earthquakes. You can get coverage for these types of events, as well as others that are not typically covered, with a specialty policy. A specialty policy will protect you in areas where standard homeowners insurance does not go far enough.