Fires are among the most common and devastating incidents that may occur in or around your home. Cooking appliances, heaters, cigarettes and faulty wiring are all capable of starting a blaze that could quickly erupt into a full-fledged inferno. Beyond the danger to yourself and your family, even a small fire could inflict catastrophic damage to your home. But having the right insurance can make all the difference after the flames are put out.

How Can the Right Insurance Help After a Fire?

There are several ways in which the right home insurance policy can help after a fire. While coverages may vary, most standard policies may be able to provide financial assistance in the following ways:

• Repairs—Fires can inflict significant damage and even completely destroy the structure of your home, as well as other buildings on your property, such as garages and sheds. Fortunately, your insurance can help pay for repair, restoration and rebuild costs.
• Replacing possessions—If flames destroy or damage the contents of your home, such as furniture, clothing and electronics, most standard home insurance policies can help you purchase replacements.
• Paying for others’ losses—In some cases, fires that start in your home could also spread to neighboring properties. In these situations, the personal liability coverage portion of your policy can be critical, as it may offset other parties’ losses arising from fires that originate on your property.

When considering your fire-related insurance needs, be aware of the difference between actual cash value and replacement cost options. While the former may help limit your premiums, it also accounts for depreciation, meaning that if your home or possessions are destroyed, you may not receive enough aid to fully fund rebuild or replacement costs.

We’re Here to Help

Contact Metro One Insurance Agency in Tulsa, Oklahoma, today to learn more about how the right coverage can financially protect you and your home from fires.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.