Daily Juice 087 – Fire insurance
Finally coming to the end of Risk Management discussion and the last on my list is Fire insurance coverage.
Interesting fact: From electrical issues to candle mishaps, the National Fire Protection Association reports an average of 357,000 residential fires each year.
You need to understand what your current homeowner’s policy covers. Most policies provide basic coverage. However, there are many different providers and policies, and therefore a variety of coverage limits, deductibles and exclusions defining what is and is not covered.
Most policies cover up to 50% of structural damage and personal property. This also depends on the type of policy and deductible.
