When you purchase a house, it’s important to be aware of the potential risks in your area, such as earthquakes, flooding, weather-related damage and even theft. However, one of the biggest threats that all homeowners face—regardless of where you live—is house fires. Unfortunately, house fires are extremely common in the U.S. and they happen unexpectedly. House fires can quickly grow out of control and cause serious damage to property and life.
To protect yourself against the financial repercussions of home fires, having a comprehensive homeowners insurance policy is extremely important. Fire is a covered peril under most basic home insurance policies, so you don’t need a special type of policy or endorsement to get coverage. If a fire breaks out in your house, your homeowners insurance policy will pay to repair the damage to the physical structure of your home and replace your personal belongings, up to your policy limits. It will also typically pay for temporary living expenses while your home gets repaired.