087: Fire insurance

Finally coming to 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.

“Know your stuff” -  do an inventory of your personal belongings, to better be prepared as well as be aware that you might need additional coverage.

Check out this neat website I found recently, https://knowyourstuff.org/ which allows you to create an list of your personal property and keep it all in one place online.

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