Getting the Right Fire Insurance
What the Policy Covers
Every policy is unique, but most will cover many different aspects of the fire restoration process. The following are some common expenses that are often covered by insurance:
- smoke cleanup
- repairing damage from the fire itself
- repairing damage from the fire-suppression efforts
- paying fire department fees
Most fire insurance policies do not cover arson. This means that you are not covered if the fire is intentionally started.
What Your Policy Needs
Insuring a commercial property can be tricky. Here are a few things to check for when buying fire coverage:
- whether the policy covers the replacement cost
- if the policy covers the full value of the property
- whether the policy covers damage created by the fire-suppression efforts
Some fire policies insure property for its actual cash value at the time of the loss. This means you would only get the depreciated value of your property and not the replacement cost. Make sure you know which of these values your policy covers. It is also important to make sure you buy coverage for the full value of the property, so you do not have to make up the rest out of pocket. At the very least, make sure to insure the property for the minimum amount mandated by the policy itself. Have an experienced appraiser determine the value.
Additionally, make sure you know what types of damages are covered. Most policies will cover losses caused by fire extinguishers, fire hoses, and other fire-suppression efforts, but double-check your policy to make sure. Read the policy yourself and ask your agent if you have any questions.
If your business suffers fire damage, a fire insurance policy can help you financially. For help with the restoration process, a certified restoration company can help you get your business back to normal quickly and safely.