The fires in Colorado have caused many – affected and not – to look at their own coverage.
As hundreds of Colorado homes are destroyed by wildfires, many find themselves looking to their own homeowners insurance to find out what coverage they have in the case of a similar circumstance in their own areas.
Fortunately – for both those affected and not – the typical policy does cover this type of damage.
According to a spokesperson for the Insurance Information Institute, Michael Barry, wildfire is among the forms of destruction or damage from fire that are typically included among the covered perils of most homeowners insurance policies. He went on to say that beyond the structure itself, personal possessions within the building and temporary housing during the time that the repairs or rebuilding are completed are also covered.
The important elements to consider are the deductibles and limits to this homeowners insurance coverage.
It is in those areas that the payments will vary the most. Therefore, it is those factors that should be understood and regularly reviewed to make sure that they are still providing the necessary protection. Keep in mind that cars are typically covered against wildfire in the “comprehensive” part of the policy, so their cost will not need to be deducted from the total of the home’s coverage.
Though the wildfires that had been ravaging areas of Colorado are currently considered to be under control, this does not mean that the risk is gone. The National Interagency Fire Service has pointed out that there is an ongoing risk of dangerous fires throughout this summer due to the dry conditions being experienced in the Midwest, West, and the South.
For this reason, it is important that homeowners insurance be reviewed sooner, rather than later, to ensure that any risk of wildfire is adequately covered. Some insurers offer discounts when proper measures are taken to reduce the risk of damage from these fires and to reduce the severity of the destruction if it is inevitable. This can include cutting back trees and shrubs, creating a safety perimeter around the structure, laying down gravel or stone, and keeping propane tanks and wood piles at least thirty feet from any structures.