Fire Insurance Tips
November 8, 2007
Fire insurance has become a hot topic, no pun intended. With the recent wildfires in California, homeowners across the nation are beginning to wonder if they have enough insurance on their homes. According to CNN Money there are some things that all homeowners should do if their home is involved in a fire.
One of the first things you must do is get a copy of your policy. If your copy was destroyed in the fire, you can request a replacement copy from the carrier. Once you have a copy of the policy, check to see what value amounts you are entitled to. This may be called fair market value in some policies. Do not be surprised if you find that your home is underinsured. Many homeowners when faced with a fire do discover that they are underinsured.
You will need to get estimates for the work that is needed to replace or repair your home. Make sure you get these in writing from professionals, those who would actually do the work. Do not try to make this up yourself. Be honest.
You will also need to make a list of personal items that need to be replaced or repaired. When possible, be as precise with this list as possible. Include such things as brand names, cost to purchase, serial numbers, etc.
If you were forced to live in motels or hotels because of the fire, get receipts for those costs, including meals.
It is a good idea to begin a log book of your conversations with insurance representatives. Jot down who you talked to, the phone number of that person, and the basic gist of the conversation.