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Approaching a wildfire

When the weather gets hot and the environment gets dry, you might see a lot of coverage of about wildfires in your region or somewhere else across the country. In 2018 alone, there were over 58,000 wildfires in the U.S., and in the last 10 years, wildfires have cost $5.1 billion in damage. It’s estimated that 4.5 million homes in the U.S. have high or extreme risks of wildfires. The question you might have is whether your homeowners insurance will pay for the loss.

The good news is, your homeowners insurance can often help you out. However, you are wise to check on the various perks of your policy. Each will have limits that might apply.

The Coverage Available for Wildfires

Homeowners insurance helps you cover the costs of various unexpected or unpreventable accidents that might occur in your home. Usually, it will cover fires among the various perils to which it can extend coverage. Wildfires are fires, and they’re very unpredictable (and unavoidable if your house is in the path). That’s why your policy will usually cover you.

Homeowners insurance policies usually include various types of coverage, each of which could apply in different situations related to the fire.

  • Structure coverage pays if all or part of your home burns in the fire. It can help you rebuild the house. Most policies will pay you the home’s replacement cost in case of a total loss. Coverage can also help you afford remediation for smoke damage.
  • Possessions insurance compensates you for the belongings in your home damaged by the fire. Outdoor items, like patio furniture, will also have coverage in most cases. Keep in mind, that you might need a high-value coverage rider to extend protection to specific belongings like jewelry.
  • Loss of use supplements help you cover the costs of dining or hotel bills following wildfire damage in the home. Because the home might be uninhabitable while it undergoes repairs, this coverage can make sure you can afford to live elsewhere temporarily.

Each of these types of coverage will have their limits. That’s why, particularly if you live in a high-risk area for wildfires, you should carry enough coverage for a total loss of your property. Given that these fires might prove devastating, the fuller the coverage you carry, the more compensation you might receive. You should also manage to see that your deductibles always fall within a range that you can afford.

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