Fires are among the most destructive disasters that residents of Nevada are apt to face. While most fires are small and easily contained, some quickly grow out of control, possibly leading to thousands of dollars in property damage. If you do not have sufficient fire insurance coverage, you may not be able to receive compensation for the full cost of the damage to your property. It is therefore in your best interest to know what coverage you already have and then to start comparing fire insurance quotes if you need more insurance to fully cover your Nevada property.
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How To Tell If You Have Enough Fire Insurance?
Fire insurance is a specialized form of property insurance typically included in the insurance you already carry. Its purpose is to compensate you for the costs associated with the repair, reconstruction or replacement of personal property damaged by a fire. If you have a homeowners, business or vehicle insurance policy, you most likely have coverage against fire damage, but you need to ensure that the coverage you have is sufficient.
Do this by checking the coverage limits on your currently held policies. The value of your personal property may have gone up significantly since you purchased your policies, in which case, it may be time to increase your coverage.
Fire Insurance Can Cover Damage to Your Nevada Home
Residential fires are usually small and very quickly contained. When this happens, homeowners suffer only minor damage to their property. Occasionally, however, house fires are disastrous. Fires involving grease in the kitchen or flammable liquids, and fires in homes lacking fire-extinguishing equipment can quickly grow out of control. When this happens, the destruction can be all encompassing and expensive.
Whether you rent or own your home, you can purchase insurance to cover your personal property. The kind of dwelling you live in and your ownership status will define what type of policy you need to purchase in order to get coverage against fire damage:
- If you own a traditional house: Homeowners insurance can cover traditional and manufactured houses. It can provide coverage for both the structure of the house and the contents kept inside. If you have any particularly valuable property, you may need to purchase additional riders in order to get full coverage for your personal belongings.
- If you own a condo or townhouse: You will likely pay dues to a condo association that will purchase a master policy that provides coverage for the structure of your building. However, you will need to purchase your own condo insurance policy to get coverage for your personal property. As with homeowners insurance, you may need to purchase additional riders to fully cover your more expensive belongings.
- If you rent your home: Your landlord will be responsible for covering any damage to the structure of your rental home but will not be responsible for damage to your personal property. For that, you will need to purchase a renters insurance policy. These policies are typically very affordable and can provide you with compensation if fire damages any of the property you keep in the home.
- If you own an RV: RV insurance policies can cover you against fires that occur both while you are using your RV as a vehicle and while you are using it as a home. This insurance provides coverage for both the vehicle itself and the contents kept within.
Fire Insurance Can Cover Damage to Your NV-Based Business
If you own one of the more than 200,000 businesses based in Nevada, you may have purchased business insurance coverage to protect it. If so, your business should have coverage against fire damage. As with home insurance, be sure to review your coverage limits every three to five years to ensure that you have sufficient coverage to handle a total loss. As your business grows, so too should your coverage.
Additionally, if you do not already have it, you may want to consider adding lost-income coverage to your business insurance. With this additional coverage, your business may be able to collect funds sufficient to cover monthly expenses and employee salaries in the event that your business must temporarily close or halt operations while you rebuild or repair your business following a fire.
Fire Insurance Can Cover Damage to Your Vehicle
There are two ways that fire may damage your vehicle:
- Collision-related: If your vehicle experiences collision-related fire damage, either your collision insurance (if it's part of your auto policy) or the responsible party's insurance should cover the repairs. If the responsible driver does not have insurance or lacks sufficient coverage to pay for your damage, your own policy may cover the damage if you carry uninsured/underinsured motorist coverage.
- Non-collision-related: If your vehicle sustains damage in a non-collision event, such as a fire in the garage or arson, you will need to have comprehensive insurance coverage as part of your auto insurance in order to receive compensation.
Nevada requires drivers to carry liability insurance only. Therefore, if you bought a policy that merely meets the state requirements, you will not have collision, uninsured/underinsured driver or comprehensive coverage as part of your coverage. If you want full coverage against fire damage for your vehicle, you may need to purchase additional coverage options.
Get Help Reviewing Fire Insurance Quotes in Nevada
Do you need assistance with reviewing your current fire insurance coverage or getting quotes for new coverage? If so, you are not alone. Get help by contacting one of the many independent insurance agents in the Trusted Choice® network. These agents can help you understand the fire coverage you already have in your currently held insurance policies. If they find deficiencies in your coverage, these agents can advise you on ways to improve your coverage and can even help you find and compare competitively priced policies to meet your coverage needs.
Contact an agent near you for more information, quotes and help in securing your fire insurance coverage.