Is Your Home Insurance Covering Fire?

Is Your Home Insurance Covering Fire?

Saturday Sep 04th, 2021


Lockdowns have pushed people to stay in their homes more longer prior to the pandemic. This tends to heighten the possibility of unsupervised burning candles, electrical mishaps, cooking accidents that can turn into unfortunate home fires. 


Not to mention, some regions of Canada have been getting wildfires more than before. We can only wonder how these homeowners can rebuild their homes after seeing the fire devastation in the news. 


According to an article, there were 51 fire-related fatalities in Ontario between January 1 and May 4, 2020. This is a 65% increase in comparison to the same timeframe last year. Paying annual premiums of home insurance averages between $960-$1250 as well, which would encourage anyone to make sure it is worth their yearly investment. 


Home insurance for fires usually covers any damages caused by the fire, as long as the fire was not set intentionally or proven to be accidental in a cause. Typically, this insurance only covers the results of the fire (e.g. flooding due to putting out the fire, smoke damages, etc.) but not the cause of the fire. 


It can get tricky on what is being covered so it is important to consult with your insurance broker to know exactly what can be covered. There are different types of insurance coverages:  basics, broad, and comprehensive. 


Basics, as the name implies, covers exactly what is written in your policy and is the cheapest but also limited, so you might want to include add-ons. 


Broad coverage is the middle-of-the-road type of policy, that covers basic as well as anything else you add to the policy. 


Comprehensive covers the physical building and some of its contents and has a bit higher rates of premiums. It does not include earthquakes and other big natural disasters, but they can opt-in. 


These reasons are good enough reasons to check your home insurance and consult with your insurance brokers to go over fire coverage on your current home insurance policy. 


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