Fire Insurance: What it Covers, and Do You Need It?

11/4/2020 (Permalink)

Commercial fire restoration in Cheltenham, PA

Fire Insurance: What it Covers, and Do You Need It?

Of all the disasters that could affect your office building, fire is among the most destructive. Fires can start in a wide variety of ways. Even small fires can cause extensive damage, destroying materials and making it impossible to work in the building until professional cleanup teams restore it. The financial toll can loom large too, especially if you suffer significant losses in the fire. The good news is that if you have a good fire insurance policy, you can receive a settlement amount you need to replace those items you lost.

What the Insurance Protects
Insurance is one of those things that you don't think much about until you need it. When you do, you are grateful for the monetary aid it provides. Fire insurance will cover the following:

• The cost to replace building materials destroyed in the fire.
  
• The cost to rebuild the facility due to the fire.
  
• Replacing damaged or destroyed furniture.
  
• Replacing office equipment and tools.
  
  

When the Policy Won't Take Effect
Fire restoration in Cheltenham, PA, can be costly. Having a reliable insurance policy gives you peace of mind and guards against financial ruin following this disaster. However, there are situations where your insurance company wouldn't honor your claim. You can't file a claim if you set the fire intentionally. This, in fact, is illegal and could result in serious penalties, including jail time. The insurance company may not cover losses from the fire if it occurred due to your neglect at maintaining and repairing electrical systems or other equipment in the building.

The Aftermath
The fire itself can be devastating, but smoke damage can be just as widespread. Your policy should also cover smoke cleanup and the effects that soot and ash will have on the building and the items inside.
Getting fire insurance is a smart way to protect you and your business. If it is not included in your commercial policy, talk to your agent about adding it today.