Come Home to Protecting Yourself with Insurance

As winter settles in for a good portion of the country, what consumers use to heat their residences is coming more to the forefront, especially as it relates to their homeowners’ insurance.

It is important for consumers to note that alternative heating sources, if not properly used, can lead to an increased risk of fire, according to the Insurance Information Institute (I.I.I.).

Research shows that space heaters, wood stoves and additional supplemental heating sources are the top reason for home fires during the winter months, falling only behind cooking equipment.

According to the National Fire Protection Association, fixed and portable home heating devices account for two of every three home heating related blazes and two of every three related deaths.

Research from just two years ago shows that heating equipment was involved in an estimated 66,100 reported home structure blazes, 480 civilian deaths, 1660 civilian injuries, and caused direct property damage to the tune of $1.1 billion.

As the statistics show, fireplaces and chimneys were a part of 43 percent of these blazes and 11 percent of the deaths. Fixed and portable space heaters, including wood stoves, were a part of 25 percent of the heating fires, however were to blame for 74 percent of the fatalities.

In comparison, central home heating systems account for only a minimal percentage of heating-related fires and deaths. Supplemental heating devices are more dangerous due to the fact they provide numerous opportunities for error by the individuals using them.

According to a spokesperson for the I.I.I., “Damage caused by fire and smoke are covered under standard homeowners and renters insurance policies. Homeowners are also covered for water or other damage caused by fire fighters working to extinguish the blaze.”

In order to protect you from the economic ramifications of fires and other disasters, homeowners are advised to acquire enough insurance to rebuild the residence and personal possessions.

As the I.I.I. spokesperson adds, “Unfortunately, many consumers do not know what is in their policy until they have to file a claim and at that point it is too late to purchase the right amount of financial protection.”

For individuals residing in a community that charges fire department services, special coverage might be an option. Typically, homeowners are reimbursed up to $500 of this cost, while there is no deductible.

Research shows that in 2009, there were 377,000 residential fires nationwide, costing close to $8 billion. Due to the deadly and destructive nature of fire, insurers offer discounts and preferred rates to homes and communities that take steps to decrease the dangers of fire.

Keep in mind that residences comprised of fire-resistant material or situated near a fire department that is highly rated many times have decreased insurance rates. In addition, homeowners might have access to discounts up to 20 percent if the wiring in a residence is upgraded, sprinkler systems installed or if the residence has smoke and fire alarms that go off at an outside service. Even acquiring simple safety devices like basic smoke detectors and fire extinguishers will typically make available discounts of at minimum 5 percent.

Homeowners and those who rent are advised to get in the habit of practicing safety and teaching family members what to do in the event of a fire or other emergency.