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While only about one in every 385 insured homes has a claim related to fire or lightning, those claims tend to be the most costly of all, with each averaging just over $77,000, according to statistics from the Insurance Information Institute.
While homeowners policies generally include coverage for fire-related losses, an issue arises when you examine whether most policies have enough coverage to replace a home in the event of a total loss. This is especially imperative in a time when things like inflation and supply chain issues have driven up rebuilding costs in terms of both materials and labor. There will also likely continue to be fluctuations in the price of things like house paint, metals, glass and other materials used in fixtures around the home.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
