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Fire & Lightning Insurance

Fire is the most common natural disaster.
People think that the possibility of lightning damaging their homes is slim to none, but damages caused by lightning encompass approximately 7% of all casualty and property claims. Fortunately, fire and lightning damage is covered under standard homeowners insurance policies. However, you need to ensure that the replacement cost limit for your property is enough to cover the actual replacement cost of your home.

Those who own older homes might find it wise to look into a coverage upgrade. As building codes change over time, it may be necessary to spend more money to rebuild older homes in order to meet the new requirements. One should also take into account the rising costs of building materials and labor and adjust coverage amounts accordingly.

You should also look into how much additional living expenses would be covered under your policy. This would help pay for things such as clothing and rent to help you get by while your home is being reconstructed.