Wildfires and Homeowners Insurance

Many of us probably know that wildfires are a regular phenomenon in many parts of the United States and in and the world in general. However, it is upsetting to know that according to Wildfire Statistics done by Congressional Research Service, the number of fires has not only increased but they also became 30 percent larger in 2018 than the average, making this year far worse than most wildfires in recent memory. Fortunately, most of the homeowners’ insurance policies provide coverage against damage and destruction caused by fires and smoke, including wildfires like the one in Northern California.

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Different Types of Homeowner’s Insurance Policies

There are different types of Homeowner’s Insurance Policies to choose from called “forms.” The type of homeowner’s policy you buy depends on whether you own a standalone home, rented home or condo/co-op. However, before choosing a homeowner’s policy, you need to understand the level of coverage you want because each policy has its level of coverage.

Different Types of Homeowner’s Insurance Policy Forms

HO-1 is a basic policy which provides coverage of about 11 perils. Those include fire, lightning, windstorm, hail as well as an explosion, riots, and other events. This policy is rather limited, and it won’t cover the protection of your property or other belongings.
HO-2 is another basic homeowner’s policy which provides a broader coverage of your house. Unlike HO-1, this policy covers you against 16 perils including additional perils such as water damage, theft, vandalism, as well as accidental damages like an overflow of plumbing, heating air-conditioning, and household appliances.

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