By Lauren Zajac | Updated September 07, 2018 06:09:23A home can be destroyed by a fire, but not if it’s equipped with allstate fire insurance.
According to a report by National Association of Insurance Commissioners (NAIC), an estimated 90 percent of home fires and other fires in the U.S. occur when equipment is not properly protected from the elements.
In fact, nearly one-third of all fires that occur are not caused by a home’s electrical system, according to the National Association for Fire Protection.
The report noted that there are only about 4,400 fire-related fatalities in the United States each year.
If you have property insurance and you have a home that has electrical system inoperable, the fire insurance company can deduct up to 50 percent of the cost of your loss.
If your home has fire insurance, the cost is deducted from your property’s value.
For example, if your home’s value is $100,000, the insurance company would deduct $50,000.
However, if the value of your home is $400,000 or less, the value is reduced to $100.
If there is a fire in your home, you have options.
The National Association reported that most homeowners have one or more fire-resistance kits that can be used in case of an emergency.
You may also have other options to protect yourself from fire.
The NAAIC recommended purchasing fire extinguishers and other fire-retardant devices.
However, if you have the option of buying a home fire insurance policy that provides fire protection, it may be a good idea to select one that provides an additional $100 to $300 per year.
According the NAAIP report, a home insurance policy with an additional fire protection policy will cost you $4,000 per year, or $2,000 for the first year.
That amount is more than you’ll pay for your home.
You can find out how much additional insurance is available to you at the National Fire Protection Association (NFPA).
The National Fire Insurance Association (NFA) also provides information about fire-resistant items.