Dwelling Fire Insurance: Understanding Your Premium

Dwelling fire insurance covers residential fire damage and destruction. Your premium is based on several factors, including your credit score, but is mainly derived from the level of risk associated with your dwelling.

Fire Insurance Premiums - Risk Assessment

Fire insurance premiums are determined based on the risk your dwelling faces. Considered in the premium are the distance your dwelling is from a fire station, the materials with which your home is constructed, and the cost of replacement.

Reduce Risk to Reduce Premiums

There are several things you can do to reduce the risk of fire in your dwelling and reduce your premium as well.

  • Be sure to report any changes to your insurance agent.
  • Smoke and fire alarms. Installing smoke and fire alarms throughout your home is one of the easiest ways to reduce risk and lower your fire insurance premiums. Make sure you replace the batteries in your fire alarms at least twice a year.
  • Install fire extinguishers. Installing a fire extinguisher in your kitchen and in your garage can also help reduce the risk of fire and reduce your insurance premium. Be sure to discuss other ways you can reduce risk with your agent.

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