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Fire Insurance

In a standard fire-insurance policy, your building, the property
contained within it, and property temporarily removed from it because
of fire are protected against damage inflicted by fire or lightning.
This coverage does not extend to accounting records, bills, deeds,
money, securities, or manuscripts. Nor are you protected against such
hazards as windstorms, hail, smoke, explosions, vandalism, automatic
sprinkler leakage, and malicious mischief. To guard excluded valuables
and protect yourself against loss from these hazards, you must obtain
additional coverage. Neither fire resulting from war nor actions taken
under the orders of a civil authority are covered by insurance.

Most fire-insurance policies are written for a three-year period, and
both you and the insurer have the right to cancel. You may cancel your
policy at any time. The insurer, however, must give you five days’
notice before canceling. In either event, you will be reimbursed for
any premiums that have been paid in advance. If you are the one to
cancel, however, a penalty as set forth in your policy may be assessed
against your refund. To keep your fire-insurance policy valid, it’s
your responsibility to use all reasonable means to protect the insured
property both before and after a fire. Should it become necessary for
you to file an insurance claim, you will be required to provide the
insurance company with a complete inventory list, detailing the types,
quantities, and values of the damaged property.