Also, if I have a fire at my home and I need to hire a company to clean up the fire damage, does my insurance cover the cost of hiring the fire damage restoration company?
How Does Home Fire Insurance Work?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaHome fire insurance works on the basis of shared risk. An insurance company brings together people with similar risks so that they can share losses if there are any. Since such a group would have houses of different values, locations, and exposures, the company uses statistics and experience to develop rates that would apportion the risk to the various houses. If in a particular pool the total exposure or risk is $1 billion dollars, your portion of the actual risk might be only $700.Answered on April 21, 2014flag this answer
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