According to the Insurance Information Institute, The average claim value related to fire and lightening was $68,322 for the period 2013 – 2017. While homeowners insurance claims related to wind or hail were the most prevalent for the reporting period, fire and lightening claims were the costliest. You may be able to reopen your claim up to five years from the date of loss, even if it’s been settled.

When you submit an insurance claim for fire, smoke or soot, your insurance company will send its own field adjuster to document and estimate your fire damage. Unfortunately, many property owners assume that their insurance company will do the right thing and pay a fair settlement for their fire damage claim. Property owners may also assume their insurance company’s first offer is their final offer.

Take caution, however. Even with the best of intentions your insurance company’s settlement offer may fall short of what you really need to become whole again. For example, your insurance adjuster may not properly give you “like kind and quality” pricing in their estimate. If your 5 inch baseboards got damaged then they should pay for 5 inch replacements, not 3. Similarly, if your solid wood doors were damaged from fire, smoke or soot, then they should estimate solid wood door replacements, not hollow ones. In addition to the “like kind and quality” issue, your insurance company may altogether overlook some of your damage, or simply assume some damage they see is unrelated to your fire claim.

Components to Your Claim

There are several possible compensatory factors to consider, depending on your specific fire damage, when you have a fire damage insurance claim. These include:

• Structural damage
• Personal property damage
• Potential lost wages
• Business interruption loss
• Additional living expenses (ALE)