It may not seem like a big deal, but fire prevention equipment and resources can have a huge impact on the insurance required for residential property. After all, insurance is a financial protection to address loss when something bad occurs to a person’s home, car or similar. The cost of a policy is designed to strike a balance between a person’s risk versus market competition by other insurance providers and the potential for damage to occur in the future. Therefore, the availability of fire prevention resources on or near a property can reduce risk significantly, especially given the fact that fire is probably one of the biggest causes of residential damage aside from flooding.
It’s a well-known fact that the number one cause of a fire threat to a residential property is people themselves. It’s rare for fire to start on the natural, even with lightning strikes on a home. However, people repeatedly trigger issues that can burn down entire neighborhoods. A stove burner is left on, a Christmas tree is hooked up with faulty wiring, or someone leaves solvent cleaning rags near the water heater in the garage. There are plenty more examples, but the point is that fire happens and it happens a lot. Further, a fire can engulf a home in five minutes or less, so the damage can be extensive and total very quickly.
However, if a home is built with internal sprinklers, smoke detectors, and electrical trips to avoid overcharges, the risk can go down significantly. Awareness is a key factor, so when the homeowner or, even better, a monitoring alarm service catch a fire starting, this often triggers a response that can slow or stop the fire from growing. Further, if the property is near a fire station, there is a high likelihood the fire department will respond quickly as well, saving a home. All of these resources contribute to reducing insurance risk on the same property.
For those who live in rural areas, wildland fire is one of the big risks to homes. So installing a 100 foot clearance around the home can make a big difference in the survivability of a property, even in a full-blown fire storm. The clearance makes it extremely hard for the fire to travel, and if the home is made of stucco and concrete roof tile, sparks flying won’t have anything to land on and burn. Both make a rural home far safer and easier to protect.
Fire can be extremely devastating, but proactive efforts and resources can reduce it’s risk considerably, reducing insurance costs as well.