Although your homeowners or renters insurance policy will cover repair expenses following a fire, having fire insurance can be beneficial. Generally, fire insurance will cover areas that your homeowners insurance plan doesn't. If you're thinking about purchasing fire insurance, consider some of the the circumstances that fire insurance can help you with:

• Expenses related to cleaning or clearing out your home following a fire or smoke damage

• Payments toward a temporary residency while your home is being fixed

• Personal property.