Fire Insurance Plan

Fire Insurance Plans cover the damages caused by fire to the property or specified assets. It also covers damages suffered due to lightning, explosion,missile testing operations, etc.

Why Buy Fire Insurance?

Fire insurance plan provides comprehensive protection against any damage caused due to fire explosion to either movable or immovable property.
It provides coverage to the property like office buildings, furnishings, machinery,stock etc destroyed during the fire outbreak.
It also encompasses the losses caused due to natural calamities, bursting of water tanks, explosion etc.

Types of Fire Insurance

Specific Policy

In case of any loss occurred to the certain property, a specific sum assured which is less than the determined amount is provided to the insurer as the compensation.

Comprehensive Policy

It provides coverage not only to the fire related perils but also against other activities like robbery, burglary, civil rampage etc.

Valued Policy

With the start of the policy, the value of the property is determined by the insurance provider. Based on the property value, the insurance of the policy is decided wherein the insurer will pay the value in case of the destruction of property by fire.

Floating Policy

This policy is best for the individuals who run the business of import and export. It provides coverage to the goods lying at different places belonging to the same individual under one sum assured and one premium covering all perils related to goods.

Consequential Loss Policy

The policy provides coverage for consequential loss or loss of profits. On the premises of loss of sales, the loss of gain is calculated.

Replacement Policy

This policy provides compensation based on the market value of the property. After calculating the deprecating value of the property, the amount to be compensated is calculated. The provided compensation will be at the replacement price which implies that the new asset will be of the price that has been lost.

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What is Covered in Fire Insurance?

It provides compensation for any damage caused due to fire or fire explosion.

It covers any damage caused due to lightning, cracks in the roofs/ building.

Fire caused due to articles dropped by the aircraft or airborne devices are covered under this policy.

Any loss caused to the insured property due to strike, riot is covered under the plan.

Damage caused to the insured property due to natural calamity like storm, tycoon etc is covered under this policy.

Destruction caused to the property due to landslides or rockslide.

Damage caused to the property due to overflowing of the water tank is covered.

What is Not Covered in Fire Insurance?

No cover for damage caused due to

Nuclear damage, Nuclear waste or Radioactivity.
Loss of any electrical machine, short circuit, apparatus, leakage of electricity etc.
Theft or Terrorist activity
War, Invasion
Natural disasters like earthquakes, volcanoes.

How You can File a Fire Insurance Claim?

Inform the insurer provider about the situation and claim within the specified time mentioned in the policy documents.
Once the FIR is lodged, submit all the bills of the incurred expenses to the insurance provider.
Once the insurance provider accepts your claim, a surveyor is sent to inspect your house loss within 48 hours.
After the submission of the surveyor report, the settlement of the payment is incurred towards any repair or renovation of the insured property.

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Frequently Asked Questions (FAQs)

What is fire insurance?

Fire insurance is a type of property insurance that provides coverage for damage or loss caused by fire. It typically covers the cost of repairing or replacing the property that has been damaged or destroyed by fire, as well as associated expenses.

What does fire insurance cover?

Fire insurance covers damage or loss caused by fire to the insured property, including buildings, structures, contents, equipment, and personal belongings. It may also cover additional perils such as lightning, explosion, and riot or civil commotion, depending on the policy.

What are the benefits of having fire insurance?

The benefits of fire insurance include financial protection against property damage or loss caused by fire, peace of mind knowing that your assets are covered, and assistance with rebuilding or repairing your property in the event of a fire-related disaster.

How much does fire insurance cost?

The cost of fire insurance depends on various factors, including the value of the insured property, its location, construction materials, fire protection measures, and the coverage limits and deductibles selected. Premiums are typically determined based on the level of risk associated with the property.

Can I get fire insurance for my business?

Yes, businesses can purchase fire insurance to protect their assets, equipment, inventory, and buildings from fire damage. Commercial fire insurance policies may offer coverage tailored to the specific needs and risks of business properties.

What is excluded from fire insurance coverage?

While fire insurance typically covers damage caused by fire, certain exclusions may apply, such as intentional acts of arson, acts of war, nuclear events, and certain natural disasters like earthquakes and floods. It’s essential to review the policy exclusions to understand the limitations of coverage.

How do I file a fire insurance claim?

To file a fire insurance claim, you typically need to contact your insurance provider as soon as possible after the fire occurs. The insurer will guide you through the claims process, which may involve documenting the damage, providing proof of loss, and cooperating with the insurer’s investigation.

Can I adjust my fire insurance coverage over time?

Yes, you can adjust your fire insurance coverage over time to reflect changes in your property value, risk profile, and coverage needs. It’s essential to review your policy periodically and update your coverage limits and deductibles as necessary to ensure adequate protection.