Fire insurance is a type of insurance that provides coverage for property damage and loss caused by fire. It helps to protect the policyholder from financial loss due to fire damage to their home, business, or other insured property.
What is Fire Insurance?
Fire Insurance is the type of insurance which provides coverage for loss or damage caused by fire to your property. It can be bought as a part of property insurance or even as standalone insurance. As the estimation from fire loss is unpredictable, the policy will be issued with a fixed compensation. The insured will receive the amount agreed upon the time of claim during a fire accident. Even home owners can take a fire insurance to protect the structure of their homes. It also covers the cost of replacing items in the house such as AC, television, and other electronic gadgets.
Types of Fire Insurance
There are different types of fire insurance policies available with different scope of coverage. Check your requirement and purchase the one that fits your needs,
Coverage Offered under Fire Insurance
- Loss of Goods due to fire accident
- Living expenses due to the damage of the insured property
- Loss to the adjacent buildings or property near the accident site
- Fee to the firefighters
- Fire triggered by electricity
Exclusions in a Fire Insurance Policy
- Fire caused by war or nuclear risks, riot or earthquake
- Intentional arsoning by enemies
- Underground Fire
- Loss of goods due to theft after fire
- Human-made causes of fire with malicious intent
How to Raise a Claim for Fire Insurance?
For obtaining compensation for loss due to a fire accident, you need to raise a claim. Here is the process that you must follow in order to raise a claim,
- Immediately inform the insurance company after the fire accident
- Contact the police and fire brigade
- Insurance company will appoint a surveyor to assess the damage
- Submit the claim form with supportive document
- Based on the surveyor’s report, the claim will be settled by the insurance company within 10-15 days from the date claim request was placed
There are several reasons why you should apply