This fire insurance is one type of insurance policy in which the policy holder can be protected from loss or damage of any property caused by the fire within the time specified in the contract. This insurance is the part of the property insurance. Property cannot be insured against all types of risks of fire, so individuals should confirm with the insurer regarding the types of risks covered.
This fire insurance can be included in their coverage by some standard insurance policies, but in some other cases, individuals need to purchase fire insurance separately.
It should be checked by property owners that whether the fire insurance is the part of insurance company's policies, and if it is the not part of their policy then fire insurance has to be purchased separately.
Protection is provided by the fire insurance policy for the estimated value of the physical house. There are some exclusions such as medical bills, loss of human life and pets, loss of personal belongings, structures outside the property, damage to the landscape and accommodation's expenses.
Types of fire insurance policy:
There are so many types of fire insurance policies like floating policy and replacement or reinstatement policy. According to your requirements, you can choose the policy.
This fire insurance can be included in their coverage by some standard insurance policies, but in some other cases, individuals need to purchase fire insurance separately.
It should be checked by property owners that whether the fire insurance is the part of insurance company's policies, and if it is the not part of their policy then fire insurance has to be purchased separately.
Protection is provided by the fire insurance policy for the estimated value of the physical house. There are some exclusions such as medical bills, loss of human life and pets, loss of personal belongings, structures outside the property, damage to the landscape and accommodation's expenses.
Types of fire insurance policy:
- Specific policy: In this policy the actual value of property is not considered to determine the indemnity and policy holder required to bear the loss for some extent. Here insurance company is liable to pay amount which is lesser than the real value of the property. This called as average policy.
- Comprehensive policy: In this compensation can be paid for fire, burglary, theft and third party risks. So, it is called as all in one policy. In this compensation can be paid for the loss of profits occurred because of fire till the time the business remains close.
- Valued policy: In this policy the insurance company fixes the amount of the indemnity and it does not take actual loss into consideration.
There are so many types of fire insurance policies like floating policy and replacement or reinstatement policy. According to your requirements, you can choose the policy.
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