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What Is Fire Insurance?

Fire insurance is a type of insurance that provides coverage if your property gets damaged or destroyed due to fire. Basically fire insurance policy in India is a contract under which the insurance company pays money as compensation if your properties are destroyed or damaged in fire. In other words, this insurance is designed to cover the insured for loss or damage to buildings and personal property by fire.

Fire insurance policies not only provide coverage for the expenses incurred for the reconstruction, replacement and repair of the insured property, but also the nearby structures. Furthermore, this fire insurance plan also provides protection for the people whose life or livelihood is affected due to property damage.

Fire insurance policy in India is governed by All India Fire tariff which has been issued by a legal body-Tariff Advisory Committee. As per standard plan of fire and special perils plans, all the movable and permanent properties on land can be insured. Various types of possessions can be insured under fire insurance policy in India, like industrial buildings, dwellings, offices, shops, places of worship and their contents, shops, shopping malls, clinics, hospitals, apartments, private houses and many more.


Different Types Fire Insurance Policies in India

Following policies come under fire insurance policy in India

• Comprehensive policy: As per this policy, you will not only gets coverage against fire-related accidents but also other risks including theft, lightning, burglary, civil commotion, damage or loss due to pests etc. You will get a certain specified amount under this fire insurance policy in India.

• Valued policy: Under this plan, the value of the property is decided. The insurance of this policy is decided based on the value of the property. As per the agreement the insurer will pay in the event of destruction of property by fire.

• Specific policy: Policy ensures a risk of specific amount. A specified sum insured is decided for a certain belonging. In the event of loss of property, the insurer will pay the compensation for th loss if it is less than the specified amount.

• Floating policy: If you are a businessman and engaged in import and export business, then this policy is the best option for you. This fire insurance policy provides coverage against the risk of goods lying at different places. But the goods should belong to the same person and a single policy with single premium will cover all the risk of all these goods.

• Consequential loss policy: If any fire incident may take place, it may displace work in the factory, production may go down when the fixed expenses continue at the same rate. But this fire insurance coverage offers consequential loss or loss of profits. This loss of profits is calculated on the basis of loss of sales.


Benefits of Fire Insurance

Here is why having fire insurance coverage will always be a wise decision. You can buy fire insurance online.

• Fire insurance coverage provides the security for home, share, home furniture, enterprise buildings, etc,
• This policy offers the price of possessions and properties alternatives, which get damaged or broken due to the fireplace incident.
• Fire insurance policies offer the advantages for the homeowner in these ways
• It provides the compensation for damage of the building
• If any of the home furnishings materials get damaged due to the fireplace incident, like plywood home furniture, carpets, clothes, then you will get coverage.
• Alternative or maintenance for the electronic items like television, computer, air coolers are also included in fire insurance coverage.
• Fire insurance companies provides facilities to the enterprise in the following ways
• It offers the alternative or maintenance price for the machines in case of those get broken due to the fireplace incident.
• It covers the price of share broken due to the fire
Under this fire insurance policy, you will get the medical expenses for the employees, if they get injured due to the fireplace incident.


Coverage under Fire Insurance Policies

• The policy offers coverage for any damages or losses caused to the fire.
• Insured will get coverage for expenses incurred due to damage by explosion or implosion
• Damages caused by the lightning are covered under fire insurance online.
• Damages or losses caused by an explosion are also covered by fire insurance policy.
• Fire and any other losses or damage caused by aircraft or other airborne devices, damage due to articles dropped by an aircraft is covered by fire insurance policy.
• If the belongings or properties or of the insured are damaged caused by strike, riot or any terrorist activities, then it will be covered by fire insurance policies.
• Fire insurance coverage offers for natural disasters including tornado, storm, cyclone, typhoon, flood etc.
• Destruction caused to the landslide or rockslide will be covered under fire insurance policy.
• If your property is damaged due to the overflowing of the water tank, the policy will provide coverage for the damage.


Exclusions of Fire Insurance Policies

• Damages caused by normal heating, own fermentation or spontaneous burning are excluded from fire insurance online policy.
• Loss or damage of the property due to nuclear perils, electrical or mechanical breakdown are excluded.
• Pollution or contamination
• Burglary and housebreaking
• Terrorist act, war and warlike operations are not included in fire the insurance policy.


How to choose the best Fire Insurance Online Policy in India?

Fire accidents are always unexpected but are heavily disparaging. Hence, having a fire insurance policy is very much essential. But now the query is how to choose the best fire insurance policy as there are plenty of fire insurance provides. You may get confused while choosing the best fire insurance policy in India. Well, in such case you can compare fire insurance quotes online.

GIBL.IN, an online insurance broking portal can help you in such case. This portal offers free fire insurance quotes online by which you will be able to choose the best policy at the best price.


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