Fire Insurance covers damage or loss to a property because of fire. It is a specific form of insurance in addition to homeowner's or property insurance, and it covers the cost of replacement and repairs or reconstruction above what the property insurance policy covers.
Fire insurance policy cover damage to the property, and may also cover damage to nearby structures, personal property and costs because of not having the capacity to live in or use the property if damages occur.
- What is covered?
Under fire and other special perils policy, several things are covered apart from fire damage. Expenses incurred due to damage by explosion/implosion, lightening, storms, floods, earthquake, riots, malicious damage, strikes, inundation, bush fire, impact damage is also covered.
- What is not covered?
There are certain major exclusions under this fire insurance policy, which is also called "excess". Loss or damage of property due to nuclear perils, electrical/mechanical breakdown, pollution or contamination, burglary and housebreaking, terrorist act, war (be it declared or not).
We shall require details and values of your buildings including all structures connected therewith e.g. gates, walls and outhouses if any. A recent valuation report is required to calculate the premium ideal for this purpose.
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