What is fire insurance 2022? Fire insurance Full Details 2022 - Fire insurance stocks

Fire insurance policy full Details

Fire insurance is a type of insurance that covers the loss or damage caused by a fire in the property or home of the insured. In other words, under this policy, a person pays a certain amount (premium) to the insurance company from time to time, and in return, the company assists when the person damages his property due to a fire.


Fire insurance is important for both home and business because it helps to protect against damage/loss due to fire, especially in the industrial sector like petrochemicals, where the risk of fire is very high. This policy also provides alternative property and property prices, which are damaged by fire.


What is important about this policy is that the word 'fire' must meet the conditions-

• The fire should have been accidental but not accidental.
• There should be fire or ignition.
• A probable cause of damage should be fire.

Fire Insurance Policy: Type

There are different types of fire insurance policies, anyone can choose according to their needs. The following are some of the notable fire insurance policies:

1. Valuable principles

Under this policy, the insurer agrees to pay a certain amount to the insurer. The value of the matter is agreed in advance between the insured and the insured. Valuable policies are usually issued in art, painting, sculpture, and other such subjects whose value cannot be easily determined. However, the amount payable under the valuation policy may be less than or equal to the value of the actual property.

2. Specific principles

In this policy, any loss/damage caused by the guarantee is covered only within a certain amount, which is less than the actual value of the property. Under a certain policy, a certain amount of insurance is insured on a property and at the time of loss, remuneration will be paid if the loss falls within a certain amount.

3. Average policy

In this policy, the amount of cover is determined with reference to the value of the insured property. For a clearer view, an average principle is calculated under this formula-

Claim = (Amount of insurance / value of property) * Actual loss

For example- if a person insures his valuables, valued at only US 10,000 10,000, and the loss due to fire is 15 15,000, the amount of the claim paid by the insurer will be (10,000 / 20,000 * 15,000) = INR 7,500.

4. Floating policy

In the floating policy, property covers in different places are given against fire damage. This type of policy usually involves a trader who stores goods in warehouses or docks.

5. Extensive policy

A broad policy is known as an all-in-one policy because it covers losses from various risks such as fire, strike, war, theft, theft, etc.

6. Replacement policy

Under this policy, the insured takes the initiative to pay the price for replacing the damaged or damaged property. The insurer may replace the property in lieu of cash. However, the new asset should be similar to the one lost.

Fire insurance coverage

Below are some common covers provided by insurers for fire insurance -

• Loss due to smoke or heat.
• Items damaged due to water used for extinguishing fires.
• Damage was caused by throwing goods outside the premises/house during the fire.
• Wages are paid to firefighters.

Losses covered by the policy may include-

• Loss/damage due to burning of property by public approval.
• Damage due to war, rebellion, rebellion, hostile hostility, etc.
• Damage/damage due to underground fire.

Standard fire and special hazard policy

Extensive covers are included under the standard fire and special hazard policy, such as-

• Lightning, riots, strikes, and polluted damage.
• Explosion / Explosion
• Aircraft damage storms, hurricanes, earthquakes, typhoons, hurricanes, tempests, tornadoes, floods, landslides, etc.
• Water tanks burst/overflow
• Forest fire.

Fire insurance quotes

The premium paid on fire insurance depends on a number of factors including the environment of the property and the surrounding environment, the meaning of the assurance and the operational safety precautions available with the property. Although most insurance companies provide cover against fire, the policy of each insurance company may be different. Therefore, read the terms carefully before buying the policy.

Conclusion

The fire incident is certainly unexpected. And when this kind of thing happens they cause massive destruction. So, if you think your valuable assets are at risk of fire, get fire insurance now!

Disclaimer:

Every effort has been made to ensure that the information provided here is accurate. However, no guarantee is given regarding the accuracy of the information. Please check the scheme information document before making any investment.