Under this policy for a certain property a specified sum insured is determined and in case of any loss the compensation will be provided for the loss provided it is less than the determined amount.

Valuable policy in fire insurance. A blanket policy is a fire insurance policy in which a single policy is used to ensure properties at one or different locations against the risk of fire. At that time very detailed fire insurance plan maps provided valuable data to the companies on a buildings size its function and its construction material useful to gauge the risk for fire and therefore the ability to quote insurance premiums to customers. This is when proper fire and also marine insurance certificates and policies start to appear.

Your home could be your most valuable asset and insurance will help protect it from fire lightening explosion smoke weather vandalism and theft among other potential sources of damage to the inside and outside of your house. However there are some risks which are exempted from the policy coverage on the insurance policy they include but not restricted the following listed. Add on Covers Policy.

On the premise of the necessities the following types of fire insurance policy can be availed which are. These include fires brought about by electricity such as faulty wiring and gas explosions as well as. Without insurance your most valuable asset is vulnerable to fire theft.

To calculate the claim amount the market value of the asset is taken into consideration. It was in response to this situation that fire insurance companies were established. Types of Fire Insurance in India.

Which Risk Cannot Be Covered Under The Standard Fire Policy. Normally a fire insurance cannot cover the losses created. In the case of the reinstatement value clause the insurance company reinstates the damaged property or asset by paying its replacement value as the claim amount to the policyholder.

By acquiring fire insurance along with property insurance is beneficial for property owners to get coverage for the expenses of repairing rebuilding and replacement costs over the regular insurance policy limit. Insurance may also cover living expenses if your home is damaged so much as to be uninhabitable. The insurer is liable to pay the amount specified or valued irrespective of the amount of loss caused due to fire.