Fire insurance is property insurance that provides additional coverage for loss or damage to a structure damaged or destroyed in a fire. Fire insurance may be capped at a rate that is less than the cost of the losses accrued, necessitating a separate fire insurance policy.
What does a fire insurance policy cover?
Fire insurance covers losses to the house itself and the property within it from damage due to fire. Most homeowners and renters have sufficient protection against fire damage through standard home or renters insurance, as fire coverage is included in these policies.
How do I make an insurance claim after a fire?
Contact your insurance company. Contact your real estate agent or landlord as soon as possible. If you are a Department of Housing tenant telephone the 24 hour help line on 1300 468 746.
What are the types of fire insurance?
Fire Insurance Types
- Valued Policy. This is a fire insurance policy in which an agreement is framed and the insurer undertakes to pay in the event of destruction of property by fire.
- Specific Policy.
- Average Policy.
- Floating policy.
- Excess Policy.
- Blanket Policy.
- Comprehensive Policy.
- Consequential Loss Policy.
What is fire insurance and its types?
Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures. The policy helps the insured to cover the risk of loss of property by accidental fire cases, in exchange for an annual premium. Read more.
What are the perils of standard fire insurance?
Standard Fire and Special Perils Policy. This is a package insurance which covers the following set of perils: Perils Covered: Fire. Lightning. Explosion / Implosion. Aircraft damage. Riot, Strike, Malicious damage (RSMD Perils) Storm, Tempest, Flood, Inundation, Hurricane, Cyclone, Typhoon and Tornado.
How long does a fire insurance policy last?
Fire Policy is an annual policy. Long Term policy (for a minimum period of three years) is also available for “dwellings” only with suitable discounts in premium. Cover for STFI and RSMD perils can also be given during currency (where they are deleted at inception by choice) in special circumstances.
When does a fire policy go into force?
At the time of the happening of the damage there shall be in force a Fire Policy covering the interest of the insured in the property at the Premises against such damage and that payment shall have been made or liability admitted thereunder.
What is excluded from the standard fire and special perils policy?
This exclusion also includes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to the above. VI Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation