Fire & Burglary Insurance

A fire insurance covers the monetary loss that occurs because of the destruction or harm to belongings caused by fire, at some stage in a given duration and up to the decided amount. The coverage specifies what will be the maximum amount that an insured can declare in case there is a loss. The loss that can occur is not really measured by the amount cited; rather it can be ascertained closest after the fire has actually happened. The insurer can make the actual amount of loss no longer exceeding the maximum amount constant under the policy.

The insurance policy that offers financial reimbursement for loss or damage caused to possessions and valuable items due to burglary or house breaking is referred as burglary insurance. In case of a business premise, the damage caused to furniture, stock of goods and other possessions within the business premise is also covered by this insurance.

Covered Under Burglary Insurance

Burglary Insurance Cover for Business Premises It protects loss or damage to any part of the insured premises and its content after a robbery attempt and the first loss or damage caused to the property is covered only once and that too up to a given amount.

Covered Under Fire Insurance

Fire insurance is a property coverage that covers the damage and pays for damages to property and other losses that you may suffer from a fire and the cost of repairing or replacing damaged property is included in it. Fire coverage is included in most homeowners’ insurance policies.

Key Features of Fire Insurance

Fire insurance policy is an agreement between the insurance company and the insured when the insurer covers the loss or damage occurred due to the outbreak of fire. Here, the premium is pre-decided, where the insurance company is obliged only to pay up to the insured amount only. The main features of fire insurance include:

  • The policy functions under the principle of indemnity. This means that as per the fire insurance policy, the insured will only be compensated for the loss up to a certain predetermined limit, and it will subject to the maximum sum insured.
  • There should be an insurable interest between the subject-matter of the insurance contract and policyholder at the time of buying and in case of loss.
  • The insurance provider, as per a fire insurance policy, covers the risk of damage/loss caused by fire or any other cause that is close by reason of such loss.
  • Fire insurance has one-year tenure and if not renewed, the policy automatically lapses after one year.
  • Insurance - an ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table. -Ambrose Bierce

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