Tips to Buy the Right Fire Insurance Policy

Undeniably, a fire insurance plays an imperative role by covering your losses or damages that may arise due to fire. It is strongly recommended to buy a fire insurance policy to cover your business and here are some of the tips which will help you choosing the right policy-

  1. Buy the right coverage– When it comes to fire insurance, it is necessary to buy the right insurance coverage. As the purpose of insurance is to indemnify the policyholder at the time of loss, it is necessary to go with the right If you have taken a building on a lease, then you would need to insure your content. To ensure you buy the right cover, prepare a list of all the items that you would like to insure. In case you are the owner of the building, you would have to purchase the fire insurance for its structure as well.
  2. Go for high deductible– In the insurance sector, deductible means the amount that a policyholder has to pay before the insurer kicks in. Let’s assume; your fire insurance policy has a deductible of Rs 5,000. It means, if there were a claim of Rs 10,000, you would have to pay Rs 5,000, and the remaining would be paid by the insurer. By opting for a higher deductible, you can lower your premium outgo to a certain extent.
  3. Check exclusions– While it is necessary to know what is included in a fire insurance policy, it is equally essential to know what is not. There are some scenarios when the insurer can reject the claim like when the fire happens due to carelessness or fire happens due to war and allied perils, etc.

Similarly, the fire insurance company is not liable to pay if the loss or damage due to fire happens because of the involvement of one of its employees.

Have a clear understanding of the exclusions of the fire insurance policy in order to avoid the situation when you approach the insurer, but they reject your claim

Read More: Things to know about a fire insurance policy

  1. Adopt preventive measures to cut premium– Just because you have a fire insurance, it doesn’t mean you can act carelessly. Even before issuing the fire insurance policy, the insurer would be interested in knowing what the safety mechanisms which you have adopted in your place are. Safety rules, like smoke detectors, fire extinguishers, etc., can help you get the low insurance premium rates.
  2. Compare before buy– A thorough and detailed comparison of various fire insurance quotes obtained from different property insurance companies can lead you to an affordable fire insurance plan.

All the above factors will help you in choosing the right fire insurance policy, and once you buy the policy, it makes sense to review it at the time of renewal. In this way, you can ensure that your policy is offering sufficient coverage. Also, if you have sold or purchased any item in a policy tenure, it is necessary to update the fire insurance policy accordingly and that you can only do by reviewing it.

Remember, the purpose of fire insurance policy is to curtail the risks and therefore make sure to take every step to ensure you get the right coverage.

See: What Are the Risks Covered Under Fire Insurance Coverage?

How to buy a fire insurance policy?

In the fast-paced internet world, it is possible to buy fire insurance plan in a few clicks of the mouse with the help of SecureNow— a reliable corporate insurance advisor. You would only need to enter a few details about your requirements, etc.; to obtain insurance quotes from leading insurers. In a matter of seconds, you can compare and choose the apt fire insurance policy without stepping out of your home.

Moreover, it is not only for purchasing the insurance; but you can take the help of SecureNow at the time of claim settlement as well.

Talk to insurance experts now for any of your queries!

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