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Fire Insurance

Premium Starts @ 350

(Excluding Taxes)

Premium Starts @ 350 excluding Taxes
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Fire Insurance

Get quote if you agree to our Terms of Use and Privacy Policy

SecureNow Assistance
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Online policy copy

Policy copy will be emailed. This can also be accessed via securenow.app login

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Instant risk confirmation

Risk coverage gets started immediately on proposal form submission, if no claim has been reported.

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Experienced medico-legal panel

High quality lawyers, with experience of medical negligence cases, take-up cases on Doctor’ behalf

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Single point interface for claims

Dedicated liability claims expert coordinates claims between the Doctor, lawyer and the insurer

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Timely renewal reminders

Automated reminders and sent 3 weeks before renewal. Premium can be easily paid online

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Digital proposal form and payment

Buying process is completely digitized including supporting documents. No need to submit hard copies.

Quick Guide to Fire Insurance Policy

Definition of Fire Insurance

Fire Insurance, just like any other insurance, is a legal contract between insured and insurer against the loss/damage incurred by accidental fire. This insurance provides protection to goods and the equipment of a property i.e., business or home against any loss from fire. Most of the insurance companies offer fire insurance as an add-on coverage with property insurance. But, purchasing fire insurance will help to cover the cost of replacement, repair and reconstruction of your property due to any fire incident.

Ways a Fire Insurance Works for Your Property

The policy helps to compensate for any loss due to fire or a number of sources, borne by the policyholder. Property fire insurance can cover you against damage caused by fire brought about by a number of ways such as: a short circuit, an explosion, even lightning and natural disasters. A burst and overflowing water tank or pipe can also be covered by this fire insurance policy. If the property is identified as a total loss, the insurance company may actually reimburse the property’s current market value. The reimbursement may be done in terms of replacement, repair or reinstallation as per the policy document.

Importance of Fire Insurance

Fires are unpredictable! So, anyone with a property should ensure that their home or business is protected from damages and losses that could occur due to an unforeseen fire. Fire outbreak is ranked as the 3rd biggest risk to business continuity, and businesses affected by fire see a 25 to 30 % decline in the overall footfall. Fire insurance provides protection against damages to the property incurred due to fire eruption. A fire insurance also covers damages to the property such as your office buildings, stocks, furniture, machinery etc. In addition to fire related perils, it also protects from damages caused due to any natural calamity, theft, bursting of water tank, etc.

Types of Fire Insurance Policy

Following types of fire insurance can be availed, depending upon the requirement and necessities of the policy holder.

  • Specific Policy: Under this policy, a specified sum insured is determined for your property and in case of any loss, a compensation is provided within the specified or pre-determined amount.
  • Comprehensive Policy: A comprehensive policy, as the name suggests, along with coverages against fire-related perils it also covers for other perils such as robbery, burglary, vandalism, etc.
  • Valued Policy: A specific value of the property is determined at the policy initiation. If there is a loss or damage due to fire, the insurer will pay the decided value to the policyholder.
  • Floating Policy:This policy provides coverages for the goods situated at various places. So, this policy serves good for owners of businesses related to import and export. Here, for the policy to hold true, all the goods secured need to belong to the same owner under one sum assured and one premium covering all the perils.
  • Consequential Loss Policy: This policy provides coverage for consequential loss or loss of profits. A fire-outbreak in a workplace like in a factory will disrupt the workplace and derail the operation. Hence the production may go down but the fixed expenses continue at the same price. So, this policy will pay for those consequential losses, by looking at the loss of sales insurers calculate the loss of profit/gain in this case.
  • Replacement Policy: Under this policy, the insurance company provides compensation weighing the property’s market value. After considering the depreciating value of the property, the amount that is to be compensated is calculated.

Inclusions Under Online Fire Insurance Policy in India

Following are the inclusion under online fire insurance policy:

  • Loss/damage due to Fire
  • Loss/damage due to Explosion
  • Loss/damage due to Implosion
  • Loss/damage due to Lightning
  • Loss/damage due to Natural Calamities
  • Loss or damage caused by Bursting or overflowing of water tanks, apparatus and pipes
  • Loss/damage due to Terrorist activities, riots, strikes
  • Loss/damage due to Aircraft Crash
  • Loss/damage due to Theft or Robbery

Note:This is just an indicative list, your policy copy will have details of the inclusions.

Exclusion Under Online Fire Insurance Policy in India

Below mentioned are few exclusions of fire insurance policy:

  • Damages due to war invasion, operations, civil war, commotion, mutiny warlike situations, etc.
  • Damages due to Ionizing radiation.
  • Damages due to pollution and contamination.
  • Damages caused due to nuclear perils, nuclear waste or radioactivity.
  • Damages done deliberate, willful or intentional are not covered.
  • Damages to any of the electrical machines, short circuit, apparatus, leakage of electricity are not covered under this policy.

Note:This is just an indicative list, your policy copy will have details of the exclusions.

Documents Required for Fire Insurance Policy

Following are the documents required to file a claim under property fire insurance policy

  • Policy copy
  • Duly filled claim form
  • Previous claim record
  • Report by fire brigade
  • Photographs of accident
  • If accident is published a proof of that, newspaper cutting

Online Fire Insurance Policy Claim Process

Following are the steps to file for a fire insurance claim:

  • Inform the insurance company and Secure Now at the earliest. Our experts will help you to fast track your claim process.
  • Our expert will help and guide you in arranging the required documents like policy copy, claim form etc.
  • Prepare a detailed account of the losses and collect proof (photographs) of the damage.
  • A surveyor will be appointed by the insurance company.
  • You should help the surveyor in the examination of damaged property as it will help in a fast settlement of your claim process.

Frequently Asked Questions

Fire insurance is a policy which provides a comprehensive coverage to the policyholder against any damage and losses incurred by fire. This policy helps to recover the cost of replacement, repair, and reconstruction of the damaged property.
Fire insurance is helpful and useful for the individual who owners a property and wish to secure it from fire. Following are some examples of individuals for which fire insurance is a must.
  • Homeowners
  • Small and medium enterprises
  • Business owners
  • Renters
  • Healthcare centers
  • Warehouses owners
  • Generally, after a fire incident has occurred and you’ve already claimed for it, if there is a new policy that you want to place or renew your policy, the insurance company appoints a risk engineer who inspects the premises for potential fire hazards. Post the reports and details submitted, you’ll be eligible to opt for another fire insurance for your property and goods.
    Having fire insurance protects your property and goods from the known and unknown perils of fire and other hazards. But fire insurance doesn’t cover for willful damages, so it’s important that we take utmost precautions in and around our property and goods both for the safety of the business and for the people working in the premises. God forbid, if even after much precautions there is any fire mishap, then your fire insurance will definitely safeguard your property and goods.
    Insuropedia

    How to increase fire insurance adoption of homes and small businesses?

    What is more risky to insure – 100 warehouses having inflammable chemicals in 100 drums each or one warehouse with 10,000 drums of the same material? All things remaining equal, which portfolio will lead to a larger loss from fire? Some may prefer the diversified base of 100 warehouses because a minor incident of fire in the latter can quickly snowball into a total loss of 10,000 drums. Risk professionals refer to this as severity risk: the possible extent of loss in case of a claim...

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    How does fire insurance claim settlement vary between reinstatement clause and market value policies?

    We have discussed below the two bases of claim settlement that can be opted in a fire insurance claim settlement :

  • Market value basis – the default one and
  • Re-instatement value basis

  • To explain how does the claim settlement works in the above cases under Fire Insurance, let us start with an example on a Market value basis...

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    What is reinstatement clause in Fire Insurance?

    Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. Under the reinstatement value clause, the damaged property is replaced by a new property of the same type. This clause is also called the ‘New for old’ clause as the insurance company is liable to pay for reinstating the damaged asset with a new asset...

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