For a layman, it may suffice to understand that fire insurance is an agreement between the insurer and the insured by way of which the insurer in return for a premium is liable to assure the insured for the pecuniary security due to losses accruing to the latter as a result of destruction, damage of property or stocks, as a consequence of fire vis-a-vis a specified period. But in reality fire insurance has got a wide range of insurance cover. We will cover that in the following write-up.
Suitability of Fire Insurance
Fire policy is useful for all and sundry who own property. Fire can happen due to an accident, arson, violence, sabotage as also by an act of nature, like lightning in the rainy season. It can happen suddenly and the losses may be at times quite heavy. So it is better to insure one's house against fire by paying a small amount of premium yearly and securing you financially against huge losses when the event happens. A kind of property insurance covering losses due to fire often comprise coverage against smoke or water damage also. You must at least go in to buy a fire insurance policy to secure your property and contents of your house from destruction because of explosion, fire, lightning.
Fire Insurance Policy – Special Use
Fire insurance policy is particularly useful for ones who own property in trust or in commission or have properties as individuals or in financial institutions, having interest in the financial property. Movable and immovable properties at a specific location, e.g. plants, machinery, buildings, fittings and fixtures, stocks and stocks in process, furniture, contents, stocks in suppliers' and customers' locations, devices temporarily shifted for repairs, etc. can all be insured. Cover will include:
d) Landslide / Rock slide
e) Bursting of water tanks, machinery and Pipes, etc
f) Flood, Storm and Inundation
g) Damage by aircraft
h) Riots, Strikes
i) Missile testing exercises/operations
j) Bush Fire
Sittings and discussions with a few insurers will further earn you very many fascinating covers and range of discounts, facilities and bargains, like cheap premiums, good alternatives and subtractions, cash benefits from to time, Non-claim Bonus (NCB).
Mode to Buy Fire Insurance Policy
The sane people say that you listen to everybody but follow only what your own mind says. This advice equally applies while buying an insurance policy. Some may say buy this way; some may say buy that way. Some may suggest buy from this agent, some may say buy from that agent. But one must not forget that businessman is first a businessman and then anybody else. Before making a mind to see some insurance agent, make yourself very clear as to what you want to buy, rather make a list of your customized compulsory demands and expectations. This will give you a good framework under which to frame your queries, instead that the insurance agent tries to induce you to his points of view. After having done this much home work, you go online and demand from some insurers online insurance quotes for fire insurance. Select a few catchy quotes and scrupulously follow them. Then reach the respective insurance agents one by one. Question them one by one to the maximum extent possible vis-a-vis the list of specifics you have already formed. While questioning, don't feel hesitant at all. All said and said, it is you who are spending the money and before buying the insurance, therefore, it is you who should be fully satisfied about return on your investment. It should only be to complete satisfaction of yourself that you should opt for the best insurer.
Kirti Saxena is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors. For more information visit: Fire Insurance and Fire Insurance Policy .