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Guide For Buying Fire Insurance

​Before you plan to buy fire insurance against your property, it’s important to consider the necessary aspects beforehand. Remember, a fire outbreak can have the worst effect on your property so taking up the right insurance plan will be the best bet. It will protect you and your business from expected financial issues arising out of fire damage. 

As and when such mishaps occur, it becomes important to know your fire insurance claim process and documentary formalities as it will save you a lot of time. While buying any particular plan against your property, you must know certain things such as:

- With fire insurance, you can have financial protection against unforeseen damage. It covers the loss caused due to destruction of moveable and immoveable property out of fire or other perils

There are different types of property covered under such policy are machinery, plant, building, stock and content like fixtures, furniture and cables and so on

- These policies are issued for the period of one year with some exceptions like for dwellings. In the case of dwellings, a policy may be issued for the long term specifically for a period of three years at least

- There are various other perils taken into consideration regarding fire insurance. It may cover explosions, lighting, bursting of water tanks, landslide, subsidence and impact damage 

- Remember, loss caused due to war and warlike operations, burglary and housebreaking, breakdowns, nuclear perils, electrical/mechanical breakdowns and pollution or contamination are not covered​

Be aware of your insurance coverage

Before you buy fire insurance​, it’s important to know your coverage like what the policy covers and whatnot. You should be aware of each and every term and conditions of the policy that you are going to choose. Don’t forget to know the list of perils, expenses and other types of properties included in the policy. Always gain information about the limitations of policies and clauses applicable to your claim. It’s necessary to understand the fine prints and stay informed about the exclusions of the policy. When you don’t know about your policy properly, your mere unawareness can put you in shock. 

File claim immediately

As and when the fire accident occurs, you should contact the insurer soon and let him know about the type of loss you have suffered. It has been observed that most of the insurers have a limit for notice of filing claims or loss. Not only this, but you should also pay attention to the mode of notification (verbally/electronically or in writing). It will be clearly shown in the policy document. 

Provide necessary information to the insurer

You must provide all the important details to the insurer as per the need. To make the claim process clear and fast, you should provide all the necessary information such as property condition, date and time of the event, location of the event, other people involved, nature of loss, detailed description of injury suffered during the fire outbreak. Apart from it, you should also keep the list of lost items, Fire brigade report. 
All in all, you should consider the above-discussed details before you decide to buy fire insurance and choose the plan as per your specific needs.