Fire insurance is a type of general insurance that covers any damages caused due to accidental fire. The business insurance covers buildings, equipment, plant and machinery, godowns or warehouses, residential houses of the business, stocks of trade, shops, offices, educational institutions, hospitals, etc. It can be withdrawn either on the owned property or leased one.

Fire accidents can create sever devastations and you should ensure that the insurance gives full coverage against the damages. A fully covered fire insurance covers all sorts of major or minor damages causing repair or replacement of the damaged property.

There is an ample number of fire insurance policies from different insurance providers and knowing which policy suits your requirement is difficult to assess. The few common insurance coverages against fire insurance are

• Declaration policy which is taken for stocks dealing with market fluctuations.
• Floater policy which covers the stocks at different locations under a single policy
• Reinstatement value policy is taken for plant and machinery and building by declaring the value of the property to analyze the cost of reconstruction, replacement or reinstatement of the property. The unique feature of this policy is that depreciation is not applicable to the lost property while claiming.

The fire policy can provide additional coverages for floods, cyclones, earthquakes, riots, strikes, architects and surveyors fee, damage to the property by a vehicle, deterioration of value stocks, contamination of risks, combustion risk to stock, etc. All these add-ons are applied differently by every insurance provider. Buying an appropriate fire accident policy by considering experts of Apex Insurance will help in saving a lot of money and resources. For more details about fire insurance, do get in touch with us immediately…