General insurance What to know about fire insurance.

[btaliat]

Among the popular insurance is fire insurance. This type of insurance is to provide cover for any damage that may arouse as a result of fire incidence.

Fire incidents can be caused naturally or negligently by some instances like lightening, explosion or even fake wiring or electrical fault. This is the reason why property should be insured against fire incident.

The insurance company after due investigation will pay compensation mostly on the damages done to the building, factories, goods and shops and most time they may consider the items in the building as well.

Fire insurance may be taken with average clause or without average clause. It is taken with average clause when the compensation is based on the actual value of the building, the amount the building was insured and the total loss suffered following the fire incident.

While without average, it means the insurance will only pay for the estimated suffer from the loss that may occur as a result of the fire incident.

 

[Mika]

You might be easily tricked by insurance companies if you do not properly understand what is being covered. Let say, you bought a fire insurance policy for your house. Now, imagine there was a short circuit in your house, which resulted in your property being burned down. Insurance companies might take an excuse by saying it is not a fire but an accident caused by electricity malfunction.

 

[Mandy96]

I think I know few about fire insurance. All I know about this insurance policy is that you will get to be assisted financially if you happen to be caught up in a fire accident and it causes damage to the insurer’s body then they can come in with their assistance. It is usually a financial assistance.

 

[Lens1000]

Insurance policy is tricky sometimes. I just want know if the property insurance cover damages done on the property by fire. If it truly covered that damages by fire, then it's more comprehensive to adopt property insurance than fire insurance. Fire insurance is specific and it only cover loses done by fire.

 

[btaliat]

I understand some of the comments here and to be frank they are truly true claim. Insurance companies are no doubt tricky and the fire insurance is one of the easiest insurance policy to be manipulated. The cause are most of the time as a result of carelessly than being natural.

 

[Mika]

Instead of insuring against specific damages, fire, for example, I think buying an insurance policy that covers everything can be a better idea. For example, instead of buying fire insurance for your warehouse, you can insure the warehouse against all sorts of damages and get covered not only for fire, earthquakes but also burgulry.

 

[Wisdom01]

Fire insurance is more about covering risks incase of any incidents of fire and others , because most business are usually faced with fire problem since they are more prone , so many people usually insure their business against it incase of any certain future occurance and they won't find it hard replacing

 

[Alexandoy]

There are many cases here of arson which means the fire was caused by intention. The insurance investigator will use the incident report of the firemen. There are cases that the claim is not paid when the fire is proven to have been caused by intention. If you have an old house that is insured then you can set it on fire instead of having it demolished.

 

[Setho]

Fire insurance is actually a policy contract that you go into with an insurance company where they are going to cover a certain percentage anytime you encounter a fire disaster for what you have insured. It is also very important to note that the will have to investigate first to know whether the fire disaster I was due to your negligence.