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Fire Insurance is not something new and it had been there for decades. A lot of people purchase a fire insurance not only for their home but also for their business because this can save them from a huge potential loss. Today, in this article, we are going to share the answers to some of the frequently asked questions.
Is there One Policy for All Needs?
The answer to this question would be NO. There are different fire policies available and they all serve a different purpose. The policies available are average policy, replacement policy, consequential loss policy, comprehensive policy, valued policy, floating policy and many more. You can check the details of all of these policies and purchase the one which meets your requirements.
Is Everything Covered in Fire Insurance?
This is again a subjective question. What is covered and what is not covered is dependent on the type of policy that your purchase. In most of the cases, the policy would cover collision damage, damage due to forest fire, damage due to riots and damage due to fire and lightning. At the same time, you must note that most of the policies won’t cover damage due to war, boiler explosion or any other intention damage
Is it worth purchasing any Add-Ons?
You can purchase the add-on policy for an earthquake if you live in an area which is prone to earthquake. Similarly, there are different add-on covers available and you can make the purchase of the add-on cover as per your needs. The good part is that you can save money if you add an add-on cover to your policy.
What are the Factors that I should Consider While Buying Fire Insurance?
Some of the factors that you can consider while buying a fire insurance are the contents that are stored into your property along with factors like the type of exposure that you have and the nature of the business that you operate. Also, check out the deductibles and the add-on covers for better protection.
This was the answer to some of the frequently asked questions. For any more information, you must reach out to your insurance broker or check the policy documents.