An insurance policy is a written agreement between the insurance company and the insurer to pay a certain amount in the event of damage or loss to the property of the insurer for a specified period. These policies are annual and must therefore be renewed after one year.
The insurance policy protects the property against unforeseen threats by determining the value of the property based on the current market value of the property, which also includes depreciation. Lightning, unintentional flames, explosions, implosions are covered by fire insurance, and other damages due to man-made hazards are included in these policies.
These policies also cover fire water restoration service, water sprinkler leaks and water damage. Several other risks are covered by the insurance policy. Here is a list of the risks covered by the fire insurance policy:
1) Fire
Your fire policy covers all types of damage caused by fire, except heating caused by natural factors, fermentation or spontaneous combustion. If the fire is due to a heating or drying process, this fire is not covered by the fire insurance policy.
2) lightning
The policy covers all damage caused by fire caused by lightning. In some cases, lightning sparks can start a fire and damage your roof or even set your entire home on fire. These damages are covered by the fire insurance policy.
3) Any explosion or implosion
Your fire insurance covers all types of explosions or implosion caused by the fire. There are certain exceptions to this clause. Fire caused by commercial boilers, steam producing vessels, or any machine requiring centrifugal force is not covered by a fire policy.
4) Damage caused by impact
Under fire insurance, any damage caused by an impact that occurs due to a car, or an animal, any rail that derails from its path provided that the vehicle and the animal are not the his. You are likely to get the claim. In addition, an employee is not protected if he is struck by an automobile while performing a job. The policy also covers damage to the boundaries of your property.
5) Air damage
Damage caused by an aircraft or any other flying equipment is covered by fire insurance. Damage caused by waves from a supersonic aircraft is not covered by this policy.
6) Damage caused by riots, strikes, malicious acts and terrorism
Material damage caused by any riot, strike or terrorist activity (other than war, invasion, mutiny, civil unrest, etc.) or by any authorized authority suppressing or reducing the effects of such disturbances is covered.
A malicious instance means that a pre-planned plan to execute a strategy that causes damage to the property of others is also covered by fire insurance.
7) Natural disasters
Storms, cyclones, typhoons, storms, tornadoes, and hurricanes are all extreme natural disasters that bring thunder, strong winds, and lots of rain. Floods and floods occur when the water level rises to a dangerously high level. Floods and floods, according to the policy, encompass not only flooding in rivers or lakes, but also water accumulation due to clogged drains.
8) Subsidence and landslide, including landslide
Landslides / landslides, as well as subsidence of even a tiny part of the property site, are covered for destruction or damage to the insured property. Normal cracking of buildings, settlement, bedding, settling or movement of the formed soil, or coastal or river erosion are not covered by the insurance. This policy does not cover poor quality design or art or the use of poor quality materials. Demolition, construction, structural modifications or real estate repairs are prohibited, as are earthworks and excavations.
9) bush fire
Accidental and intentional bushfires are covered by the fire insurance policy. For example, if the insured burns invasive shrubs and plants but the property is damaged, a claim may be made under this policy. However, destruction of property or damage caused by a forest fire is not covered by the policy.
Interesting Related Article: “What Do Home Insurance Policies Cover?” “