Fire Insurance Cover for Bushfires and House Fires

One of the most sought-after types of property insurance in India is fire insurance. India has a history of fire incidents leading not only to loss of lives but also an enormous loss of property, every year. It takes years of effort and hard work to build an asset like a home, and an unexpected fire can destroy all these efforts. Fire insurance cover for bushfires and house fires can help pay against the financial losses to the policyholder in case of any unfortunate fire incident.

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*Premium varies on the basis of Occupancy, Business Activity & Coverage Type

Fire Insurance and its Perils

Fire insurance is a type of insurance that provides coverage if the property is damaged or destroyed due to accidental fire. In India, a fire insurance policy is a contract between the insurer (insurance company) and the insured wherein the insurer agrees to pay monetary compensation for the insured destroyed/damaged property. A fire insurance policy usually covers the house, buildings, plant and machinery, and other valuable assets. Some common perils included under fire insurance are:

  1. Coverage for any damages or losses caused due to fire
  2. Expenses incurred due to damage by explosion or implosion are included
  3. Insured gets coverage for damages caused by the lightning
  4. Damage or loss caused by an aircraft or any other aerial devices; further, articles dropped from them are also covered
  5. Coverage of the losses or damages caused due to riots, terrorist activity, strikes or other violent situations
  6. Coverage from natural disasters like cyclones, storms, floods etc.
  7. The destruction caused due to the landslide or rockslide is also covered
  8. Covers accidental leakage from automatic sprinkler installations
  9. Covers damage or loss caused to the property due to the impact of any vehicle or animal being in direct contact with the property
  10. Bush fire causing damage to the property is covered under the fire insurance policy

Fire Insurance Cover for Bushfires and House Fires

Fire insurance coverage for house fires includes the interior and exterior of a house, as well as assets that are part of it. Most fire policies offer coverage irrespective of the origin of the fire, that is, from inside or outside of the house. Instead, the coverage is extended depending on the cause of the fire. House fires not only damage the structure of the house, but also, its content. Fire insurance thus covers both these aspects.

On the other hand, every year many homes and properties are at risk of bushfires. A bushfire is an uncontrolled fire that is burnt in the grass, overgrown bushes or plant, etc. This fire may end up damaging the property. Local topography and whether influence the threat of bushfires.

Fire insurance covers bushfires as one of its perils. Being an indemnity cover, the insurance company can pay for the damages caused by the bushfire to repair or rebuild the same up to your sum insured, or the damages suffered whichever is less. It is to be noted that bushfires do not include forest fires.

Conclusion

Whether your house is in a potential bushfire zone or otherwise, it is recommended to invest in a fire insurance plan that gives you peace of mind in case a fire-related incident occurs. It is always advisable to opt for comprehensive fire insurance coverage and get proper assistance from an experienced insurance aggregator before purchasing a policy that can assist in purchasing the policy at competitive premiums.

Written By: PolicyBazaar - Updated: 22 September 2022
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