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Does Home Insurance Cover for Fire?

It is one of the biggest dreams of a person’s life to own a home. It does not come easy because it takes a lot of time, sweat, money and hard work to build the home of your dreams. Owning a home comes with a responsibility to keep it safe and protected. This is where the role of a home insurance policy begins. A home insurance policy provides coverage to the structure and the contents of the home in case of theft, burglary, natural calamity, fire and many other cases.

Hence, it becomes necessary for you to have a home insurance policy. If you live in a secure area where, there are fewer chances of theft, burglary, or natural calamity, you should especially cross-check if your home insurance policy provides coverage for damage caused by fire. Fire accidents are very much unexpected and they can cause a lot of damage to your home and its contents. So, it is advised to get a home insurance policy that protects from fire. So, what does home insurance cover in case of damage caused by fire?

Coverage Provided in Home Insurance’s Fire Section

As mentioned above, the home insurance policy provides coverage for two things, the building structure and the contents of your home. There are some other situations covered under the home insurance’s fire section. They are as follows:

Fire & Lighting

Since the whole idea of a home insurance policy is based on that one chance when an insured gets unlucky and have to face the repercussions of an unlikely event such as fire break out or fire that is caused by lighting which can happen once in the millionth time, home insurance policy provides coverage for that as well. However, it does not provide coverage if the damage is done by the policyholder itself. For example, Fermentation, Combustion, etc. Also, if the property has been burnt down by an order of the public government authority will not be covered.

Implosions & Explosions

Explosion or Implosion both will be covered under a home insurance policy. However, if any vessel or utensil that releases steam and machinery that functions on centrifugal force and there is a separate plan for these kinds of risks.

Personal Liability

Personal liability coverage is a kind of coverage that your home insurance policy provides when the fire spread out to your neighbor’s home, in that case, you will be held liable and the personal liability coverage can help you settle for the expense and damage caused to your neighbor’s property.

Covers for Relocation Expense

When your home catches fire and everything has been burnt down and you have to look for a separate accommodation like in a hotel or a rented flat. The home insurance policy provides for additional financial burdens of relocation, rental expenses, food, and even laundry.

Since this is not enough, there is an option available for the buyers to purchase a separate fire insurance policy to get comprehensive coverage of the damages that fire can cause.

Fire Insurance for Home

Fire accidents can cause heavy damage to your house. Even though, houses in India are made of concrete fire can always damage your wall paints, valuable contents like sofa, dining table, etc. Most of the time short circuit causes fire that ends up damaging almost everything. So, why not purchase a separate fire insurance plan that can provide comprehensive coverage to your home and its contents. Let us tell you the types of fire insurance available in the market.

Types of Fire Insurance

Here are the following types of fire insurance that would provide coverage to your home against damage caused by fire.

Specific Policy

A specified sum insured is decided for a specific property. There is compensation provided to the insured in case of any loss.

Comprehensive policy

It provides coverage for robbery, burglary as well as for the damages caused by fire.

Valued Policy

According to a particular property value, the insurer pays for the damage caused to that particular valued item.

Replacement Policy

After calculating the depreciation value of the damaged property by fire, the amount that comes out is compensated by the insurer.

Fire Insurance Coverage

Let us have a look at the coverage fire insurance provides apart from damage caused by Fire.

Explosion

The fire insurance policy covers for any kind of destruction that has been caused by fire explosions.

Damage By Aircraft

This is rare but if you live in a location where is a free fly zone then in case of any damage caused by an aircraft, for instance, items dropped by plane, airborne device, etc. will be covered under this policy.

Terrorist Activity, Riots/Strike

Any physical damage done by the terrorist or rioters or any fear of monger action will be secured under this plan.

Natural Calamity

Any damage caused by natural calamities like a thunderstorm is covered under this policy. If you live in a hill station and they are prone to landslide is also covered.

Bursting Overflow of Water Tank

If the home gets damaged due to the bursting of the water tank is also covered under this policy.

Bush Fire

It is highly unlikely but if your home has an overgrown bush or plant that catches fire and end-up damaging the home will also be covered under this policy.

Conclusion

Your home is the biggest asset of yours. You work hard and put all your savings to build it. Getting your home secured with home insurance is the best decision you would make because it will protect your home in case of any kind of damage. Although the home insurance does not provide comprehensive coverage in case of damage caused by fire, so it is advised by the insurance experts to purchase a separate fire insurance plan that could cover your home from any unexpected damage caused by fire. It is also recommended to purchase your plan online after doing proper research and make sure that you buy a comprehensive plan.

Written By: PolicyBazaar - Updated: 27 April 2021