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What Does Fire Insurance Cover?
It's an important question before getting your fire insurance that what it is going to cover, so you can make sure you can protect your home fully and have peace of mind.
Fire Insurance covers your home's structure, or fixing and fittings, against hazard and provides you with the financial resources to replace what you have lost, so that you can get back to normal as soon as possible.
Even though various fire insurance companies offer various policies that cover different parts, but most of them offer the following common ones...
Fire Insurance Coverage and Premium Rates:
1. For Standard Coverage:
- Fire and lightning
- Explosion
- Typhoon, windstorm and flood
- Landslip and subsidence
- Earthquake
The premium rate for this type of fire insurance is usually 0.11%.
1. For Comprehensive Coverage:
- Fire and lightning
- Explosion
- Typhoon, windstorm and flood
- Landslip and subsidence
- Aircraft
- Earthquake
- Vehicle impact (by third party vehicle)
- Riot and strike
- Malicious damage
- Water tanks, apparatus & pipes
The premium rate for this type of fire insurance is usually 0.15%.
Some Things that Are Excluded from Your Insurance:
- Fire and explosion resulting from an earthquake, volcanic eruption or other convulsion of nature
- The insured property's own spontaneous fermentation or heating or undergoing any process involving the application of heat
- War, rebellion, revolution, riot, civil commotion, strikers or locked-out workers
- Ionising radiation or contamination by radioactivity
- Theft during or after the occurrence of a fire
- Damage to any electrical machine, apparatus, or any portion of the electrical installation
- Damage to property which at the time of the happening of such damage is covered by another insurance policy
- Goods held in trust or on commission unless the Insured is legally liable
- Consequential loss or damage of any kind or description
Hope this guide helps you find out the most important coverage information.
To find out more how to get an estimate for your fire insurance, check out this free helpful guide.
Also you can learn more about Fire Insurance Rates and how to get a cheaper one and save money.
If my house burns down, will my insurance company pay to have it rebuilt?
The typical homeowner's policy covers damage due to wind, fire and lightning. So if your home has been completely destroyed by a fire or if the roof has been burned, your insurance company will pay to have your home rebuilt or to have the roof replaced.
It will also pay if flames and smoke have damaged any other part of your home.
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