Property Insurance is the process of securing the financial value of difficult to replace assets because the loss of such assets can be economically devastating for the owner. Hence, the need for protective cover for properties is gaining importance. In India, it is commonly called as Fire Insurance.
However, various miscellaneous policies viz. Money Insurance, Burglary Insurance, Machinery Insurance, Project Insurance also fall under the purview of “Property Insurance”.
Most common risks covered under Fire Insurance are
Fire Standard and General Insurance Policy
- Fire
- Riots, strikes and intentional damage
- Explosion
- Earthquake
- Lightening
- Storm, cyclone, tornado, hurricane and flood
- Damage due to accidents by vehicles
- Landslides and rockslides
- Aircraft accidents or any objects dropped from aircraft
- Bush fire
- Impact damage due to rail
- Damage caused by a sprinkler, leakage or overflow of water tanks, pipes, etc.
The following are the exclusion under Fire insurance
- Intentional destruction of a property
- Loss and damage due to war
- Loss and damage due to normal wear and tear, lapse of time and climatic conditions
- Any valuables like money, jewellery, art antiques unless specifically covered in the policy
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