Fire insurance is a type of property insurance that provides financial protection against losses or damages caused by fire. This coverage typically includes compensation for damages to buildings, personal belongings, or other insured property due to fire-related incidents. Depending on the policy, it may also cover the costs of repairing or replacing items damaged by smoke, water used to extinguish the fire, or collateral damage resulting from efforts to stop the spread of the fire.
Key Features of Fire Insurance:
- Coverage Scope: Includes damages caused by fire, explosions, and sometimes additional perils like lightning strikes or electrical malfunctions.
- Sum Insured: The policyholder and insurer agree on a fixed sum insured, which acts as the maximum payout in the event of a claim.
- Policy Duration: Fire insurance is often issued as an annual policy but can be customized for longer durations for specific needs.
- Exclusions: Typically, the policy will not cover intentional fire damage, war-related damages, or fire due to negligence (e.g., ignoring safety measures).
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