While economic turmoil and geo-political uncertainties are perils that can take a toll on your livelihood and business, fire is another risk that deserves equal attention. Did you know that losses from fires can run into several lakhs of rupees and even crores? News about fires from different parts of the country often makes headlines. Though the emotional scars from fires may take time to heal, you can mitigate financial losses to a large extent through fire insurance.
Fire insurance is a type of property insurance that offers you and your assets a financial cushion in the event of a blaze. That said, fire insurance goes a long way in protecting your assets beyond fire damage. How? Let’s find out.
Fire Insurance – Going Beyond Fire Damage
Here’s how the scope of this type of property insurance can help you mitigate risks and safeguard your assets up and above damages caused by fire:
Coverage Against a Range of Perils
Having fire insurance typically leads people to think their property receives fire protection but the reality shows this form of property insurance supports multiple hazard scenarios as well. The insurance policy protects against lightning strikes and storms as well as floods and riots and acts of terrorism. A fire insurance policy creates comprehensive defense against different risks which can result in serious financial loss.
Add-ons to Fortify Coverage
Damages caused by fire and associated perils are not restricted to property loss. They entail several additional costs, including wreckage removal, alternate accommodation, loss of rent (if your property is rented), etc. All of these can add up significantly, straining your finances. However, fire insurance has several add-ons to fortify coverage and compensate for these losses.
You can choose from a host of add-on covers, which can help you to address the extra costs coming your way, such as removing debris, putting it up elsewhere, etc. You just have to pay a little extra for a 360-degree protection.
Liability Coverage on Offer
More often than not, fire damages are not only limited to loss of property or assets. Damages can spread to neighbouring properties as well. In such situations, you can be held legally responsible. A fire insurance policy can help you meet the cost of expensive legal liabilities.
Liability coverage can also help you meet the cost of medical expenses for injuries caused to a third party by fire on your premises.
Summing it Up
As evident, fire insurance offers protection just beyond flames. It’s comprehensive insurance that safeguards your property and assets from a gamut of risks than most of us even realise. Whether you’re a homeowner or an entrepreneur, adding fire insurance to your portfolio can help you secure your financial future.
