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Fire insurance is a life-saving investment that can protect your home and belongings in a fire. Throughout our life, there are circumstances that we cannot control which can cause significant damage. The dangers that occur in our homes and furniture can be covered by insurance called “fire insurance.” In some countries, you are not obliged to subscribe to it. However, it remains essential for the protection of our property.
What is fire insurance?
As some events escape us, it is better to cover ourselves if we do not want the damage to have too much impact on our life. Fire insurance is one of those that are not compulsory but which remains essential to protect our property.
It protects your home against direct or indirect damage inside or outside your home. Your movable property is also covered by fire insurance.
As mentioned above, fire insurance is not compulsory. But it is sometimes essential, and certain situations require you to subscribe to it, such as when you take out a mortgage, and your bank requires you to do so.
Some third-party terms also require you to do so if you are a landlord or tenant.
What does fire insurance cover?
It includes several types of coverage. There is mandatory fire insurance, but there are some that are optional.
Compulsory covers
Many types of damage are covered by fire insurance, and when you subscribe to it, the following covers must appear in the insurance contract clause.
- Damage caused by fire or explosion.
- Those caused by aircraft.
- Damage caused by a tree accidentally falling on a building.
- Damage caused by an animal.
- Damage caused by burglary. This type of coverage is sometimes conditional on whether you have theft insurance or not.
- Damage caused by natural disasters, such as storms or hail.
- Damage caused by labor disputes or acts of terrorism.
- Damage caused by lightning and water.
- Glass breakage.
Non-compulsory covers
Depending on your situation, you may need other coverages that are not mandatory but are optional. Note, however, that these do not directly cover the damage but rather the costs resulting from the disaster. Among these are:
- The costs which allowed the expertise of the damages.
- Those used for rescue.
- Housing costs, when the house can no longer be inhabited.
- Costs to demolish the destroyed property.
- Costs of storing household items while the house is being repaired.
- The civil liability of the house.
- Expenses for cleaning and transporting the rubble.
In addition to the optional coverages we have just mentioned, others are complementary such as theft insurance or even insurance for higher reimbursement due to unforeseen costs.
Who is fire insurance for?
Fire insurance is intended for two people: the owner of a villa or apartment and the tenant. For the first category, it will be used to protect the property and all that it contains, such as the chimney. The second category will cover civil liability as well as furniture.
The cost of fire insurance
Fire insurance prices depend on many parameters and differ from company to company. Here are the criteria that can tip this one.
- The cost will be higher if you use particular materials defined in the clause.
- It will also be high in case you live in a remote part. It is for burglary coverage.
- Optional coverage was taken out.
- The value of your property.
- The height of the deductible.
Before signing your insurance contract, find out about the prices offered by the company. Also, determine in advance what additional coverage you need.
Types of fire insurance
Fire insurance policies come in various types, each with its benefits and drawbacks.
The three main types of fire insurance are
1. Home Insurance
Home insurance policies protect the structure of your home and any personal belongings inside it. This policy typically includes coverage for property loss, personal injury, and damage to your home’s contents.
2. Auto Insurance
Auto insurance policies protect you and your vehicle in a car fire or collision. This coverage can include damage to the car itself and injuries to you or other drivers involved in the accident.
3. Business Insurance
Business insurance policies protect businesses from losses from fires, theft, or other types of disasters. This policy can cover both physical damages to the business and economic losses such as lost revenue.
The steps to take out fire insurance
There is nothing complicated about taking out fire insurance. Only you have to find the right insurer for you. It is the first step to take. To do this, do not hesitate to go to the various online comparisons. This type of tool brings together hundreds of insurance companies while highlighting their strengths and weaknesses to allow you to make an objective and reasonable choice.
Once this is done, communicate the information concerning your property or situation to your insurer. For example, you must inform him of the nature of your property, its location, its area, etc., so that he can have an idea of the coverage he could offer you. Determine your real needs beforehand because even if it gives you a type of coverage and guarantee, you may not even need it. All this information will allow him to draw up an insurance contract you will accept and sign afterward.
Certain documents are necessary for the subscription, including the RIB, a copy of your identity card, proof of income for the last six months if you are a tenant, and a copy of your rental contract.
Once all this has been done, your insurer must give you a draft contract where the terms of your subscription will be established. They will also give you an information sheet with the information you need, such as the amount of the contributions, the guarantees, etc. You must carefully check all the data provided by these documents. Please read them carefully.
