ATK
New Delhi [India], August 13: Despite the best measures taken, it’s not uncommon to hear about fire incidents being reported from different parts of India time and again. While some of them aren’t major, a few have been deadly. Fires can cause widespread damage to life and property. Though installing fire safety features can reduce the chances of fire, it is equally important to have fire insurance in place.
What is fire insurance?
Fire insurance is a type of property insurance that covers losses due to fire. In other words, it compensates for repairing or replacing property damaged by fire.
Benefits of fire insurance
Here’s how fire insurance comes to your rescue if your property gets damaged due to fire:
* Financial protection
Damages caused by fire can drain your finances significantly. Without fire insurance, you might need to break your savings or take expensive loans to repair your damaged property. This could further dent your finances. However, fire insurance can provide the necessary cushion in such situations by helping you cover the expenses to get things back on track.
* Coverage for additional expenses
A fire insurance policy may cover additional expenses depending on its terms and conditions. For instance, if your property is damaged by fire and you need to temporarily move elsewhere, the insurance policy can help offset this cost. In other words, it allows you to stay in a safe place until your property is back in shape.
* Coverage for various types of properties
One of the hallmarks of fire insurance is that it provides coverage for a range of properties, such as residential buildings, commercial spaces, and industrial premises. The scope of coverage can also extend to machinery, equipment, furniture, etc. Therefore, with this insurance, you can protect not only your home but also other properties.
* Aids in business continuity
A fire insurance policy can aid in business continuity if your business suffers damage from a fire. Helping cover the cost of repairs and potential loss of income during the interruption period keeps your business afloat during trying times.
* Peace of mind
Having fire insurance offers you peace of mind. You don’t need to worry about fire wreaking havoc on your property and finances. This allows you to focus on daily activities hassle-free. Also, in many cases, fire insurance is a legal requisite for businesses.
In conclusion
Fires can be devastating. While time can heal emotional scars, fire insurance can help you overcome financial losses. Ensure adequate coverage and compare various policies before buying one.
ICICI Lombard offers two fire insurance plans, namely ICICI Bharat Sookshma Udyam Suraksha and ICICI Bharat Laghu Udyam Suraksha Policy. With a high sum assured, both these plans help you easily cover damages caused by fire. You can choose the one that best fits in your needs.
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