Why is Fire Insurance Important?

Fire insurance is a smart investment for protecting your property and assets from fire-related incidents. Here are some reasons why it's important to consider purchasing fire insurance:

•  Comprehensive coverage against damages or losses resulting from fire incidents that can occur to both movable or immovable objects.
• The policy provides financial protection for property damage, including furnishings, office buildings, machinery, and stock, caused by fire accidents.
• Additionally, a fire insurance policy may also offer coverage for damages due to other perils, such as natural calamities, explosions, and water tank bursts, making it a more comprehensive option.

Protect your property and assets from fire-related risks by securing fire insurance coverage at an affordable premium. It's a wise investment that can provide peace of mind and protection against unforeseen events.

What are the Types of Fire Insurance Policies in India?

When it comes to fire insurance policies in India, there are a few distinct categories to be aware of, each of which serves a specific purpose.
Standard Fire & Special Perils Insurance

Bharat Sookshma Udyam Suraksha

If you're looking for a fire insurance policy with a sum insured up to Rs. 5 Crores, Bharat Sookshma Udyam Suraksha might be the perfect option for you. It provides coverage for the loss or damage caused to the building, property, plant & machinery, stocks, and other assets, ensuring that you have the necessary financial protection against fire accidents.

Bharat Laghu Udyam Suraksha 

For a sum insured between Rs 5 Crores and Rs 50 Crores, Bharat Laghu Udyam Suraksha provides coverage for the damage or destruction caused to the building, plant & machinery, stocks, and other assets. This policy is ideal for businesses with higher valued assets that require formal protection against fire-related incidents.

Standard Fire & Special Perils Insurance

It's a formal contract between the insurer and insured that provides coverage for loss or damage caused to the building, plant & machinery, stock, and other assets for a sum insured exceeding Rs 50 Crores.

Inclusions Under Fire Insurance In India

Fire insurance policies in India, commonly known as Standard Fire and Special Perils Policy (SFSP), offer comprehensive coverage against a wide range of perils. Here are some of the inclusions that the policy typically covers:

• Fire-related damages
• Lightning damages
• Explosion damages
• Terrorist activity damages
• Riot and strike damages
• Natural calamity damages
• Landslide damages
• Water tank overflow damages
• Bushfire damages
   

Exclusions Under Fire Insurance In India

Fire insurance policy in India provides coverage against a wide range of perils but there are certain events that are excluded from the policy coverage. It is important to understand these exclusions before purchasing a policy to avoid any disappointment later on. Here are some of the events that are not covered under Fire Insurance in India:

• Willful or intentional damage
• Damage to stocks in cold storage due to change in temperature
• War, invasion or war-like operations
• Pollution or contamination
• Missing or mislaid property
• Consequential or indirect loss
• Fees or expenses while preparing a claim
• Unoccupied premises
• Electrical machines damage
• Short-circuit
• Leakage of electricity

It is important to carefully read and understand the policy document to know the inclusions and exclusions of the policy before purchasing it.