Fire has a great potential that can destroy everything that comes in its way. Fire also shows us that we humans are nothing in front of nature and help to determine where humans are standing. You have also heard some of the recent fires expand in the Amazon jungles, which destroy everything which comes in its way. Not only that, have you remembered the fire incident that occurred in London in the nineteenth century. Instead of these incidents, if you are again thinking of underestimating the power of fire, it will be your biggest mistake.
To avoid fire damage, many companies are now offering many policies named fire insurance. Which are of different types according to your convenience you need to do just apply for the policy. Due to this, you can cover your loss from the company, which ensures you through their policy. Seems to be very helpful in the condition when you face such a great loss due to fire. In a few lines, you will discover how the policies differ and claim the policies.
Types Of Fire Insurance
You can find out the different policies in the market and if you are confused that which policy is best. Here is some explanation of the different types of fire insurance that may be helpful for you.
- Specific Policy
In specific policy, the compensation is fixed in the starting when you applied for it. Which is according to the property evaluation of your property. For Example, if you have applied for this policy and you assured your house, and the policy becomes three years old. And within this period, it is obvious that the house’s market value may be doubled. But you may get compensation only for the value of your house when you apply the policy.
- Average Policy
Suppose you are looking for a policy that gives you the proper valuables. With the actual value that it has in the market, then the average policy is for you. In such cases, the insurance company will calculate the average clause of your valuables. But the thing to remember is that the company is only promised able to pay you when the value of a policy is sufficient or not.
- Replacement Policy
A replacement policy is very useful if you have any business-related property. As in this policy, the insurance company will give you the proper replacement cost of your damage. With the advantage of helping to reestablish your firm. Many of the institutes use these types of policies to ensure their businesses.
- Floating Policy
With the name, you will get a little bit about this policy if you have any warehouses. Or, if you are involve in the import or export business, this policy is valuable for you. This policy will cover your loss due to the shutdown of your business which is a great approach give the insurance company.
How To Claim?
Unfortunately, if you have also encountered any hazardous situations that occur due to fire. And now you are looking for insurance claims, so here are some of the steps you can take to apply for the compensation. Firstly inform your insurance company provider as soon as possible, either by calling or online. But also contact the nearest police station and fire brigade station to minimize the harm.
Your insurance company will appoint any surveyor to investigate the place where the damage has occurred. Submit a copy of the cleared dues and other things like form and photographs. And if it is approved, you can claim, which may make the process for about 15-30 working days.
