What are the types of fire insurance?

What are the types of fire insurance?

Fire Insurance Types Valued Policy. This is a fire insurance policy in which an agreement is framed and the insurer undertakes to pay in the event of destruction of property by fire. Specific Policy. …Average Policy. …Floating policy. …Excess Policy. …Blanket Policy. …Comprehensive Policy. …Consequential Loss Policy. More items…

What is the main purpose of fire insurance?

Fire insurance policies provide payment for the loss of use of the property as a result of a fire or for additional living expenses necessitated by uninhabitable conditions, as well as damage to personal property and nearby structures.

What are the essentials of fire insurance contract?

There must be actual loss due to fire and the fire must must be accidental. The main elements of a fire insurance contract are: (i) In fire insurance, the insured must have insurable interest in the subject matter of the insurance. Without insurable interest the contract of insurance is void.