Description
Key Features:
- Coverage for Fire-Related Damage: This includes damages to property, contents, and structures due to accidental fire.
- Additional Perils: Policies often cover other risks like lightning, explosion, smoke damage, and sometimes even natural disasters like earthquakes or storms.
- Reinstatement Value: Insurers may offer compensation based on the reinstatement (replacement) value of the property or its market value.
- Add-On Covers: Policies can include optional covers like debris removal, loss of rent, or increased costs of working after an incident.
- Exclusions: Common exclusions include intentional fire, war-related damage, or normal wear and tear.
- Premium Determination: Premiums are based on factors like property value, location, construction type, and risk assessments.