Priyesh Pandey
by on December 20, 2017
The forces of nature are unpredictable. Fire damage is one such disaster that causes perilous loss and destruction. This is why you shouldn’t have second thoughts when it comes to getting an affordable and productive fire insurance policy. It helps in compensating for the loss that has occurred. When choosing the best insurance policy, whether it is for your business or house, you need to remember a few things. Choose a High Deductible A higher deductible means you can minimize your premium outgo, up to a certain point. A deductible, in insurance policy terms, refers to the amount a policyholder needs to pay up, before the insurer comes into effect. For instance, if you buy fire insurance that consists of a INR5,000 deductible, you will have to pay INR5,000, should a claim of INR10,000 arise. The outstanding amount will be paid by the insurer. Purchase the Most Appropriate Coverage The right insurance coverage is imperative for fire insurance. After all, the main aim of a fire insurance policy is to compensate for the loss incurred by the policyholder, in case of a fire. It is especially important to insure your contents in times when you have taken a building on lease. Make a detailed list of all the items you want insured and accordingly opt for the best insurance. If you happen to be the owner of the building, you need fire insurance for the building’s structure as well. Read Also :- Is Your Building Fire-Proofed? You can Lower Premium by Installing Preventive Equipment Having fire insurance does not mean you shouldn’t worry about anything. The insurer, before issuing an insurance policy, would want to know the safety measures adopted in your house. In fact, you can get lower premium rates if you install fire extinguishers and smoke detectors at your commercial or residential area. Compare and Contrast Policies There are different terms and conditions for different insurance policies. Make certain you study the policies you are interested in and make comparisons appropriately. Understand the different fire insurance quotes from various property insurance companies. You will definitely find the best and most budget-friendly fire insurance plan. Understand What is Excluded from a Policy Just as you should be aware of what is included when you buy fire insurance, you should also know about the exclusions. You will then get a fair idea, should you make a claim, about what an insurer will accept, and what claim is likely to get rejected. In certain cases, your claim gets rejected when the fire is caused owing to war or allied perils and carelessness. Sometimes, insurance companies refuse to pay for a claim. For instance, when the loss or damage caused is a result of a fire that has occurred because of an employee. You also need to go through the conditions of a policy at the time of renewal. Make sure you get the best coverage that in actuality limits the risks and provides adequate coverage at the time of a fire accident. One of the better ways to achieve that is by comparing different policies on aggregator websites such as Paybima, before finalizing one. Read Also :- How To Compare Effectiveness of A Fire Insurance Policy
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