One of the good things about having Home Insurance is that it not only covers your house damages caused by fire but also the belongings and contents you own in your home. While facing such calamity is dreadful for anyone, bearing the cost of damaged house contents adds more pain to your sorrows. Nonetheless, your house insurance policy gives you a bit of relief as it covers your house contents – that include your personal belongings as well – in the case of a fire accident. However, you must be aware of the inclusions and exclusions mentioned in the fire section of your home insurance policy. Let us take a look at what all things the Standard Home Insurance Policies cover in case of fire accidents!
While buying home insurance policy you must ensure to take a thorough look at the fire accident section of your house insurance policy. Most home insurance policies provide policyholders with two options viz. building structure coverage and house belongings coverage. You can opt for either one or both the coverage options, depending on your requirements.
The house insurance companies provide the policyholders with the coverage for damages caused by the house fire in two manners viz. cash value and replacement value. The cash value costs you less premium and provides you with the reimbursement of your belongings at their current depreciated value in case of a house fire. For an instance, your insurance company might offer you INR 10,000/- as a depreciated value for the laptop you purchased at INR 40,000/- two years ago. On the contrary, replacement value costs you more premium amount but it provides you with the replacement of your damaged possession in case of a fire accident.
If the home insurance company, in an investigation, finds that the fire is set deliberately, which is also a criminal offence, you will not get the house fire coverage. Shockingly, a lot of times policyholders purposely set their building on fire to trick the insurance companies to pay for the renovation cost of their house. However, in such cases, the policyholders do get a dime for their loss or damages.
The general rule of house insurance policies says that your house will be declared as vacant if no one lives in it for 30 consecutive days. Consequently, your insurance company is not liable to pay for your losses or damages in case of a house fire.
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