When a fire erupted, it causes flame and smoke which can damage your office or its content. Even the water used to douse flames can destroy the office building and stocks and other goods kept there. A fire insurance policy will help in covering losses or damages and, thus, ensures your business stays afloat.

If you don’t have a fire insurance policy, you would have to pay for all the losses or damages from your pocket. There would be no one for your assistance. In some situations, a fire can lead to complete closure of your business also. It can lead to a financial crisis which can make it tough to rebuild the office and procure content.

Not only covers the loss or damage to the building, but also helps in replacing the goods that caught fire. The insurer also provides for the maintenance charges for those machines and equipments which got damaged during the fire.

In some situations, a fire insurance policy also arranges for the alternative accommodation for your business in case it is damaged by fire. Thanks to fire insurance policy, you can continue serving your clients.

Fire insurance demands the insured to have an insurable interest in the property to be insured. The insurable interest is the basic of having fire insurance, which makes the insurer eligible for ensuring insurance benefits in case of loss. It should exist both at the time of buying insurance and while claiming your insurance.

Fire insurance deal is based on the principle of greatest good faith, which demands no secrets to keep. This compels the insured to disclose all important points with regard to the subject-matter of the fire insurance policy so that the insurer can have a proper analysis of risks associated. The insured should give all the related information pertaining to location, construction of the property, the probability of fire incident etc. however, the insurance company has all rights to terminate the contract if any important point is not disclosed.

The policyholder can claim up to the sum insured offered under fire insurance. In case there is no loss, no claim will be entertained.

As fire insurance provides financial protection to the property, the involvement of the insured is inevitable. Thus, it is necessary for the insurance provider to keep an eye on every behaviour of the insured. Moreover, the insured can’t make any change in the policy without the consent of the insurer. Even if the possession is transferred to a third-party and the insurer is not informed, it has complete authority to terminate the policy right away.

Maximum age of applicant at loan maturity: 60 years

Minimum Net Monthly Income: Rs 15,000

Applicant should have the bank specified credit score.