Back in 2018, there were 13,099 reported incidents of fire accidents in India. Needless to say, these unfortunate accidents resulted in heavy losses to those impacted.
While it is advisable to take every step of precaution to ensure our homes and workspaces are kept safe, there is always a margin for error.
This margin can be overcome with the help of fire insurance that will have your back by protecting you from total loss when life goes awry.
A standard fire and special perils (SFSP) insurance policy offers coverage that protects you against losses sustained to your property as a consequence of natural or man-made disasters.
Unforeseen calamities can occur to anyone, at any time. In such a situation, there is often little that one can do to salvage what remains thereafter.
The losses and damages can truly impact you financially and emotionally.
Having a fire insurance and special perils insurance policy in place will help take the financial burden off your shoulders to save you from distress.
It is advisable that all homeowners secure their property with a standard fire and special perils (SFSP) insurance policy. This policy is also available for coverage for commercial entities like shop, factory, and office.
Let’s look at two quick examples that illustrate why this coverage is helpful.
Quite often, the many prevailing misconceptions about SFSP coverage stand in the way of people buying this essential coverage. Let’s take apart some of these misconceptions by unveiling the facts behind them.
Fact: Apart from fire, you also get protected against losses due to ‘other perils’ such as aircraft damage, cyclones, explosions and implosions, floods, riots, storms, tempests, and typhoons, among other natural and man-made calamities.
Fact: While the premium can vary between insurers, the cost of these premiums is overall quite affordable in the market. And, when you compare the cost of the premium against the value of the property and contents covered, you are actually getting amazing deal!
Let’s take a closer look at the situations in which you can receive coverage from your standard fire and special perils (SFSP) insurance policy.
Apart from the unfortunate events listed above, a standard fire and special perils policy also covers you against losses due to damages from riots, vehicle or animal impact, landslide and rock slide, overflowing or bursting of water pipes and tanks, leakage of automatic sprinklers and bush fires.
This policy not only covers your building structure but also covers the content. Stock and Machinery can also be added if that’s commercial establishment like shop, Industry.
As we can see, a standard fire and special perils (SFSP) insurance policy is truly comprehensive in its coverage. Make sure to secure the contents and construct of your property today with this essential insurance product for true peace of mind.
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