Fire Insurance Policy: Compare, Buy, Renew, & Claim Online

Fire insurance policy covers the loss of use of property caused by a fire. With our comprehensive Fire Insurance Policy, you can protect your home and belongings from unexpected flames. Choose the best coverage after comparing different options, and buy or renew your policy without any confusion. If an unfortunate incident occurs, our experienced team is here to help you with smooth claim settlements. Safeguard your peace of mind today! Read More

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Secure your commercial property and its contents from losses due to fire or burglary

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Buying fire & burglary insurance for the first time?

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What Is A Fire Insurance Policy?

Fire insurance is a type of property insurance that covers damage caused by fire. It pays for the expense of rebuilding or repairing property destroyed or damaged by fire. Higher maximum insurance is available with additional coverage. However, intentional fire damage and certain dangers like war or nuclear events usually are not covered.

What Are The Fire Insurance Policy Types?

The types of fire insurance policies are:

There are five types of policies under Standard Fire and Special Perils Insurance which are:

Specific Policy

A specific policy is a form of fire insurance policy that provides coverage for a defined level of risk. If a loss occurs under this insurance, the insurer pays the full amount of the loss, as long as it does not exceed the policy limit. This policy does not take into account the property's value.

Average Coverage

An average policy is a fire insurance policy that kicks in if the property is underinsured. This means that the property is insured for a lower amount than its real value. In the event of a loss, the insurer only pays a proportionate amount of the real loss, based on the ratio between the sum guaranteed and the property's actual value at the time of the loss.

Floating Policy

A floating policy is a form of fire insurance policy that covers a variety of products placed in several places for only amount and premium. The premium charged for this insurance is often an average of the premiums that would have been paid if each batch of items had been insured separately under distinct policies for distinct amounts.

Excess Policy

An excess policy is purchased by an insured whose stock fluctuates. The insured can get insurance for a sum less than the value of their stocks. In such instances, the insured may need to get an additional insurance policy to cover the maximum amount of stocks that could be reached at times.

Comprehensive Policy

A comprehensive policy is an insurance policy that covers a variety of risks, such as fire, flood, riots, strikes, and burglary, up to a certain dollar level.

Consequential Loss Policy
A consequential loss coverage compensates the insured for any loss or profit caused by a business disruption caused by a fire. It is also referred to as a loss of profit policy.

  • Standard Fire and Special Perils Insurance: It is a special type of insurance that protects you from fire and other dangerous incidents listed in the policy. This insurance can protect important possessions such as buildings (including the foundation), machines, products, furniture, and other personal belongings.
  • Bharat Sookshma Udyam Suraksha policy: Under this policy, the insurer agrees to reimburse you for the loss you suffer when unexpected events cause physical loss, damage, or destruction of Your business's building and structures, equipment and machinery, stock, and other assets.
  • The Bharat Laghu Udyam Suraksha policy: It is like an insurance plan that helps protect a shop's things, like the building and everything inside it. This policy is for shops that are worth more than Rs.5 crores but less than Rs.50 crores.

Benefits Of Fire Insurance In India

In India, a fire insurance policy comes with the following benefits such as:

  • Covers all insured assets: It replaces or restores assets damaged by fires, including as buildings, machinery, offices, and inventories. It returns the insured party to their previous position prior to the fire.
  • Coverage against various perils: It safeguards against more than just fire damage, including violence, strikes, storms, floods, explosions, and more.
  • Access to bank loans: To protect their investment, lenders often request extensive fire insurance, which increases loan accessibility.
  • Sense of security: Having a fire insurance policy provides peace of mind by assuring that your investments are protected in the event of a fire.

Why Should You Buy A Fire Insurance Policy From Okbima?

The main reasons you should choose a fire insurance policy from Okbima are:

Coverage Under Fire Insurance Policy In India?

Fire insurance coverage protects against losses caused by an accidental fire. The coverage is decided on the policy value instead of the level of property damage. It typically includes:

  • Fire-related product loss

  • Additional living expenses due to destroyed personal property

  • Injuries to nearby buildings or property

  • Firefighters' compensation

  • Fires induced by electricity

  • Water pipe or tank overflow

What it doesn’t cover?

Fire insurance does not cover every possible scenario. Following are some exclusions:

  • The fire produced by war, nuclear hazards, riots, or earthquakes

  • Intentional fires started by adversaries or governmental officials for any reason

  • Underground fire

  • Loss as a result of theft during or after a fire

  • Fires produced by intentional or aggressive human activity

Documents Required For Buying Fire Insurance In India

When filing a fire insurance claim, the following documents are typically required:

Copy of the policy

Provide a photocopy of the authorized fire insurance policy, including the schedule and clauses. This document shows that you have an active insurance policy.

Claim form

Complete the claim form provided by the insurance company. Ensure that all parts are filled out completely, with precise and detailed information regarding the occurrence.

Newspaper proof

If the fire incident was covered in the media, send a copy of the relevant newspaper articles or clippings. This can be used as extra evidence in the case.

Previous claim records

If you have made any past fire insurance claims, include the records of those claims. The insurance provider uses this information to evaluate your claims history.


Take pictures of the fire damage. Capture the impacted places, destroyed possessions, and any other relevant details. These images act as visual proof of the extent of the loss.

Fire brigade report

Get a report from the local fire department or authorities who responded to the incident. The cause of the fire, the level of damage, and any other pertinent information should be included in the report. This report adds credibility to your claim.

Final investigation report

If an investigation was conducted to identify the cause of the fire, provide a copy of the final investigation report. This report may have been created by fire investigators or insurance adjusters who were hired by the insurance company.

Forensic Report

Provide a copy of the forensic report if one was conducted in order to identify the cause or origin of the fire. This report provides scientific evidence and analysis, which can support your claim.

Best Fire Insurance Policy In India 2023

In search of the best fire insurance policy in India for 2023? You are in the right place! Here are a few top choices to think about. ICICI Lombard Fire Insurance provides comprehensive coverage at reasonable costs, while National Insurance Fire Insurance offers numerous add-ons for further safety. IIFCO Tokio Fire Insurance distinguishes itself by speedy claim payouts and excellent customer service.

Remember to compare features, benefits, and pricing before making a decision. Stay safe and ensure your peace of mind by choosing the best fire insurance coverage for your needs. Don't put it off any longer; get started right away!

Top Five Fire Insurance Companies In India

The best fire insurance companies in India are decided by features such as coverage, excellent client service, reputation, and claim settlement history. There are a number of renowned businesses that offer trustworthy coverage for fire insurance in India. The top five fire insurance insurers in India are -

  • National Insurance Company Limited
  • New India Assurance Company Limited
  • United India Insurance Company Limited
  • Oriental Insurance Company Limited
  • ICICI Lombard General Insurance Company Limited

These organizations have a prominent presence in the insurance industry and provide comprehensive fire insurance policies to protect individuals and businesses from fire-related hazards. It is important to examine various products and select the one that best meets your individual demands and objectives.

How To Renewal Fire Insurance Policy?

Follow these simple steps to renew your fire insurance coverage.

Step 1

First, contact your insurance provider well in advance of the expiration date of your coverage.

Step 2

Give them the information they need, such as your policy number and personal information.

Step 3

Review your current policy coverage and discuss any adjustments or upgrades that are needed.

Step 4

After that, the insurer will present you with a renewal quote and terms.

Step 5

Check the quotation carefully to make sure it satisfies your requirements. If you are satisfied, make the payment before the policy's expiration date to prevent a coverage gap.

Step 6

Save a copy of the updated policy for future use.


How To File A Fire Insurance Claim?

If there is a fire on your insured property, follow these basic steps to get your Fire Insurance Claim reimbursed quickly:

  • Step 1: Inform the insurance company about the fire as soon as possible. You can notify them by calling their toll-free number or writing to them.
  • Step 2: Call the fire department and the police to help control the situation and limit the damage.
  • Step 3: Provide vital information about the cause of the fire and the amount of damage to the insurance company's surveyor when they visit the site.
  • Step 4: The surveyor will analyze the property's loss or damage and create a report for the insurance company. This report will be used to calculate the final claim amount.
  • Step 5: Fill out the claim form and submit it together with any other documents and images that are requested.
  • Step 6: The claim process normally takes one to three weeks to estimate the coverage amount for payment.

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FAQs About Fire Burglary Insurance

A long-term fire insurance policy can be purchased by any Indian who is the owner and/or occupant of a residential property in India. Only property owners, not other people who do not own the house or apartment, are eligible to receive long-term policies.

If you have a policy with two insurance companies, both of them will pay out proportionately in the event of a claim.

No, a long-term fire insurance policy does not cover the entire society building.

The term fire legal liability describes who is ultimately in charge of covering fire-related expenses. Fire damage legal liability is covered in the business owner's commercial general liability coverage.

From the time the transfer of ownership becomes effective, the policy is voided & the insured ceases to be insured under the terms of the coverage. The premium for the remaining portion of the insured period will then be refunded.

It is an indemnity contract as the insured can only recover the real damages from the insurer.

A home is more than simply a house. It is the only place on earth that we can fully call our own. It falls under our purview to defend it from unforeseeable occurrences, natural forces, and the ravages of time. Our most effective tool for defending our most valuable asset is house insurance coverage.

Yes. You are free to cancel the policy at any time. Please keep in mind that premium retention based on short-term scales will be applicable.