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Types of coverage’s under home insurance

Different types of insurance under home insurance; may include property insurance, which covers fire, and related perils (material damage).fire insurance can be categorized as physical hazards. They relate to the tangible characteristics that may increase or decrease the likelihood of an event, which are the type of construction, location of the building and the occupants of the building.

Currently fire insurance accounts for a high proportion of total non-life insurance premium income. Many insurers treat fire insurance as the main insurance business. Other classes of insurance are considered as accommodation business. The basic fire policy is called the standard fire policy because it covers same perils that is, fire, lighting and limited explosion.

  • Fire
  • Fire is the actual ignition of something that should not be on fire, the cause being accidental or fortuitous. There are exclusions under this peril, however.

  • Lighting
  • Any loss caused by lighting is covered under fire insurance policy.

  • Explosion
  • Explosion cover is limited to explosion of boiler or gases used for home purposes. The use, however will determine if the boiler or gas is domestic.in this regard, a boiler located in the factory but used to boil water for making tea or washing hands is regarded as domestic.

  • Social perils
  • Special perils under fire insurance policy the standard fire policy may be extended to cover other perils, which can be classified and described differently.

    Social perils these are perils with human source and they include strikes, riots, malicious damage and civil commotion.

  • Chemical perils
  • Chemical perils include explosion spontaneous fermentation or heating. The latter peril should be under written with because:

    • The property insured is under prone to self-heating.
    • If the property self-ignites it is difficult to extinguish the fire.
    • Salvage prospects are below.
    • Very careful control of storage is essential and insurers will need to incur costs of survey before accepting the risk.

    Natural perils, they include:

    • Storm that is atmospheric disturbance of unusual nature.
    • Flood that is escape of water from the normal confines of any natural or artificial water works.
    • Earth quakes
  • Miscellaneous perils
  • These are perils that cannot be classified under any of the above categories and are mainly escape of water, damage caused by any aerial device or articles dropped thereof and impact damage especially to buildings caused by vehicles.

Long term agreements under fire policies

This is where the insurer gives a premium discount in consideration of the insured offering to renew the contract for a given term, for example, three or five years. The insured is under obligation to renew. Failure to do so will require that the insured pays back the enjoyed discount however if the insurer changes the terms and condition of the contract the insured is not bound to renew.

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