Fire Insurance- After the terrible fire in Los Angeles, home insurance is now in the news. The question is whether the losses caused by forest fires in India can also be compensated by home insurance.
The fierce fire in Los Angeles, America has affected more than 40,000 acres of land, in which more than 12,300 buildings have been burnt to ashes. So far 24 people have died and more than 100,000 people have had to leave their homes. According to an estimate, the fire has caused a loss of $135-150 billion so far. Most homeowners in the Los Angeles fire will not even get home insurance, because insurance companies had almost stopped insuring homes in the area where the fire broke out. In such a situation, the question arises that if a house in India is damaged by forest fire, will the insurance companies here compensate for the loss? Does home insurance policy in India cover forest fire?
The answer to both these questions is yes. Most home insurance policies in India cover the damage caused by forest fire. This means that if your home is destroyed due to a forest fire, you can claim insurance. Many insurance companies, such as HDFC Ergo and IFFCO-Tokio, specifically cover forest fires in their policies.
Read the policy rules carefully
These policies provide protection against damage caused by fire, explosion, earthquake, and other natural disasters. However, in some situations, insurance companies do not pay compensation for damage caused by fire. Therefore, while taking a home insurance policy, make sure whether it covers damage to the house due to forest fire or not. If a person lives in an area prone to forest fires, then his premium may be higher.
How much is the premium
The premium for coverage for forest fire depends on individual circumstances and the type of policy. The right policy should be selected with proper information and comparison. The premium for coverage for forest fire in a normal home insurance policy can range from ₹ 5000 to ₹ 15000 per year or more.
