How Many Number of Perils Are Covered as in Built Under a Fire Policy?
Some insurance policies will not pay for fire damage if the fire and ensuing damage were caused by a negligent act of anyone listed on the policy. It should be noted that arson is generally covered if it was caused by someone other than the policyholder.
How is the liability of Fire Insurance determined?
The insurance company’s liability is limited by the policy value and not by the extent of damage or loss sustained by the property owner. Fire insurance provides extra coverage to offset any additional costs to replace or repair property that surpasses the limit set by homeowners insurance.
