Residential Fire Insurance
Residential insurance, commonly known as fire insurance, is a type of insurance where the insured object is the property itself. Whether the property is movable (personal property) or immovable (buildings and structures), it can be fully covered under fire insurance.What does Business Fire Insurance cover?
Unlike general home insurance, business insurance focuses on coverage that extends to the “heart of the business,” including:- Buildings and Structures: Storefront structures, offices, and factories (excluding foundations).
- Interior Property: Furniture, office appliances, decorations, and electrical systems.
- Stock: Raw materials, work-in-progress, and finished goods.
- Machinery and Equipment: Production machinery, including specialized equipment.
Insured Perils
Fundamentally, it covers fire, lightning, and explosions from gas used for residential purposes. However, for businesses, there are often essential “Additional Perils,” such as:- Water Damage (e.g., burst pipes or water leakage, but excluding floods).
- Natural Disasters (e.g., windstorms, hail, earthquakes, or tsunamis).
- Impact from Vehicles or Aircraft.
- Riots, Strikes, or Malicious Acts.