- A form of insurance purchased in addition to property insurance that covers costs related to fire damage not usually covered by a property insurance policy including replacement, reconstruction or repair costs, or even expenses accrued due to the insured's inability to use the damaged property. Depending on the fire insurance policy, property adjacent to the insured property may also be covered.
fire damage insurance, fire protection, fire coverage
Related Terms and Acronyms
- Commercial Property Insurance — Definition,
- Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
- Consequential Loss — Definition,
- The financial loss that occurs due to an entity's inability to use an asset or property.
- Debris Removal Provision — Definition,
- A property insurance policy provision that can pay for the costs of cleaning up debris resulting from insured damages.
- Demolition Insurance — Definition,
- Insurance that covers demolition costs for an irreparably damaged building.
- Hazard Insurance — Definition,
- Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Named Perils Insurance Policy — Definition,
- Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Total Loss (Ltot, TL) — Acronym & Abbreviation,
- When as asset is considered to be damaged beyond repair.
- Valuable Papers Insurance — Definition,
- Insurance that covers damages to valuable papers such as property deeds or wills.
- Windstorm Insurance — Definition,
- Insurance that covers damages resulting from windstorms.