What is Fire & Property Insurance?
A property insurance policy covering buildings, contents, stock and machinery against fire, lightning, explosion, riot, storm, flood, earthquake and 10+ other named perils.
Who needs it?
- Retail shops & showrooms
- Factories & warehouses
- Office buildings & SaaS firms with hardware
- Housing societies (mandatory under bye-laws)
Why it matters
Reinstatement value protection — not just depreciated value
Add-ons: terrorism, accidental damage, business interruption
Premiums tax-deductible as business expense
Common myths, busted
Myth: My building society covers everything.
Truth: Society cover protects the building structure, not your stock or fit-outs.
Real claim examples
- ₹38 L claim settled for a fire-damaged textile godown in MIDC Thane.