Here is an excerpt from a new blog post at GreggMarcus.com:
Fire insurance is an insurance policy purchased in order to cover any damage to property caused by a fire. It is a specialized form of insurance beyond regular property insurance, which is designed to cover the cost of replacement and/or repair, beyond what is covered by your basic property insurance policy. Most homeowner’s and commercial policies have fire insurance, but few truly understand what it is and how it works. These policies list a number of perils that are covered by the policy and exclude perils that are not covered. Specific perils can also be purchased separately and added to any policy. In this post, Long Island Insurance Executive, Gregg S. Marcus lists the six principal types of fire insurance policies:
1. Valued policy
If the agreed value of the matter at subject is stated in the policy, it is a valued policy. This may not be the actual value of the property, though in the event of a fire the insurer must pay the mentioned value to the customer.
To read this post in it’s entirety, click here to visit the Gregg Marcus official website.