Fire insurance pays or compensates for the damages caused to your property or goods due to fire.
It covers the replacement, reconstruction or repair expenses of the insured property as well as the surrounding structures.
It also covers the damages caused to a third-party property due to fire.
In addition to these, it takes care of the expenses of those whose livelihood has been affected due to fire.
You have to pay a sum of money (Health insurance premium), to avail a health insurance policy. Your medical bills will be paid back to the extent you have insured yourself (premium you have paid).
The health insurance plan pays your hospitalization expenses/bills, if you are hospitalized for at least 24 hours. You can also take a health insurance plan for your family under the family floater plan.
Know the waiting period of your health insurance plan
A health insurance plan has a waiting period of 1 month after you avail it. The health insurance plan will not pay your medical bills for any disease you contract, within a month of taking up the health insurance plan.
You are hospitalized after a week of availing the health insurance plan .When the hospital bill is presented you get a nasty shock. Your bills are not settled by the health insurer as you are hospitalized within a week of availing your health insurance plan. You are covered by the health insurance plan only a month after availing it.
The insurer firsts value the property and then undertakes to pay compensation up to that value in the case of loss or damage.
It covers the damages to properties lying at different places.
This is known as an all-in-one policy.
It has a wide coverage and includes damages due to fire, theft, burglary, etc.
This covers you for a specific amount which is less than the real value of the property.