Steps to Claim Fire Insurance

Before learning about the fire insurance claim process, it is important to know about the right time to claim your fire insurance.

A fire insurance policy should ideally be claimed right after the insured property has experienced fire damage. Further, the claim process should not be delayed as it can hinder its settlement.

The fire insurance claim process is very straightforward. Here is how you can raise a claim:

Step-1: Inform the Insurer and Seek Advance Financial Help

First things first, inform the insurer right after your insured property has met with a fire accident.

If you do not have any funds to deal with the losses, then you can ask for available financial assistance from your insurance company for immediate actions such as vacating the place, temporary accommodation, etc. These advance payouts can be settled at the time of final settlement.

Step 2: Estimate the Total Losses and Damages

In order to file a claim, you must provide enough proof and evidence to the insurance provider. Not only that, but you also need to provide the closest possible estimate of the total damage you have sustained.

This figure will help your insurer determine the final compensation amount. Below are some things to keep in mind when estimating the losses:

Do not throw away burnt items.

Do not start any repair or recovery work.

Take enough pictures/videos of damaged items.

Step 3: Raise a Claim

Coming to the most important step: filing the fire insurance claim. Most of the reputed insurance companies allow you to make claims online. All you need to do is visit the official website, fill out the fire insurance claim form, and submit all the required proofs and documents.

Step 4: Investigation By the Insurance Company

Once your claims settlement application is received, the insurance company sends an appointed surveyor to verify the claim request and estimate the actual loss or damage the insured property has suffered.

The surveyor will investigate the entire case and create a report that plays a major role in determining the claims settlement amount. It is recommended to keep all the policy-related documents in place as they can be used for the investigation.

Step 5: Final Settlement

After going through the report submitted by the surveyor, the insurance provider will provide you with a settlement amount as per the terms and conditions of your policy.

But this is not the end. If you are not satisfied with the compensation or have any other issue, you can raise a complaint to get it resolved before closing the claim.

Incorrect or insufficient documents can delay your fire insurance claim settlement. Here is a document checklist for filing a fire insurance claim:

Original fire insurance policy

Duly filled fire insurance claim form

Photographs and video clips of the incident

Newspaper recordings or clips of the damage

FIR report

Forensic report (if applicable)

To help you a bit more in your claim settlement process, here are some common fire insurance claim problems and solutions you can refer to:

Claim Settlement Delayed: There can be multiple reasons behind the delay of fire insurance claims. The most common ones include poor clarity of incident, not submitting enough supporting evidence, improper documentation, and so on.

Solution: To resolve this issue, learn about the reason behind the delay in your insurance settlement. You can ask this directly to your insurance provider. Whatever reason they tell, act upon it, from submitting clear evidence to providing missing documents.

Unsatisfactory Damage Estimate: Although trusted insurance providers rarely underestimate the loss of insured property, they can sometimes be unaware of the right value of a certain article or entity.

Solution: Always keep re-estimating the value of your insured property and update your fire insurance policy accordingly. This will help you get the right settlement amount from the insurance provider.

Fire is not the only risk a business is exposed to. There are many other potential risks that business owners should stay prepared for. This is where a business insurance policy comes into the picture.

Not only does it offer coverage for fire accidents, but it also covers all the possible risks your business is exposed to. So, besides purchasing fire insurance, you can also opt for a complete business insurance plan.

Settling a fire insurance claim is not as complicated as it sounds. If everything is done in the right manner, you can settle your claim in a short time.

Moreover, the success of your claim settlement also depends on your insurance company. So, make sure to work with a reputed insurance company like Tata AIG.

I want to file a fire insurance claim, but my insurance policy expired last month. Will my loss be covered?

Insurance policies provided by reputed insurance companies come with a grace period. During this period, you will not lose the insurance benefits even if your policy is lapsed due to nonpayment of premiums.

If you have suffered damage within this grace period, then you can reinstate your policy by paying the premium and raising your claim without any delay. Moreover, the grace period of insurance varies from 24 hours to 30 days. So, check your policy papers or contact your insurance agent for clarity on the same.

Do fire insurance policies offer coverage for other risks as well?

Some fire insurance policies, like our Fire and Burglary insurance, come with coverage for other risks such as theft, natural or man-made calamity, explosion, and so on.