Fire insurance: Declare correct property value to ensure adequate payout
Last Update Date: 06-10-2026
Published by Business Standard
Abhishek Kumar's role: Quoted
Abhishek Kumar outlined key exclusions such as war, terrorism, wilful misconduct, precious items and contents older than 10 years. He explained that reinstatement value cover, though costlier, pays enough to rebuild, and cautioned that undervaluing a property leaves a gap in case of total loss.
More of Abhishek's views on insurance
Prompted by wildfires in Los Angeles, the article explains fire insurance for homes in India. It covers what fire and allied perils policies protect, common exclusions, how the sum insured is set, premium levels, mistakes to avoid when declaring property value, and documents needed for a claim.
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Fire insurance: Declare correct property value to ensure adequate payout