Definition

Noun: A specific type of property insurance that provides financial coverage for losses or damages caused directly by fire.

Usage

This term is used to refer to a contractual agreement (an insurance policy) where an insurer promises to compensate the policyholder for fire-related damage to insured property, in exchange for a premium. - It is a common and often mandatory requirement for homeowners, landlords, and businesses. - The coverage typically applies to the structure of a building and may extend to contents within it, depending on the policy terms.

Examples

• The bank required fire insurance on the mortgaged property before approving the loan.
• After the warehouse burned down, the company filed a claim under its fire insurance policy.
• Standard homeowners insurance includes fire insurance, but it's important to understand the coverage limits.

Advanced Usage

• "to take out fire insurance": To purchase a fire insurance policy.
  • The new restaurant owner took out fire insurance before opening.
• The concept is often discussed in contrast with or as a subset of broader insurance types like "property insurance" or "homeowners insurance," which typically include fire coverage among other perils.

Variants and Related Words

• Fire policy: Another term for a fire insurance contract.
• Fire coverage: The specific protection against fire damage within a broader insurance policy.
• Insurance against fire: A descriptive phrase synonymous with fire insurance.

Synonyms

• Coverage against fire
• Fire protection (in an insurance context)

Related Phrases

• Fire insurance claim: A formal request to an insurance company for compensation after a fire.
  • They submitted a fire insurance claim for the damaged inventory.
• Fire insurance premium: The regular payment made to maintain the insurance policy.
  • The fire insurance premium increased after several wildfires in the region.

Noun

1. insurance against loss due to fire