Fire Insurance – Residential (Building/Society/Bungalow)
Fire accidents are constantly increasing. As shown by a recent ADSI report, it can be concluded that residential buildings are highly prone to fire outbreaks. As a matter of fact, 56% of the total fire accidents take place in residential buildings, with cooking gas and electrical short circuits being the major reason along with the growing automations (electrical gadgets, decorative material, LPG connections, upholstery, etc.).
These accidents can mainly be attributed to modern high-rise buildings not meeting the optimal fire infrastructure, the country not having enough fire stations and the staff being poorly trained. As of December 31, 2018, an analysis of government data* shows that emergency fire services have a 90% shortage of staff, 78% shortage of fire-fighting equipment and a 61% shortage of fire stations against a 2012 requirement.
So, in these uncertain times, be prudent and insure what you have. The cost of insuring your property (building/society/house) is insignificant compared to the risks involved.
*Source: Rajya Sabha
What we do?
We are a unit of Aequitas Insurance Brokers Private Limited, which is registered with IRDA as an insurance broker. As a registered broker, we represent our clients to the insurance companies and negotiate the best quotes with maximum coverages. We are different than an insurance agent. An agent represents one particular company and therefore is more inclined to sell the policy of his company only. Whereas, as a broker, we are authorized to work with all the insurance companies and therefore can find the best available risk coverage and price from the insurance companies for the client.
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