Fire Insurance
My building has fire safety equipment. Do I still need fire insurance?
Absolutely! Fire extinguishers and alarms reduce risk but can’t eliminate it completely. Fire insurance covers:
- Direct fire damage to building and contents
- Smoke and soot damage (often more expensive than fire damage)
- Water damage from firefighting efforts
- Additional expenses like temporary accommodation
What's the difference between market value and reinstatement value in fire insurance?
Market value
What you can sell your property for today (includes land value, depreciation)
Reinstatement value
Actual cost to rebuild/replace from scratch (no land value, no depreciation)
Can I insure just my stock/inventory without the building?
Yes! Many business owners need stock-only coverage:
- Traders/retailers: Insure goods in someone else's building
- Warehouse renters: Protect inventory in rented space
- Home-based businesses: Cover business stock separately
You can customize fire insurance to cover exactly what you own.