What Is Fire Insurance?
The term fire insurance refers to a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire. Purchasing additional fire coverage helps to cover the cost of replacement, repair, or reconstruction of property above the limit set by the property insurance policy. Fire insurance policies typically contain general exclusions such as war, nuclear risks, and similar perils.
Key Takeaways
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Fire insurance is property insurance that provides additional coverage for loss or damage to a structure damaged or destroyed in a fire.
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Fire insurance may be capped at a rate that is less than the cost of the losses accrued, necessitating a separate fire insurance policy.
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The policy pays the policyholder back on either a replacement-cost basis or an actual cash value basis for damages.
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Although some homeowners insurance policies include fire coverage, they may not be extensive enough for some homeowners.
What Is a Valued Marine Policy?
A valued marine policy is a type of marine insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel, prior to a claim being made. In the event of a loss, a valued marine policy will pay a specified, pre-determined amount—provided, of course, that there are no traces of fraud.
A valued marine policy differs from an unvalued, or open, marine policy. Under that type of coverage, the value of the property would need to be proven subsequent to a loss through the production of invoices, estimates, and other evidence.
Key Takeaways
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A valued marine policy is a type of insurance coverage that places a specific value on marine property prior to a claim being made.
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In the event of a loss, a valued marine policy will pay a specified, pre-determined amount.
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That means if the insured item depreciates in value, it will not affect the amount which can be claimed in the event of a total loss—and vice versa.
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Valued marine policies differ from unvalued marine policies, which only assess property value and damages after the policyholder files a claim.
What Is a Travel Insurance?
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.
According to a 2021 survey by insurance company Battleface, almost half of Americans have faced fees or had to absorb the cost of losses when traveling without travel insurance. Thirty-six percent of Americans say they're more likely to purchase travel insurance for trips abroad following the COVID-19 pandemic while 34% said they're more likely to do so for domestic trips.
Key Takeaways
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Many companies selling travel packages also offer travel insurance.
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Some travel policies cover damage to personal property, rented equipment, such as rental cars, and even ransom requests.
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The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical coverage, and accidental death or flight accident coverage.
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Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights.
