What is Fire Insurance?

A Contract of fire insurance includes a contract that insures the property therein described against loss or damage by fire and against loss or damage from other hazards that may be insured under a license to transact fire insurance. 

In its strict technical sense, a fire insurance contract is one:

(1) Whose principal object is insurance against loss or damage occasioned by fire:

(2) the extent of insurer's liability being limited by the sum insured and not necessarily by the extent of loss or damage sustained by the insured;

(3) the insurer having no interest in the safety or destruction of the insured property apart from the liability undertaken under the contract.