- Mandatory fire insurance is compulsory insurance for real estate at all stages of construction and covers damage to the property caused by fire during construction.
- It is important that you request a fire insurance assessment for a new property no later than four weeks after the property has been taken into use and provide us with information about the assessment.
- When you buy Mandatory Fire Insurance, you will automatically be covered by the Icelandic Natural Catastrophe Insurance for various natural disasters.
- We recommend that you consider purchasing Builder's Insurance if you want to protect your property even more thoroughly. The Builder's Insurance is designed for all home builders who wish to be protected during construction. The insurance consists of fire, homeowners, accident and liability insurance, and is designed to insure you and your property as thoroughly as possible during construction.
The insurance covers
- Fire damage.
- Sudden accumulation of soot.
- Fall of aircraft on the property.
- Firefighting and rescue operations to avoid or limit damage.
The insurance does not cover
- Damage caused by items burning or melting if there is no fire.
- Damage from soot or smoke that has accumulated gradually. For example, soot from a chimney or candles.
- Indirect damage due to fire, including operating loss, delay in production or delivery of goods, loss of rental income and the like.
- The cost of cleaning up waste or toxins in the environment or soil following an insured event.
Coverage under the Icelandic Natural Catastrophe Insurance is also included. This insurance covers damage caused by volcanic eruptions, earthquakes, landslides, avalanches and water floods.
Please note that the above list is not exhaustive. Further information can be found in the insurance terms.
In case of discrepancy between this list and the insurance terms, the insurance terms applies.
Insurance Terms
The insurance terms is your contract with VIS. It is important to thoroughly read the terms and understand what is covered and what is not, before purchasing the insurance.