What are the minimum requirements for a fire insurance policy by law?

The minimum requirements for a fire insurance policy by law typically include coverage for fire, lightning, and specified types of explosions. This standard is established to ensure that the policy adequately protects against the most common risks associated with fire-related incidents.

Fire is self-explanatory, as it is the primary peril that fire insurance aims to cover. Lightning is often included because it can cause fires and damage to structures. Specified types of explosions are included to provide coverage for cases where explosions occur as a direct result of a fire or related activities, offering additional protection against unforeseen circumstances.

The other options include risks that, while potentially damaging and relevant for broader types of insurance, do not align with the essential components required in a basic fire insurance policy. Options such as theft, flood, smoke, vandalism, earthquake, and collapse fall outside the scope of what is typically mandated for fire insurance and often require separate or additional policies to ensure comprehensive coverage.