![The Significance and Need of Insurable Interest in Fire Insurance](/blog/content/images/size/w500/2023/10/template-1_Bimakavach-55.png)
The Significance and Need of Insurable Interest in Fire Insurance
Insurable interest refers to a vested interest that can be safeguarded through an insurance contract. It is a connection between the insured party and the event being insured against, where the occurrence of that event would result in significant financial loss or harm to the insured.