Fire Insurance for Houses, Homes and Property in Malaysia
Fire Insurance in Malaysia
Fire Insurance is offered to property owners, home residents, and businesses. The intention of this fire risk plan in Malaysia is to cover residential and commercial properties against loss or damages from fire, lightning or domestic gas explosion.
Insurance Coverage against Fire for Houses, Homes and Properties
Fire Coverage Plans
Different insurance companies or insurers have different plans for fire damage and loss coverage. They will ask about the property use case, what type of property is it, and your past track record of insurance coverage for that property.
Insurance Companies for Fire Coverage
There are several reliable insurance companies (AXA, Liberty Insurance, RHB Insurance, Takaful Ikhlas) that provide these types of insurance policies in Malaysia. They have different types of forms, conditions and tariffs and premiums to be calculated.
Fire Insurance Coverage
This insurance coverage is valid for residential and commercial properties in Malaysia. This insurance covers rental loss, liabilities and indemnities from, building, structure, contents, machinery, equipment, utensils, furniture, household goods, inventory and stocks and many more, depending on your requirements and concerns, that are caused by fire, lightning or domestic gas explosions.
Damages Covered by Fire Insurance in Malaysia
This insurance plan covers damage or loss caused by accidental fire, lighting or gas explosion. Additional coverage for natural disasters, aircraft damage, falling objects like trees or aircraft, riots and malicious damage can be added on request, depending on the insurance company.
The damage or loss covered is based on the value of the property and its contents as stated in the insurance policy issued. And not necessarily based on the proposed value as written in the insurance application forms.
Fire Insurance Premiums Cost Calculation and Prices
The properties can be valued on the basis of market value or reinstatement amount. The premiums prices will be calculated on these basis.
Market value basis is the cost of the damaged property less the wear and tear and any depreciation if applicable.
Reinstatement basis will be the full amount required to make good the damaged property , if your insured amount is sufficient cover. Any differences in costs will be paid out of pocket by you.
Documents Required for Fire Insurance Claim
The insurance companies will have a variety of requirements, and depending on their SOPs and staff support. Your fire insurance agent will be your best guide in getting these done for you.
1. A fire damages claim form needs to be filled up completely
2. Detailed listing of damages of the the property damaged
3. The Police Report;
4. The Fire Brigade Report;
5. Asset records and purchase receipts
7. Inventory records and proof of receiving
8. The Insurance Claims Adjusters report
Request for Quotation
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