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.
Ask an expert fire insurance agent such as Red Cover Insurance Agents in Malaysia for customized proposals and choices of insurance companies for your needs.
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.
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.
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.
General Insurance Association of Malaysia (PIAM) has a calculator to calculate the property amount to be insured. However, the complexities involved may required an experienced Insurance agent to guide you with this.
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
Contact Insurance Agent for Best Insurance Proposals in Malaysia
Levine Lee has over 18 years of working experience with AIA and ING Insurance as an insurance agent and life planner. Jeffrey Teoh has over 20 years of experience with the best group insurance company in Malaysia, including Allianz. And Colin Chow is a trusted insurance agent with over 13 years of experience in the industry.
Contact LEVINE LEE, at info@redcover.com.my or +6012 684 0948. She is the focal point for initial customer contact. Jeffrey Teoh, Colin Chow, or other Red Cover insurance team members will step in to contact you depending on your insurance requirements.
Levine and her team can work with you to create the best insurance proposal and quotations to meet your needs and budget plans. The team can get you quotations from various Insurance Companies in Malaysia for your general business insurance needs.
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