What is the Zurich Fire Insurance about?
Fire is one of the most dangerous elements known to mankind. As much as it is used to further enhance us. When uncontrolled it can be volatile. It is also a common occurrence for homes to be damaged by fire, either by a combusting gas tank, too much heat or by someone accidentally setting a fire in their backyard, by just playing with fireworks.
So protect your home against this peril and ensure that if you do suffer a loss of damage due to fire, you have something to fall back on.
What is covered under the Fire Insurance?
This cover will offer protection to both your house and home, in other words both the building and its contents will be covered under the policy. So depending on how much you insure your furniture and personal effects for, you will have a well-rounded fire coverage.
Can I add on any coverage?
Yes of course! Since this protection plan is specific to Fire damage, you can always extend the plan beyond that threshold. For an additional premium you can choose to extend you coverage to cover all the following sections;
- Aircraft damage
- Earthquake and volcanic eruption
- Storm, tempest
- Impact damage
- Bursting or overflowing of water tanks, apparatus or pipes
- Bush / lalang fire
- Subsidence and landslip
- Riot, strike and malicious damage
- Damage by falling trees or branches and objects
Simply state your desire to have them and how much you want to insure your property for, and there you have it. More coverage.
How long am insured for?
This insurance policy is typically a yearlong plan. Which means that you need to renew the plan every year. If it at the renewal of your plan that you can make changes to your policy, and maybe add on some more coverage if you wanted.
How much premium do I have to pay?
Your premiums will depend on the amount you insure your home for. If you have a sum insured of less than RM10 million then your premiums will be calculated based on the Revised Fire Tariff. However, if your sum insured exceeds RM10 million then your premiums will be based on a computed self-rating structure provided by PIAM.
Following that, for homes insured for more than RM50 million then your premiums will be determined by the PIAM Technical Rating Committee.