Understanding Fire Insurance : A Comprehensive Guide for First-Time Buyers

fire insurance covers home structure by default, perils and interior are optional.

What is Covered by Default?

By default, fire insurance provides coverage for loss or damage caused by fire or lightning to the property described in the schedule. This includes not only the structure of your home but also walls, gates, and fences.

What are the Special Perils that are Optional?

• Aircraft Damage: Coverage for damage caused by airplanes crashing into your neighborhood.

• Riot Strike & Malicious Damage: Protection against damage from riots, vandalism, or intentional acts of destruction.

• Impact Damage: Insurance for losses due to car crashing into your property.

• Storm & Tempest: Coverage for damage caused by storms. say gate collapsed during severe weather, and wall tore down along.

• Explosion: Protection against damage from sudden explosions, such as gas leaks that gotten your wall dented and need a repair and repaint

• Bursting or Overflowing of Water or Pipes: Insurance for damage caused by burst pipes, led into electricity short circuit or collapse of ceiling.

• Bush or Lalang Fire: Coverage for fire caused by grassy or bushy areas surrounding your property.

• Flood: Protection against flood damage such as wall repainting, floating items from outside hitting grilles or awnings.

• Damage by Falling Tree or Branches: Insurance for damage caused by trees or branches crashing onto your roof.

• Landslide: Coverage for damage caused by the shifting of soil or rocks, such as mudslides or landslides, such house collapse.
  

These optional perils provide additional coverage beyond the basic fire insurance policy, offering protection against a wider range of potential risks to your property.

What is Not Covered?

It's important to note that certain events are typically excluded from fire insurance coverage. These include loss by theft during or after a fire, loss or damage due to fermentation, natural heating, or spontaneous combustion, as well as losses from earthquakes, war, terrorism, and other specified events.

How Often Should I Review My Sum Insured?

Regularly reviewing your sum insured is essential to ensure that your coverage remains adequate. Consider revising it whenever there is renovation or structure upgrade, or at least every three years to account for inflation and changes in property value.

What Info Should I Prepare to Quote for House Insurance?

When seeking a quote for house insurance, be prepared to provide details such as your house measurement (in square feet), property type (condo, semi-detached, bungalow, etc.), and property age. This information helps insurance providers tailor the coverage to your specific needs.

Understanding Coverage Limitations

It's crucial to understand that fire insurance typically covers only the structure of your home and not its contents. If you are staying in this property too, it's better to add on coverage towards your content (sofa, TV, furniture) and personal belongings (laptop, jewelry). We can customize the quote for you on this too.

Don't wait until disaster strikes to secure adequate insurance coverage for your home. Reach out to us today to discuss your fire insurance needs and receive a customized quote for comprehensive coverage that meets your specific requirements.

Empower yourself with knowledge and protect your home with confidence!