4 notes when buying home and apartment fire insurance need to know the most
The house for each person always means both spiritual and material assets. Therefore, buying home and apartment insurance is very necessary. Here are some important notes when buying home and apartment fire insurance for you.
1. Experience in buying apartment fire and explosion insurance
1.1 Subject of insurance
Note when buying fire insurance for houses and apartments, the first thing to pay attention to is the insured property in apartment insurance.
Specifically, the insured includes the building and the properties inside the house as specified in the signed insurance contract, usually one of the following two types:
Apartment buildings with 5 floors or more, the use period is not more than 25 years from the time of completion to the effective date of fire insurance.
Adjacent houses and villas have the same use time as the above apartments and have a minimum access road of 4m wide, convenient to access fire engines.
Besides, you also need to pay attention to the items of non-insured assets such as: jewelry, valuable jewelry, gold and silver, precious stones, watches, antiques, artwork, musical instruments (except guitars), piano), clothing, and movable property such as telephones and books at the home is fire-insured. For personal vehicles, policies with specific regulations will apply.
Currently, house and apartment fire insurance applies indemnification coverage for losses to residential buildings and damage to property inside the house caused by risks including principal risks. such as fire or lightning, and the expanding risks such as explosion, earthquake, volcanic eruption, hurricane, hurricane, flood, water tank system or water storage equipment overflow, burst causing flooding, sudden theft.
Entry and use of force, collision with road vehicles and many other risks are detailed in the insurance policy.
Note that when buying home and apartment fire insurance, you will be supported with expenses incurred due to relocation and temporary housing rental costs in case the house is damaged by the insured risk.
There are also additional benefits that come with it, such as the cost of hiring engineers or architects to inspect and advise on remediation, the cost of cleaning up the consequences of the risk and the fee paid to the fire brigade. The cost of supporting each item is up to 10% of the total amount of insurance signed.
1.3 Insurance benefits
Insurance for houses and apartments or a part of the structure affected by the insured peril.
The cost for temporary relocation during the troubleshooting period is calculated for a maximum of 60 days.
1.4 Apartment fire and explosion insurance premiums
You should note that when buying house and apartment fire insurance, according to regulations, the insurance premium is only applied to houses or apartments used for the main purpose of living and can use a part of the area for office work. room.
If used for purposes other than the specified housing insurance items will not be counted. Specifically, house and apartment fire insurance premiums are as follows:
Insurance cost = Premium rate x Total amount insured.
In which, the total insurance amount will include the house, the contents inside and the insurance amount for the rent.
Coverage for damage to residential buildings and damage to property inside
2. Should you buy home and apartment fire insurance?
The benefits of buying home and condo insurance are numerous and practical. When the insured perils occur, you will be insured for both physical and personal property including:
Residential property: The insurance company will be responsible for insuring the risk causes specified in the insurance policy. Accordingly, when an incident occurs, you will be compensated for the costs of troubleshooting, repairing, or renting or moving the apartment when the risk makes the apartment uninhabitable.
From the above notes when buying home and apartment fire insurance, you can have a better overview of this essential insurance service. For the future to ensure body safety and health for the whole family, don’t forget to learn and buy now.