Regulations on purchasing apartment insurance

Don’t worry about everything, don’t be afraid of risks. Life always contains many events and sometimes if you are unlucky it can cause your lifestyle and finances to change and be severely affected. One of them is unexpected risks and accidents that can put you in extremely difficult situations. If you own an apartment and want to ensure all benefits to the maximum, protecting it against unforeseeable risks is truly necessary. Because of that necessity, one of the options to protect you and your family is to buy apartment insurance to protect your assets. Let’s find out with IBAOHIEM Regulations on purchasing apartment insurance Go through this article.

Apartment insurance or apartment fire insurance is one type of property insurance. Fire and explosion insurance will be used to compensate for damage and loss of property. And be compensated by insurance due to fire and explosion causes. This is a type of insurance that compensates for property damage when a fire or explosion occurs. This is a type of compulsory insurance regulated by the state. And when participating in this type of insurance, if an unfortunate fire or explosion occurs, the business will minimize lost assets.

In addition to mandatory fire and explosion insurance, apartment and condominium owners can participate in voluntary insurance or private home insurance provided by insurance companies. This is a type of voluntary insurance, participating according to the needs and desires of residents.

Buying apartment insurance is mandatory according to law in Vietnam. Below are some main regulations about buying apartment insurance:

Subjects insured: Apartment insurance protects the assets of apartment owners, residents, apartment managers, project investors, and apartment buildings.

Compensation level: Compensation level will depend on the value of insurance purchased by the customer. Compensations will include the cost of recovery and reconstruction after damage and the cost of protecting assets from risks.

Insurance period: Insurance period is usually specified from 1 to 5 years, depending on the agreement between the customer and the insurance company.

The insurance company will compensate for loss and property damage due to causes such as:

• Fire, explosion, direct lightning strike, explosion caused by gas or gas used solely for domestic purposes
• Thunderstorms, tornadoes and floods
• Airplanes, aviation vehicles or equipment on these vehicles fall into buildings
• Damage caused by earthquakes or volcanic eruptions
• Water overflows from water tanks, water pipes or automatic fire sprinkler systems
• Theft can be proven to have signs of sudden ordeal or use of force, violence and escape
• Damaged by vehicle and animal collisions.

Depending on the type and size of the apartment, the fee you need to pay when Buy apartment fire and explosion insurance is different, because the fee is calculated as a percentage of the insurance amount. In particular, the insurance amount is the entire value of your property valued in cash according to the market price at the time of contract conclusion, and the fee rate is applied flexibly. For example, with the mandatory type, if your apartment has installed an automatic fire extinguishing system, the applicable fee rate is 0.05%, if not installed, the applicable fee rate is 0.1%, etc.

Hopefully the article on IBAOHIEM has helped you better understand the issues Regulations on purchasing apartment insurance.

Learn product details here: Fire insurance

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1/ Method 1: Send support or information via forms on articles or websites.

2/ Method 2: Call or text the hotline number: 0966 490 888 – 02466 569 888 for staff to advise and answer questions.

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4/ Method 4: Send Viber or Zalo message via phone number: 0966 490 888 with the content of needing support or advice.