Fire Insurance
A financial safety net that helps you cover your losses in the event of a fire.
Fire insurance is property insurance that provides additional coverage for loss or damage to a structure damaged or destroyed in a fire. Fire insurance may be capped at a rate that is less than the cost of the losses accrued, necessitating a separate fire insurance policy.
JR Global and its management currently also handle numerous investment properties. And we certainly don’t skimp on fire insurance. This places us at a unique position to help you leverage on our extensive experience in managing relevant insurance and claims matters of your own.
When was the last time you renewed your home insurance?
You might think that, as an owner, you would’ve already purchased an insurance policy for your home – which is true, since it’s a requirement at most banks for borrowers to pay for one.
But, do you know that this insurance policy expires once your loan is paid off?
JR Global has insurance plans for you to protect your house and its valuable contents against damage and break-ins, while guaranteeing payments for repairs, maintenance, and compensation for non-habitability and loss of rent.
Statistics
- In Malaysia, 3 in every 4 homes are uninsured.
- Fire damage has cost Malaysians RM3.31 billion in 2018.
- In that same year, there were 6,301 fire incidents.
3 lives in every million people in Malaysia are claimed by fire-related tragedies, every single year.
Case Study
A fire started at a policyholder’s neighbour — a restaurant — during a night when the former was closed for business. It was only in the morning that it was discovered that their shop was affected by the spreading fire.
Despite best efforts by the Bomba (Fire Brigade) having kept the fire in check, the proprietor was unable to start their business because of the thick layer of soot soot, severe damage to wall coverings and burnt equipment resulting from the fire incident.
The policyholder was worried and in anguish over having to clean up, repaint, and replace the damaged assets. Fortunately, insurance adjusters were able to settle the claim and the policholder was duly compensated about RM15,000 for: 1) cleanup costs, 2) reinstatement of damaged stock, and 3) replacement cost of equipment. On the flip side, the firefighting process has left the neighbours’ premises water-damaged and they were forced to completely foot the bill because they did not purchase a Fire Policy.
