How to protect a home against Earthquake and Volcanic Eruption
How to protect a home against earthquake and volcano eruption? Do you recall earthquake cracking its way into Malaysia soil?. Without any apparent warning sign, a magnitude size of 6.00 on June 5, 2015, erupted at Mt Kinabalu had rocked the nation off guard. The Sabah earthquake not only devoured 18 life but brought masses destruction to the infrastructure and building with estimated total damage to US$2.84 billion. Consequently, we are no longer living in the free earthquake zone. But fortunately, we do not have the volcano eruption occur here. Have you insured your home against the Earthquake and volcanic Eruption? Now, have you ever thought how to protect a home against earthquake and volcano eruption yet?
Not only in Malaysia, very frequency we hear the occurrence of earthquake associated with Tsunami globally. Also the volcano eruption, the oozing lava burned everything along its path.
The spillage of the volcano ashes would blanket the sky for month and years. All commercial aircraft ground on the ground. Not only suffer massive economic loss, but also causes hardship to the stranded passengers.
Nevertheless, it is not too late to review your home or fire insurance policy content. Please call your agent to pass endorsement for this clause if it is not covered. It is just a nominal sum to protect a home against earthquake and volcano eruption.
Home insurance Earthquake and Volcano Eruption
The earthquake and volcano eruption protect a home against all kinds of damages, including those arising directly or indirectly out of earthquakes,
tsunami or volcano eruptions including fire, explosion, landslide, and land collapse, including the foundations and retaining walls in the cover.
Additional earthquake and volcano eruption to protect a home
The following four items to cover the loss due to the cause of
The Volcanic Eruption means eruption,
explosion, or effusion of a volcano.
Any Sprinkler Leakage is resulting from Earthquake.
The Sprinkler Leakage resulting from Volcanic
Eruption. Volcanic eruption means the
The eruption, explosion, or effusion of a volcano.
All Earthquake shocks or Volcanic Eruptions
concurrently occurrence within 168 hours will constitute a single Earthquake or Volcanic Eruption.
The expiration of this policy will not reduce the 168 hours.
Exclusion clause for earthquake and volcano eruption
The insurer shall not be liable for any damage arising out of the loss of insured items during fire and explosions caused by earthquakes or volcanoes.
Insurers are liable for damages over Total Loss occurrence in 72 hours, the period in damages caused by earthquake and volcano eruptions excluding fire.
The concrete building will attract a higher deduction than a wooden structure as the former razes to the ground completely. Nevertheless, it is unusual to have over $50 000 for any claim loss unless you can prove to the underwriter that the building will build to earthquake resistance proof-like in Japan. Sad to say that the Malaysian government’s lukewarm attitude, sitting in the comfort zone, has not acquired such enforcement skills.
Premium Rate: 0.010%
If you are insuring your commercial building for a sum insured of $2 million thus, the affordable premium is $200 per year. Why saves a penny now, spending a fortune later to reconstruct your sweet home later on?
Important to have Earthquake and Volcano eruption clause
Occasionally occurrence tremor on the Peninsular Malaysia hailing from large earthquakes in the Sumatran plate margin. The highest observation recorded VI on the Modified Mercalli (MM) scale. No exception to East Malaysia with the localized Earthquake rampages on properties damage and human casualties.
The peak VII on MM scale intensity earthquake on the Southern Philippine and in the Straits of Macassar, the Sulu, and the Celebes Sea had spilled over the Sarawak and Sabah.
The Earthquake occurs, the magnitude size is not a contributing factor for asunder destruction, but the population density and fire as a secondary event.
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