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Fire Insurance is the
insurance plan that protect you property against material damage. It
covers loss or damage to your property caused by fire or lightning. In
fact, it's more than just fire insurance as it also protects you against
damages resulting from other causes, such as riot, strike, malicious
damage, subsidence, landslip and etc subject to the policy that you have
sign up.
Under the Strata Titles Act, it is mandatory for the Management
Corporation (MC) of buildings such as apartments and condominiums to
purchase fire insurance for the whole building. The individual unit
owner is required to pay to the MC his respective premium portion. If
the unit is purchased through a loan, the financiers would also normally
require the borrower to obtain an insurance policy for the unit. There
is the possibility of a situation of double insurance under these
circumstances.
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