Is yr Properties Covered with insurance for earthquake or landslide?

there is already some warning sign of earthquake here and there and also whether changes and frequent thunder these days.

alot of people do really ignore it until it really hits us than already too late.

have to consider due the frequent earthquake/tsunami around the world and the changing of the planet,earth climate etc.

1) for those whose is staying where the land were previous a mining area where the land were manually covered with man made sand. eg subang/puchong area. because the earth movement will make the man made land to be loosen in days to come

2) those staying in condo, structure not make /stand for earthquarke or earth movement that can loosen the sturcture.

is there any insurance company that cover earthquake/landslide? whats the coverage like?

News

http://thestar.com.my/news/story.asp?file=...6204&sec=nation

GEORGE TOWN: Tremors from an earthquake that struck off Aceh province in Sumatra rocked several parts of the island as Penangites were enjoying a leisurely Sunday.

The shocks lasting several seconds caused anxious callers to deluge The Star with enquiries.

One caller, who only wanted to be known as Ooi, said he was watching a movie at a cinema in a shopping complex at around 2pm yesterday when a group of foreign tourists suddenly rushed out.

“I thought they were fooling around, so I just ignored them.
No quiet Sunday: Penangites standing outside a shopping complex after feeling tremors from an earthquake off Aceh province in Sumatra yesterday.

“Five minutes later, two ushers came in and asked us to leave,” he said, adding that when he got out, most of the shops in the complex were closed and the mall was in semi-darkness.

“The shops re-opened some 45 minutes later,” he said.

Another caller, known as Chu, said he was working on his computer when he felt strong tremors.

“At exactly 2.07pm, I saw my four-tiered paper tray shake and I felt dizzy.

“It was the same feeling that I had when Penang was hit by the tsunami in 2004,” he said, adding that he felt a second tremor some three minutes later.

“I was worried about another tsunami because the tremors were really strong,” he said.

A caller living in a high-rise apartment in Sungai Dua said many residents fled their homes after the building started to shake.

This post has been edited by lowyat888: May 10 2010, 12:39 PM

Doubt very much if there is any insurance company that offers these coverages. Mostly will not cover natural disasters.

I am also keen to know if there is any and how much will the premium be..

Earthquake is one of the optional peril in the fire insurance i.e. every insurance company offers earthquake cover and it is very cheap simply coz there have never been a major earthquake damage claim or payout. Landslip or more appropriately labeled - subsidence & landslip is a different matter, it is more expensive (since there are incidence of claim) & there are 2 different extension. The cheaper standard cover will only indemnify you should your immediate property be damaged or cracked due to the movement of foundation due to landslip but it excludes the common areas such as corridors, lifts and/or swiming pools. In order to cover the common areas, a more expensive premium is applicable.

For high-rise, insurance is purchased by JMD and most of the time they load up all the perils (means earthquake cover is also extended) since the premium is collectively borned by the residence/ owners & the bigger the premium = bigger hamper from the insurance company.

This post has been edited by rakyat: May 13 2010, 09:29 AM

Most of the highrise building, condo,apartment are required to insured against Landslips&Subsidence (Requirements by Financial Institution)

Well it depends on the sum insured covered if the property is insured for not more than RM3.5Million the rate per RM100,000 is 0.00086% (if not mistaken)

But above RM3.5Million which allows for special ratings(Discount)