PIAM urges property and vehicle owners to check their flood insurance coverage, warning that uninsured flood damage could result in substantial repair costs.
KUALA LUMPUR: Only 28% to 30% of fire and motor insurance policies in Malaysia include flood extension coverage, leaving most policyholders exposed to potentially substantial repair and replacement costs, says the General Insurance Association of Malaysia (PIAM).
PIAM chief executive officer Chua Kim Soon said the low take-up rate was concerning, as homeowners and vehicle owners without the additional protection would have to bear the financial burden of repairing or replacing flood-damaged property.
“This is a very high exposure to Malaysians because if they are not protected against flood and if any loss happens, it is going to cost them money and it is going to be out of pocket.
