Without an adjustment in premiums, dwelling fire insurance coverage is to expand from next year to better protect consumers, the Financial Supervisory Commission (FSC) said yesterday.
Consumers who have already purchased such policies should not be worried that they would be left out, as the commission has asked all property insurance companies to automatically update the terms of their products next year, Insurance Bureau Deputy Director-General Wang Li-hui (王麗惠) told a news conference in New Taipei City.
Policyholders would receive compensation if they have to move out of houses that have been too damaged by fire to live in, Wang said.
This includes compensation of up to NT$100,000 (US$3,269) for moving fees, payment of up to NT$5,000 for leasing agent charges and a fixed daily compensation of NT$3,000 for the inconvenience, Wang said.
If they lose their credit cards, ID cards or other important documents and have to reapply, they can also receive compensation of up to NT$5,000, she added.
Current dwelling fire insurance products do not cover these expenses, but the additional coverage for these necessary expenses would make the products more comprehensive and helpful for consumers, Wang said.
New policies would also cover property losses due to typhoons or floods, with the range of compensation varying by region, she said.
The Non-life Insurance Association used big data analysis to divide Taiwan into three groups.
Taichung and Hsinchu, Chiayi, Miaoli, Nantou, Changhua and Yunlin counties are classified as the low-risk group for typhoons, with residents receiving compensation of up to NT$9,000 for losses in a single event, she said.
Taipei, New Taipei City, Tainan, Kaohsiung and Taoyuan, as well as Penghu, Kinmen and Lienchiang counties are classified as the middle-risk group, with residents receiving compensation of up to NT$8,000.
Keelung and Yilan, Hualien, Taitung and Pingtung counties are classified as the high-risk group, with residents receiving up to NT$7,000, she said.
The limit on compensation for movable property damage would be raised from NT$600,000 to NT$800,000 next year, while that for property loss due to theft would rise from NT$100,000 to NT$150,000, the commission said.
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