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Currently, various insurance companies offer home insurance services to meet diverse customer needs. So, what is home insurance, and what types are there? This article shares essential information about home insurance that you should be aware of.
Home insurance is one of the insurance types offered by companies like Bao Viet and MIC.
I. What is Home Insurance?
Home insurance is a prevalent form of non-life insurance today. When you have home insurance and your house is damaged or destroyed by natural disasters (floods, earthquakes, fires, etc.) or unforeseeable events, this insurance will come to your rescue.
II. Types of Home Insurance You Should Know
Home insurance is divided into two forms as follows:
* Condo Insurance
This insurance safeguards the belongings within your condominium, covering issues like water damage, break-ins, or storms originating within the building.
* Private Home Insurance
Private home insurance covers the interior elements of your house, such as belongings, furniture, and assets. In unfortunate events, it helps you rebuild your life somewhere else if needed.
III. Types of Home Insurance
Home insurance is categorized based on service providers, including:
1. Private Home Insurance by Bao Viet Insurance
- Insurance premium: 420,000 - 7.5 million VND
- Insurance coverage: Up to 6 billion VND
- Additional provisions: Extra coverage for other risks
Bao Viet Insurance establishes a Private Home Insurance program to accompany and safeguard your family's warmth against unwarranted risks like theft, floods, storms, explosions, and fire.
* Convenient Services
- No need to assess the actual value of the house, declare assets inside.
- Integrates house insurance and assets within the house in the same insurance policy.
- Zero rent fees after losses.
- Simple and fast compensation procedures.
- Market-value replacement compensation.
- Flexible and practical extended benefits.
* Insured Entities
Depending on your needs and financial conditions, you can choose:
- Insurance for both the house and assets inside.
- Only insurance for the house.
- Select appropriate extended insurance benefits.
* Insurance Coverage
Bao Viet will compensate for damages in cases such as fire, explosion, collisions with the house, rent fees after losses, theft, breakage or overflow of water, storms, floods, hurricanes, and more.
Bao Viet will not compensate in cases of damages caused by civil uprisings, strikes, pollution, war, terrorist activities, nuclear weapons materials, ionizing radiation, and more.
* Contact Information:
- Address: 104 Tran Huong Dao, Cua Nam, Hoan Kiem, Hanoi
- Phone: 024.3826.2614
- Email: [email protected]
- Website: baoviet.com.vn
2. MIC's Private Home Insurance
- Insurance premium: From 374,000 VND to 7.7 million VND
- Insurance coverage: From 400 million VND to 6 billion VND
- Additional provisions: Additional coverage for other risks, personal accident insurance
By participating in MIC's Private Home Insurance, your house will be protected by MIC Insurance Company against potential risks caused by natural disasters or other unforeseen events.
* Insured Entities
- Only insurance for the house
- Insurance for both the house and assets inside
* Insurance Coverage
When participating in insurance, MIC will compensate for cases such as fire, lightning strikes, explosions, except for the following cases:
- Earthquakes, volcanoes, or any other natural disturbances.
- Damage caused by property fermentation, heat radiation, or self-ignition.
- Property damage burned by order of the authorities.
- Underground fire damage.
- Damage due to forest fires, grasslands, shrubs.
- Damage from earthquakes, volcanoes, or other natural disturbances.
However, MIC also provides extended insurance coverage options, allowing you to choose a suitable form to protect your family's warmth. Contact MIC for more information.
* Contact Information:
- Address: 15th Floor, MIPEC Building, 229 Tay Son, Dong Da, Hanoi
- Phone: 1900.55.88.91
- Email: [Not Provided]
- Website: mic.vn
3. VBI's Private Home Insurance
- Insurance premium: 440,000 - 8.5 million VND
- Insurance coverage: 400 million - 7 billion VND
- Additional provisions: Additional coverage for other risks, personal accident insurance
* Insurance Types
- Mixed Private Home Insurance: This insurance type combines material losses of the insured house with accidents happening to the insured person (insurance for individuals aged 18 - 65). The target users are tenants and homeowners.
- Material Property Insurance for Private Homes: This insurance covers material losses for the insured house. The insured can be tenants or homeowners, covering both the property inside and the house itself.
* Insurance Coverage
- For Mixed Private Home Insurance:
+ Material losses will be compensated by VBI in cases such as Fire, Explosion; airplane crashes; ground subsidence, floods, storms. Additionally, customers can opt for additional provisions like malicious acts, earthquakes, volcanic eruptions, disturbances, discharge...
+ Personal Accident: VBI's insurance will compensate in case of accidental death or permanent injury.
- For Material Property Insurance for Private Homes: VBI Insurance will compensate in cases like explosions, lightning strikes, fires; floods, storms, hurricanes; collisions by vehicles or animals; water overflow from tanks and devices; theft risks.
* Contact Information:
- Address: 10th - 11th Floor, 126 Doi Can Building, Ba Dinh District, Hanoi
- Phone: 024.3211.5140
- Email: [Not Provided]
- Website: vbi.vietinbank.vn
4. PVI's Private Home Insurance
- Insurance premium: 500,000 - 40 million VND
- Insurance coverage: 300 million - 20 billion VND
- Additional provisions: Additional coverage for other risks
Unlike other insurance companies, PVI provides comprehensive home insurance services.
* Insurance Coverage
PVI will compensate within the following scope:
- Basic risks
+ Fire and explosion, excluding damages caused by self-fermentation, heat radiation self-ignition; property burned by order/decision of the authorities; underground fire or earthquake.
+ Gas cylinder explosion, steam boiler, water boiler.
+ Lightning strike
- Additional risks
+ Natural disasters like volcanoes, earthquakes, floods, tornadoes; hurricanes
+ Water leakage or overflow from water tanks, pipes, and water storage equipment (excluding property losses due to water from automatic fire extinguishing systems)
+ Theft or use of force, malicious acts.
+ Collision by animals, vehicles.
+ Aircraft and equipment in the air.
+ Falling branches, falling trees
* Contact Information:
- Address: 24th Floor, PVI Tower, 1 Pham Van Bach, Cau Giay, Hanoi
- Phone: 024.3733.5588
- Email: [email protected]
- Website: baohiempvi.com.vn
5. BIC Home Insurance
- Insurance premium: From 325,000 - 7 million VND
- Insurance payout benefits: From 400 million - 6 billion VND
- Extended coverage: Additional insurance for other risks, Personal accident insurance.
BIC introduces two types of home insurance: personal home insurance and condominium insurance, allowing customers to choose the appropriate type of insurance.
* Insurance Coverage
- BIC will compensate for cases involving:
+ Basic risks such as fire, explosion, lightning.
+ Expanded risks 1 such as water leakage or overflow, theft, collision with livestock or vehicles, storms, floods.
+ Expanded risks 2: Rent expenses after loss, firefighting expenses, cleanup costs at the scene.
- BIC will not compensate for cases involving:
+ Basic risks: Earthquakes, volcanoes, other natural disasters; property burned by order of authorities, self-ignition, spontaneous combustion.
+ Expanded risks 1: Due to land subsidence or landslide, damage during construction, repair, losses from theft without signs of using force, breaking in, or escaping from the house.
+ Expanded risks 2 such as damage due to war, terrorism, expenses incurred due to environmental pollution.
* Contact Information:
- Address: 16th floor, Tower A, VINCOM building, 191 Ba Trieu, Hai Ba Trung, Hanoi
- Phone: 024.222.00.282, hotline: 1900.9456
- Email:
- Website: bic.vn
IV. Insurance Benefits in Case of Risks
According to statistics, there are numerous fire and explosion incidents annually causing serious impacts on life, property, and homes. When participating in home insurance, the insurance will pay, compensate for:
- Fire
- Theft
- Collision with the house
- Storms, hurricanes, floods
- Water leakage or overflow from tanks, water storage devices
- Rent expenses after loss.
V. Home Insurance Premium
This is a voluntary type of insurance with many insurance companies implementing, and the premium for this type of insurance is not specific. It depends not only on each insurance company but also on the assets in the house and the value of the house.
If you want details about home insurance premiums and benefits, you should contact insurance providers to thoroughly understand before making a decision to choose insurance for your home.
Mytour also shares information about insurance services, including advantages and disadvantages. You can refer to various insurance services in Vietnam to participate in insurance that best suits your needs.
