Myanmar Insurance introduced the housing insurance packages for homes bought by installment for the first time in the country

State-owned Myanmar Insurance announced that it has introduced housing insurance packages for homes bought by installment for the first time in the country.

The insurer said in a statement yesterday that the packages cover the death or disability of a homeowner and damage to homes.

“Such packages will be invaluable for the protection of homeowners as well as the financial institution providing the loan for the home,” said Myanmar Insurance Managing Director Daw Sandar Oo.

Explaining the usefulness of such insurance coverage, Daw Sandar Oo said, “Insurance provides protection for a homeowner. In the event of death or disability, the insurance taken by a homeowner will cover the rest of the outstanding loan on the home, thereby ensuring the policyholder and/or their family does not lose the home.”

Insurance would also compensate homeowners in the event of damage to homes due to disasters such as fires, earthquakes or floods. Coverage would also compensate for loss of belongings in homes due to thefts or break-ins, she said, adding that the insurance policies can be paid for on a monthly or yearly basis.

According to Daw Sandar Oo, Myanmar Insurance’s home insurance policies are now being made available to buyers of government low-cost and affordable-housing units.

The introduction of the home insurance policies comes at a time when Myanmar, with assistance from the World Bank, is making efforts to introduce disaster-risk insurance in the country. Cambodia, Laos, Singapore, Japan, Indonesia, and the Philippines, as well as Myanmar, are part of the World Bank’s Southeast Asia Disaster Risk Insurance Facility.

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-insurance-introduces-housing-insurance-packages.html )

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