FAQs

QUESTION

  • Q: How much is the premium if the value of my house is VND1.3 billion?

    According to the premium table applicable to comprehensive home insurance, the premium payable for the house is as follows:
    - Premium for major perils = VMD1.3 billion x 0.12% + 10% VAT = VND1,716,000/year
    - Premium for extended perils = VND1.3 x 0.06% billion + 10% VAT = VND858,000/year
    - Total premium = VND2,574,000/year (equivalent to VND7,000/day)

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  • Q: If my family travels for a few months, will any loss or damage to the Contents during that time be covered or not?

    If the insured house is vacant for 30 consecutive days or more, any loss of or damage to the Contents caused by robbery or theft is excluded from this insurance. However, any loss of or damage to the Contents caused by any other risk such as fire, explosion or storm occurring during this period is still covered by this insurance.

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  • Q: If my house does not meet the requirements for the construction period or the provisions on the number of stories (for an apartment) or the width of the entry lane to the house (for a townhouse/villa), will my house be eligible for this insurance?

    You are recommended to keep all invoices of the insured property, because in case of any damage, purchase and maintenance invoices of the property will be the most authentic evidence to prove your title to such property.

    Where you can not provide any invoices to prove your title to the damaged property, the title will be proven depending on your situation in accordance with the Adjuster’s professional assessment.

    It is noted that the retention of purchase or maintenance invoices of the insured property is only to prove your title to the property, and the value of the property as shown on such invoices will not be used as a reference when calculating the compensation amount

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  • Q: Am I required to keep invoices of the insured propertu?

    You are recommended to keep all invoices of the insured property, because in case of any damage, purchase and maintenance invoices of the property will be the most authentic evidence to prove your title to such property.

    Where you can not provide any invoices to prove your title to the damaged property, the title will be proven depending on your situation in accordance with the Adjuster’s professional assessment.

    It is noted that the retention of purchase or maintenance invoices of the insured property is only to prove your title to the property, and the value of the property as shown on such invoices will not be used as a reference when calculating the compensation amount

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  • Q: When I make a claim, how will PVI Insurance evaluate my property?

    Any loss of or damage to the Contents shall be paid on the "new replacement value" basis, meaning any loss or irreparable property will be replaced by a new one of the same type and of no better quality. The cost of repairing the damaged property will be paid by PVI Insurance. The valuation of your property would be easier if you could provide PVI Insurance with purchase invoices and receipts and repair quotations.
    If the lost or damaged property forms part of another property, the loss would correspond to a reasonable proportion of the total value of the property, depending on the function of that part.

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  • Q: How will the value of my house and its Contents be determined?

    To ensure your best interests, you should buy insurance for the full value of your house and its Contents as follows:
    - As the basis of compensation for the house will be the construction value at the time of the loss, you should determine the value of the house based on the fair market construction value in at the current time or as expected the near future (taking into account inflation and price fluctuations that may arise during the period of insurance).
    - As the basis of compensation for the Contents will be the new replacement value, you should estimate the full value of the Contents based on their original cost (excluding deductions due
    to amortization or depreciation).

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  • Q: Most of my electrical devices (such as fans, refrigerator, washing machine, iron ...) are relatively old, will they be insured or not?

    The Contents Insurance Section of the Comprehensive Home Insurance Policy covers any sudden loss of or damage to the Contents of the house caused by an insured risk regardless whether the insured property is new or old. Such loss or damage will be paid on the “new replacement value" basis, without taking into account any deductions due to amortization or depreciation. If the property is lost or becomes irreparable, PVI Insurance will compensate by providing a new one of the same type and of no better quality.

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  • Q: Will the gate, fences and security system of the house be covered under the House Insurance Section or the Content section?

    The gate and fences included in the initial construction value of the house will be covered under the House Insurance Section.
    The security system, if installed inside the insured house, will be covered under the Contents Insurance Section.
    However, it is noted that if the security system is installed outdoors, it will not be covered under the extension for Storm, Tempest and Flood perils (see question 6), except where the device is installed inside the house.

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  • Q: Will my family’s property such as water tanks, solar energy water heaters, air conditioner condenser units attached to the house be included in the value of the house or its Contents?

    Any solar energy water heaters, air conditioner condenser units attached will be covered under the Contents Insurance Section.
    For water tanks, if they are built of bricks, stones and cement and are included in the original construction value of the house, they will be covered under the House Insurance Section. If they are made of plastic or stainless steel (they are movable and removable) and are located within the premises of the house, they will be covered under the Contents Insurance Section.
    However, it is noted that any property damage to an outdoor equipment or device will not be covered under the extension for Storm, Tempest and Flood perils in Clause 2.2 of Article 2 of PVI Insurance’s Comprehensive Home Insurance Policy Wording.

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  • Q: Will the interior furniture of the house be covered or not?

    Case 1: If the interior furniture is included in the construction value of the house:
    • If you are the homeowner, any loss of or damage to the interior furniture will be covered under the House Insurance Section.
    • If you are the tenant, any loss of or damage to the interior furniture will be covered under the Contents Insurance Section if it is stated in the lease agreement that you must be responsible for these items.
    - Case 2: If the interior furniture of the house was equipped by you as the home owner or tenant, any loss of or damage to the interior furniture will be covered under the Contents Insurance Section as an improvement or upgrade.
    - Case 3: If the interior furniture of the house is an additional cost item in the construction value of the house:
    • If you are the homeowner, any loss of or damage to the interior furniture will be covered under the Contents Insurance Section as an improvement or upgrade.
    • If you are the tenant, any loss of or damage to the interior furniture will be covered under the Contents Insurance Section if it is stated in the lease agreement that you must be responsible for these items.
    Provided that you can provide sufficient evidence to prove that the interior furniture is an additional cost item of the construction value of the house.

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  • Q: If I am the owner of a leased house, am I eligible to buy insurance for the house and its Contents?

    Absolutely. You can buy insurance for the house and any Contents owned by you

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  • Q: If I am the tenant, am I eligible to buy insurance for the house?

    You can buy insurance for the house if you have insurance benefits for the house, and more specifically, it is specified in the lease contract that you must be responsible for taking care of and liable for any physical damage in the course of using the house.
    Also, you can buy insurance for any Contents owned or under your responsibility.

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  • Q: I have participated in Loss or Damage Insurance for my house, why should I buy Loss or Damage Insurance for its Contents?

    The House Insurance Section and the Contents Insurance Section are two different sections incorporated in the same Comprehensive House Insurance Policy and it is your option to buy insurance for the House only or for both the House and its Contents.
    The Contents Insurance Section provides protection for the property, equipment and devices inside the house, such as furniture, electrical appliances, upgraded or improved parts...
    Whereas the House Insurance Section offers coverage for the house's structure such as walls, windows, ceilings, floors, pipes and fixtures installed from the time the house was built.
    Therefore, the scope of coverage of these two sections are mutually complementary. For your house to be fully protected from any perils, you should consider participating in the two sections.

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