Taiwan earthquake insurance is an add-on to fire insurance and cannot be purchased separately. Under Taiwan's Earthquake Insurance Act, the Insurance Development Center provides uniform coverage. Most fire insurance policies include earthquake insurance options. Premiums depend on building age, structure, and location.
Earthquake insurance typically covers structural damage but excludes secondary earthquake-caused disasters like fire. Coverage usually amounts to 30-50% of house value. High-risk areas may have higher premiums.
When purchasing earthquake insurance, understand the deductible (typically 10-20% of insured amount). Only losses exceeding the deductible are compensated. The claims process involves notifying the insurer, submitting evidence, and awaiting investigation assessment.
Beyond earthquake insurance, Taiwan offers flood insurance and other disaster options. Many mortgage lenders require borrowers to purchase earthquake and flood insurance as loan conditions. Comprehensive insurance is recommended to protect your assets.