Question 1

How is my property insurance premium calculated?

Accepted Answer

Your premium is calculated as a percentage of the total sum insured (building, contents, stock, etc.), and is influenced by several risk factors:
 • Location: Properties in high-risk areas (earthquake or flood zones) may have higher premiums.
 • Property Type: Fire-resistant buildings (concrete) tend to have lower premiums, while wooden structures may cost more to insure.
 • Usage: A private home usually has lower risk than a commercial property like a guesthouse, shop, or nightclub.
 • Coverage Options: The more you include—like fire, flood, riot, earthquake, and public liability—the higher the premium will be.

You choose the insured values, and we’re here to help:
 • Building Value: Usually estimated at IDR 10 million per m² of built area (excluding land).
 • Contents: Often estimated at 15% of the building value, or customized based on your belongings.
 • Public Liability: We recommend the maximum limit (up to IDR 2.5 billion) for rental properties or villas with high guest turnover.

Important: The more accurate your declared values and property information, the better your protection and claims experience. Reach out if you’d like our help reviewing your details.

Question 2

What are the requirements for applying for a property insurance policy with BPI?

Accepted Answer

To ensure coverage, the following safety and maintenance requirements should be met:
 • Fire extinguishers – Must be available on the property.
 • Security measures – CCTV or a security guard is highly recommended.
 • Occupancy – The property should not be left unoccupied for long periods.
 • Regular inspections – Checking electrical systems, roof, and overall condition is advised.
Following these guidelines helps ensure smooth claims processing and full coverage.

Question 3

What documents are needed to set up my policy?

Accepted Answer

Once you’ve reviewed and agreed to your insurance contract, we only require this document:
 • For individuals – A passport or KTP (Indonesian ID card).
 • For companies – A copy of the NPWP card (tax identification).
That’s it—simple and hassle-free!

No need for an IMB (building permit), leasehold agreement, tax report, all details of your content or land zoning documents.

Question 4

How does payment and renewal work?

Accepted Answer

Payment & Policy Details
1. Payment
 • Payments are made directly to the insurance company.
 • The full annual premium must be paid upfront; monthly payment plans are not available.
2. E-Policy
 • Once payment is received, your coverage starts.
 • Your policy will be sent to your email within 7 to 10 working days. Please keep it safe, as it is an important document.
 • The policy is valid for 1 year. 
 • If you sell your asset or want to make changes, please inform us so we can update the policy.
3. Renewal
 • No action needed—we will contact you one month before your policy expires to assist with renewal.

Question 5

What happens if I sell my property or want to update my coverage?

Accepted Answer

If you sell your property, your insurance is still valid and can be transferred to the new owner — we just need their name and contact details. If you want to increase the insured value or change the use (e.g., from private to rental), we’ll issue an endorsement to update your policy. Just contact us and we’ll help you adjust the coverage accordingly. Please note that early cancellation may not result in a full refund, as admin fees apply.

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