PETALING JAYA: With the floods dominating recent headlines, Malaysians are taking it upon themselves to ensure their financial security by getting special perils insurance coverage for their valuables. Copywriter Astrid Lye, 40, said she has continued to renew her car’s special perils coverage since 2015 after she was transferred to the Klang Valley. The Federation of Malaysian Consumers Association (Fomca) had a similar view, with its chief executive officer Saravanan Thambirajah saying that special perils insurance was becoming increasingly more important as more extreme climate events were predicted to occur. “With climate change making weather events more unpredictable and stronger, special perils insurance is basically a necessity now as we have seen areas that have never flooded before suddenly become flooded. “However, the price for special perils insurance can be up to RM1,000 a year depending on the vehicle characteristics, which could be too much for low-income groups to afford.

Source: The Star December 29, 2023 11:16 UTC