A 3 minute guide on Malaysia’s home insurance
Home insurance, otherwise known as a house owner or householder insurance, protects your home and its contents against any loss or damages – covering any liabilities against accidents inside your home or on your property.
In Malaysia, there are 3 main types of home insurance policies that you should know:
Fire policy that covers your property from damages caused by fire, lightning, or explosion.
House owner policy that covers your property from damages caused by fire, lightning, explosions, floods, burst pipes, etc.
The householder policy that covers your property from damages caused by fire, lightning, or explosion as well as floods, burst pipes, etc – even provides coverage for insured members if they are fatally injured.
What should you consider with home insurance?
Think before you jump is a good start – don’t just buy the first policy that approaches you and risk getting the wrong protection for the biggest investment of your life. Take a breather and see what you’ll need before insuring your home.
How much should you estimate for the insured value?
The first step to ensuring sufficient protection is to include all costs of building your home.
Whether you’ve just renovated the master bedroom or added a new cabinet in your kitchen, be sure to include the cost of all renovations made to your home at each point in time.
Remember; be sure to choose an insured value that well exceeds rebuilding costs.
How to choose the right coverage?
There is never one answer when you are looking for the perfect home insurance. But, the truth is you don’t need every kind of insurance coverage just because it’s available.
Besides the basic fire, house owner, and householder policies, you can also get mortgage loan instalment protection, home maintenance insurance, and landlord insurance as extra coverage benefits for your specific needs – covering against a wider range of damages.
How to pick the perfect insurer?
Start off by checking how good the insurer’s customer service network is and how willing they are to help you understand how the entire policy works.
Next, take a look at their claims settlement history and how many successful claims were paid out.
Lastly, see how transparent the insurer is when it comes to the policy coverage benefits and claims settlement process.
You could also use the old fashion way of asking neighbours, friends, and family or run a simple background check online to zero in on a good home insurer.
What to look in the policy’s fine print?
No matter how suave your home insurance agent is and claims to have your best interests at heart, do a thorough reading of the policy’s terms and conditions – from associated fees and charges to coverage exclusions and limitations.
If there’s anything that you don’t understand or needs to be changed, get in touch with the agent or the pre-assigned contact person right away.