This post will provide info on factors to consider when you purchase an insurance coverage for dwelling/house.
Note: Most of the info are found around the web, forums and word of mouth.
Note: Most of the info are found around the web, forums and word of mouth.
TYPES OF COVERAGE
A quick summary on the 3 core insurance coverage available [in Malaysia] in the market for residential properties.
Fire policy coverages - Only covers the building and loss/damage by fire, lighting, or explosions.
Houseowner Policy - Additional coverage on top of the fire policy coverage such as flood, pipe leakage, and theft.
HouseHolder Policy - Covers ONLY your household contents (Different range of items covered for different premiums paid) and fatal injury to the insured.
Note:- Insurers tend to provide a combination of Houseowner & Householders.
TIPS N THOUGHTS
Below are a few info which I find useful:-
1. Some Policies require you to remediate the problem at the point of detection such as pipe leakages and negligence might result in repudiation of claims.
2. Some policies do not cover compounds, additional structures or debris due to storms. You may have to pay more for additional coverage.
3. If you have valuable items, ensure your policy covers expensive items such as art work/ diamond rings or you may be required to purchase additional coverage.
4. In the event of claims, understand the offer given and enquire for an explanation and breakdown on the item. Gather info on the average estimated costs in the industry prior to making a comparison.
5. MRTA(Mortgage Reducing Term Assurance) covers your life and claimable only against possible death or permanent disability to the insured.
6. To ensure a fair offer is given, it may take some time for adjusters to investigate and conclude before an offer is made. Always keep a small fund to pay for repairs.
1. Some Policies require you to remediate the problem at the point of detection such as pipe leakages and negligence might result in repudiation of claims.
2. Some policies do not cover compounds, additional structures or debris due to storms. You may have to pay more for additional coverage.
3. If you have valuable items, ensure your policy covers expensive items such as art work/ diamond rings or you may be required to purchase additional coverage.
4. In the event of claims, understand the offer given and enquire for an explanation and breakdown on the item. Gather info on the average estimated costs in the industry prior to making a comparison.
5. MRTA(Mortgage Reducing Term Assurance) covers your life and claimable only against possible death or permanent disability to the insured.
6. To ensure a fair offer is given, it may take some time for adjusters to investigate and conclude before an offer is made. Always keep a small fund to pay for repairs.
