Buying a house is never easy. Whether you are buying a house for investment purpose or for your own stay, you should aware if you have taken up adequate home insurance to protect your property assets.
According to General Insurance Association of Malaysia (PIAM), most of the Malaysians are only purchase the fire insurance for their home, yet, they are not aware this basic insurance has its own limited insurance coverage.
Generally, there are 3 types of insurance that homeowners should buy to protect their property;
This basic home insurance provides your property with coverage for the building only and cover damages caused by fire, lightning and explosion that caused by domestic gas. Besides, it can be extended to include
- Scourge (storm and tempest, tornadoes, flood, Earthquakes, volcanic eruptions)
- Damages caused by smoke from the fire
- Burst or overflowing water tanks, apparatus or pipes spills
- Aircraft damage (the falling projects)
- Subsidence and landslip
- riot, strike, and
- Impact damage
2. Homewner’s insurance
Houseowner’s insurance policy is designed for protects your property from fire and loss or damage caused by certain perils or disasters, except strikes and malicious damage, riots and subsidence and landslides. However, homeowners are also protected from damages caused by earthquakes, volcanoes, hurricane, explosion and etc.
Apart from that, this policy also cover your property from following situation;
- Theft, loss of rent (damaged uninhabitable building and bodily injury)
- Cover losses due to riots. strikes and malicious damages and land subsidence and landslides
3. Householder Policy
This householder insurance policy is cover your household contents and includes coverage for fatal injury to you as the insured. Such policy is very useful to people renting and occupying properties that don’t belong to them.
When you purchasing a house insurance, do aware of below Do’s and Don’t;
- Do ensure your property has insured adequately, consider renovations and upgrade your property
- Do always disclose fully all material facts/ necessary information on your insurance application form
- Do read the policy carefully, and make sure you have clear to understand all the terms and conditions.
- Do pay the payment punctual Be a good paymaster or your insurance may be cancelled
- Do always punctual in paying the payment or your insurance may be cancelled
- Don’t sign blank insurance application form
- Don’t over-or-under-insure your property
- Don’t conceal the actual information required in the application form
- Don’t purchase the unnecessary insurance protection for your property