1. Why do I need Houseowner and Householder Insurances?
These policies cover your house and its contents against losses and/or damage by the insured perils. Basically, proceeds from an insurance claim will help you ease your financial hardships.
2. Do I need to declare the home contents to be covered?
Only those items of greater value than 5% of the Total Sum Insured on the household contents (except furniture, pianos, organs, household appliance, radios, television sets, video recorder sets, Hi-Fi equipment and the like).
3. How do I determine the sum insured?
You must make sure that your property is insured at the appropriate amount taking into account the renovations made to your property. You must choose to insure your building on the Full Cost of Rebuilding or Reinstatement Value Basis* which includes architects and surveyors fees, cost of removal of debris and meeting any new building regulations or by-laws (like submitting plans for approval).
ON HOME CONTENTS
You can insure your home contents on Indemnity Basis** or Reinstatement Value Basis and the sum insured should reflect the choice.
* Reinstatement Value Basis – will pay full cost of repairing the damage to property without any deductions being made for wear-and-tear or depreciation.
** Indemnity Basis – will pay the cost of repairing the damage to property with the deduction of wear-and-tear or depreciation.
4. Are my jewellery covered?
Yes, they are covered under the Householder Policy, subject to a value not more than 1/3 of the Total Sum Insured on Contents.
5. How much premium should I pay?
The insurance premium charged for this policy is in accordance with the Revised Fire Tariff which is regulated by the General Insurance Association of Malaysia (Persatuan Insurans Am Malaysia).
6. How do I make a claim in the event of a loss?
Notify the Company immediately and deliver a claim in writing and supply all such detailed particulars and proof within 15 days from the date of loss to the Company.
7. Can I cancel the policy?
You may cancel this policy at any time by giving the Company a notice in writing. You shall be entitled to a refund of premium after the Company has charged you based on the customary short-period rates or minimum premium payable under the policy, whichever is higher.
8. What is Excess?
Excess means the amount you are to bear for a claim before the Company pays. The amount will be stated on the policy wordings.
9. What is First Loss vs Full Value?
To understand the difference between First Loss vs Full Value, please read more here.