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All you want to know about... HOUSEOWNERS - HOME BUILDING INSURANCE
HOUSEOWNERS HOME BUILDINGS INSURANCE  

-CONTENTS-

01. What is Houseowners Insurance? 02. Coverage
03. Exclusions
What you should know when buying Householders Insurance
04. Insurable Interest 05. Disclosure
06. Insured Value/Sum Insured 07. Average Clause
08. Other Subsisting Insurances 09. Excess
10. Period of Cover 11. Notice of Cancellation
12. What you should know when making a claim more on property insurance >>

01. What is Houseowners Insurance?

It is insurance to cover Buildings of Private Dwelling Houses & Flats/Apartments/Condominiums and residents' property in Hotels, Residential Clubs and Boarding Houses.

The cover can include Building, Removal of Debris and Architects, Surveyors & Consulting Engineers' fees.

The building of the Private Dwelling House (or Flat) shall include all Domestic Offices, Stables, Garages and Outbuildings used solely in connection therewith and on the same premises and Landlord's Fixtures and Fittings therein and the Walls, Gates and Fences around and pertaining thereto situated as stated. All said buildings are declared by the Proposer to be built of brick, stone or concrete and roofed with incombustible mineral ingredients unless specifically mentioned otherwise. If any of the buildings to be insured are not built of brick, stone ot concrete and roofed with concrete, slate, tile, metal, asbestos or a composition of asbestos and other incombustible ingredients, each building not of such construction must be separately described and a separate amount insured thereon.

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02. COVERAGE

Your building is protected round the clock against the following perils:-

  • Fire, Lightning, Thunderbolt, Subterranean Fire

  • Domestic Explosion

  • Aircraft Damage

  • Impact Damage

  • Bursting or Overflowing of Domestic Water Tanks, Apparatus or Pipes

  • Theft (but only if accompanied by actual forcible & violent breaking in or out)

  • Hurricane, Cyclone, Typhoon, Windstorm

  • Flood

  • Earthquake, Volcanic Eruption

  • Loss of Rent (maximum 10% of Total Sum Insured)

  • Liability to the public (up to RM10,000)

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03. EXCLUSIONS
The standard policy DOES NOT cover:-
  1. Subsidence or Landslip
  2. Non-Forcible Theft
  3. War, Terrorism, Nuclear and Radioactivity risks

However, you may pay additional premium to cover some of the above exclusions (if required).

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04. INSURABLE INTEREST
In order to recover from the benefits of the Policy, you must have the legal right to insure and you must also have suffered a financial loss arising from the happening of any of the contingencies insured.

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05. DISCLOSURE
Disclose all material facts, e.g. any previous losses or any insurer who has declined to insure you. If you fail to do so, the Insurer may refuse your claim in the event of a loss. It is important that you complete the proposal form accurately yourself. Delegating the task to the intermediary will not absolve you from the responsibility of the information disclosed in the form.

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06. INSURED VALUE/SUM INSURED
Ensure that your property is adequately insured.

Building Sum Insured = Market Value or Reinstatement Value

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07. AVERAGE CLAUSE
If at the time of loss, the property insured be of greater value than the sum insured, you shall have to bear a rateable proportion of the loss, e.g.

Value at Risk: RM50,000

Sum Insured: RM30,000

Loss or Damage: RM7,000

Insurer pays: 30,000/50,000 x 7,000 = RM4,200

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08. OTHER SUBSISTING INSURANCES
If at the time of any loss or damage there be any other insurances in force covering the same property, whether effected by the insured or any other person, the Insurer shall not be liable to pay or contribute more than its rateable proportion of such loss or damage.

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09. EXCESS
It is the amount of loss you have to bear while your insurance company will pay for the balance of the loss or damage claim where applicable.

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10. PERIOD OF COVERAGE
Not exceeding 12 months unless to coincide with the expiry of other policies effected by you.

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11. NOTICE OF CANCELLATION
The insurance may be cancelled at any time by you in writing to the Insurer. The premium refund due to you is subject to calculation of short period insurance rate where applicable. The insurance may also be cancelled by the Insurer serving seven (7) days notice in writing to you. A minimum policy premium of RM75.00 shall be retained by the Insurer.

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12. WHAT YOU SHOULD KNOW WHEN MAKING A CLAIM
If your insured property is lost or damaged:
  1. Make a police report immediately where applicable
  2. Notify the Insurer immediately and within 30 days thereafter deliver to the company a claim in writing together with detailed particulars and documentary evidence

How to lodge a complaint and redress avenues available:-

Complaint Complaints Unit (CU) of Insurer Complaint Resolved

If you are not satisfied, you may write to either:-

  1. the Customer Service Bureau of Bank Negara Malaysia; or
  2. the insurance mediator at the Financial Mediation Bureau.

Alternatively, you could take your case to court.

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If you wish to apply for the Houseowners/Householders Insurance coverage, just instruct us by e-mail and we will be sending you the Official Application Form

Click Here To access to other Insurance Services & Details

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