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

BUILDING COST CALCULATOR - This Building Cost Calculator (“Calculator”) provides an estimate of the rebuilding cost of your property for evaluation purposes only and does not guarantee the actual amount to insure your property for. The Calculator is intended to assist in estimating the sum that your property is to be insured for and shall not at any time be a substitute for professional advice and judgment, particularly where a property has any unusual features or is outside the range of properties as provided in the calculator.


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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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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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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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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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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Ensure that your property is adequately insured.

Building Sum Insured = Market Value or Reinstatement Value

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

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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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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

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