Between loan/financing repayments, maintenance and repairs, owning a home comes with ongoing costs that continue long after the keys are handed over. Insurance/Takaful is part of that equation, but the type of coverage that’s suitable will depend on your circumstances.

Someone buying their first home won’t necessarily need the same protection as a tenant or a homeowner who has recently renovated. The right coverage —  whether it’s the building, the contents, or both —  comes down to your specific situation. 

When comparing plans, it’s also worth looking beyond the type of coverage and understanding key policy details, such as the excess (or deductible). This is the amount you’ll need to pay yourself before your insurer covers the remaining cost of a claim. Many customers are surprised that they still need to contribute a small share of the loss, so knowing your excess can help you choose a plan that matches your budget and needs. 

First-Time Homebuyers

For many homebuyers, home insurance/takaful is arranged as part of the loan/financing application itself.

Banks typically require a Fire Policy/Certificate before approving financing. This generally covers the building against fire and other specified perils, protecting the property for as long as the loan or financing is outstanding. These specified perils may include risks in addition to fire, such as burst pipes and water damage, theft or burglary, as well as storm or flood-related damage, depending on the policy. 

A basic Fire Policy/Certificate does not usually extend the belongings inside the home. Once you’ve furnished the property, it’s worth considering contents coverage for items such as furniture, electrical appliances and electronics, which typically fall outside the Fire Policy/Certificate’s scope. 

Homeowners With Renovations

Renovations can change more than just the look and functionality of your home. Extending the kitchen, installing built-in cabinetry or carrying out major upgrades can increase the cost of rebuilding your property, which may leave your existing sum insured/covered no longer sufficient. Reviewing your policy/certificate after major changes can help ensure your home remains properly protected. 

Tenants And Contents Coverage 

Tenants may not own the property they live in, but they can still have valuable belongings to protect. 

In most cases, the building itself is covered under the landlord’s insurance policy or takaful  certificate. For condominiums and apartments, the building structure may also be protected under the Management Corporation’s master policy/certificate. 

However, these policies/certificates typically only cover the building itself and do not extend to the tenant’s personal belongings. Furniture, appliances, electronics and other household contents remain the tenant’s responsibility to protect separately. 

A Householder policy/certificate can help protect these belongings against covered events, without extending coverage to the building itself.

Mortgage-Free Homeowners 

Paying off your housing loan/financing is a major milestone, but it does not change the need to protect your property from unexpected events such as fire and other events covered under your policy.

With the bank’s insurance/takaful requirement no longer applying, homeowners can review whether their existing coverage still provides suitable protection, particularly after renovations, upgrades or changes to the property’s contents.

Reviewing Your Coverage

The coverage you need today may not be the same as when you first purchased/subscribed your insurance policy/Takaful certificate. Changes to your home, belongings or living situation can affect whether your existing protection remains suitable, which is why it’s worth revisiting your policy/certificate every so often, rather than assuming it still fits.

For Malaysians looking to protect their homes and belongings, Zurich Malaysia offers both conventional insurance and takaful solutions for homeowners and tenants. These include Householder plans for contents coverage, as well as combined coverage for both the building and its contents, catering to different needs and living situations. 

Beyond its product offerings, Zurich Malaysia customer service and digital experience have also been recognised industry-wide, including Outstanding Digital CX – General Insurance Malaysia and Customer Service Initiative of the Year, both awarded for making claims and everyday servicing simpler for customers. 

If you’re unsure which type of home or property insurance/takaful suits your situation, speaking with a Zurich Malaysia representative or takaful consultant can help you explore the available options and understand the coverage that may be suitable for your needs.