Tell me about AIA A-Essential Home.
Your house and personal belongings are your most valuable assets. Just like your life, it is worth protecting against any perils and AIA A-Essential Home has just the right solution for your home.
A-Essential Home is a comprehensive home insurance policy that extend coverage to not just your building but also its contents from loss and damage due to unforeseen disasters. AIA offers 4 packages under A-Essential Home: Building, Contents, All Risk and Personal Liability, at affordable premium.
What does the building insurance cover?
Under a standalone Houseowner Insurance package, your building (main structure, wall, fixtures, fittings, gate, fences and interior decorations) will be covered against main perils such as fire, explosion, flood and theft among others. But the benefits don't just end there.
AIA will also cover for third party liability up to RM50,000 - in case someone got injured within your premise and claim for it. Also, should you plan to rent out your house, you will be indemnified up to 10% of total sum insured when your tenant failed to pay monthly rental.
What about content insurance coverage?
Under a standalone Householder Insurance package, AIA will compensate you in the event of loss and damage to your household content due to main perils mentioned above. The best part about this package is that your valuable items will be indemnified based on a Reinstatement Value, albeit not all of them.
In extension to that, you will also receive cash assistance to up to RM2,000 in any one period of insurance to cover for out of pocket expenses due to any insured perils, automatic protection on newly purchased items up to RM20,000, and cash replacement of up to RM500 due to fire or forced and violent theft.
Can include other benefits to my AIA home insurance plan?
You can extend your coverage to include All Risk and Personal Liability over additional premiums. These packages can be paired with Houseowner Insurance and / or Householder Insurance so that you can optimize your benefits according to your budget and needs.
How much does AIA A-Essential Home cost?
Depending on the type of your residence (landed or flat / apartments), AIA A-Essential Home charges a minimum annual premium of RM63.60 (inclusive of GST), including a commission between 15% to 25% paid to the insurance agent.
Your home insurance premium will also be subject to a Stamp Duty of RM10 and a 6% GST. The yearly insurance premium charged follows the standard minimum rate in accordance with the Malaysia Fire Insurance Tariff.
How much should I insure my home and valuable contents?
The rules of thumb to purchasing the right home insurance plan is knowing the appropriate amount to insure your house and personal belongings. It is worth noting that you should always cover your house based on the market value of your property at the time of loss and damage.
In other words, your total sum insured should correspond to the cost of rebuilding of your house and replacing its contents. You may also select to insure your property based on the Market Value (equivalent to the depreciated value of lost / damaged items) or Reinstatement Value basis.
Can I cancel my home insurance policy?
Yes, you may cancel your AIA home insurance policy. However, prior to cancellation, you should notify AIA Bhd by way of a written notice. Upon cancellation, you will receive a partial refund of the premium provided of which you have not made any claim during the insurance period.