A standard home insurance plan for houseowners in Malaysia that is comprehensive and flexible, ensuring your house and personal belongings are protected round the clock, just like you protect your life.
Why should I get AIG Personal Property Insurance?
AIG Personal Property Insurance covers your building (main structure, wall, fixtures, fittings, gate, fences and interior decorations) and its contents against natural disasters, impact damage by third party and theft.
What makes this home insurance plan stands out is that it provides coverage limit up to 30% of your personal valuables, including watches, jewellery, designer handbags and electronic gadgets.
Can include other benefits to my AIG home insurance plan?
You can upgrade to full theft coverage, which extend the perils from common break-ins to robbery and hold up in your premise.
AIG will reimburse you for events such as loss and damage to contents, cash value as well as lock and keys replacement cost, in addition to fatal injury, subject to additional premiums.
How much premium do I have to pay?
Your home insurance premium will depend on the type of your residence (landed or flat / apartments), type of constructions, cover selected and the sum insured, including a commission between 15% to 25% paid to the insurance agent.
In addition, you will also need to pay for a Stamp Duty of RM10 and a 6% GST. The premium charged follows the standard minimum rate in accordance with the Malaysia Fire Insurance Tariff.
How do I renew my home insurance policy?
You can choose to either commit your home insurance premium payment by monthly or annually. For the former, your home insurance policy will be automatically renewed until you stop paying the premium or cancel the policy.
If you chose to make an annual premium payment, you will receive a renewal notice before your current policy expires. Either way, always contact your agent to keep track of your premium payments.
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 AIG home insurance policy. However, prior to cancellation, you should notify AIG Malaysia Insurance 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.