Regardless for dwelling or rental income, buying a house is one of the biggest investments one can make; and usually comes with high risk. But do you know that you can insure your house and the contents within your property?
What is AXA Smart Home Optimum?
AXA Smart Home Optimum, underwritten by AXA Affin General Insurance Berhad, is a home insurance policy that is tailored to protect your house and your personal belongings in one comprehensive plan.
Because it is important to understand what risk is and where it comes from, this home insurance plan offers you flexibility to choose the types of coverage that suit your needs and budget.
What are the key benefits under this home insurance plan?
The main coverage of AXA Smart Home Optimum is compensation for loss and damage to your house and contents due to fire, lightning, explosions, burst pipe, aircraft, impact by vehicles or animals, theft by forcible and violent entry, windstorm, earthquake and flood.
AXA Smart Home Optimum does not only indemnify you for aforementioned events, but also instances such as loss of rent, third party liability, domestic worker's property, fatal injury due to violence caused by theft, damage to mirrors and temporary property removal.
Can I include other perils to my home insurance plan?
Yes you may extend your coverage by paying additional premium to these following risks:
- Subsidence, landslip, riot, strike and malicious damage
- Bush fire, damage by falling trees and branches or objects
- Hurricane, cyclone, typhoon, windstorm to metal smoke stacks, awnings, blinds, signs and other outdoor fixtures and fittings
- Home repairs, alterations and additions
- Extended theft cover
- Increased limit of third party liability
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.
How much does AXA Smart Home Optimum insurance cost?
The yearly insurance premium charged follows the standard minimum rate in accordance with the Malaysia Fire Insurance Tariff.
Depending on the type of your residence (landed or flat / apartments), AXA Smart Home Optimum charges a minimum annual premium of RM60, 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.
Can I cancel my home insurance policy?
You are allowed to cancel your policy, on a condition that you inform AXA Affin General Insurance Berhad via a written notice prior to cancellation. That's not all, you are also entitled to a refund of the premium based on short period rates.