Fire, burglary and kitchen gas explosion are among common risks your house and home contents are exposed to every day. Although you may not able to completely escape from these perils, you can take necessary precautions to mitigate the aftermath.
Why do I need Allianz HouseOwner & HouseHolder Insurance?
Basically, having a home insurance policy allows you to transfer the risk of financial hardship after your property had come into contact with adversities.
Recovery may take months and years; and usually costs a greater deal than a savings fund can afford. When you claim for a home insurance, the proceeds will be your lifeline. This is where Allianz HouseOwner & HouseHolder Insurance came to the rescue.
What does Allianz HouseOwner & HouseHolder Insurance cover?
First, you can select whether to cover only your building (including the walls, roof, fixtures and fittings, garages, gates and fences) via Houseowner Insurance and/or your home contents and personal effects via Householder Insurance.
All properties insured HouseOwner & HouseHolder Insurance plans will be covered against named perils arising from natural disasters, theft and freak accidents, however subject to a limit.
Can I add on benefits to my HouseOwner & HouseHolder Insurance plan?
Additional benefits are there for its intended purpose. You may want to rent out or renovate your house, but make sure to properly insure your building.
You can always be flexible with your home insurance plan, depending on your current needs and budget. It is encouraged to avoid adding on unnecessary risks as it will increase your premium, which is potentially variable in pricing every year.
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 of 15% 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 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.
Always check with your insurance agent regarding this matter to avoid being underinsured or paying too much.
Can I cancel my home insurance policy?
Yes, you may cancel your home insurance policy. However, prior to cancellation, you should notify Allianz General Insurance Company (Malaysia) Berhad 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.