Understand what risk is and where it comes from is essential for every homeowner. AmGeneral Insurance Berhad provides you with a comprehensive protection coverage with its home insurance plan.
What am I covered for with AmAssurance Household Guard?
AmAssurance Household Guard is a protection plan for contents residing inside and within your home premise.
Basically, most of your insurable home contents (including domestic worker’s property, if any) and personal belongings will be shielded for situations such as loss or damage due to natural strikes, criminal attempts and freak accidents.
That’s not all, you are also covered for Personal and Third Party’s Liability, just in case you or your family members or guests had an accident within your house compound.
What are the key features of AmAssurance Household Guard?
Knowing the types of covered perils is as crucial as that of the situations you are insured for. With AmAssurance Household Guard, your home contents and personal effects will be covered for loss and damage due to events such as:
- Natural strikes: fire, lightning, thunderbolt, flood, earthquake etc
- Freak accidents: impact, aircraft, explosion etc
- Criminal attempts: theft, robbery and hold up, riot and strike etc
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 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.
Bear in mind to avoid adding on unnecessary risks as it will increase your premium, which is renewable annually and potentially variable in pricing.
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 AmAssurance home insurance policy. However, prior to cancellation, you should notify AmGeneral Insurance 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.