You can never know when unfortunate events such as natural disasters, criminal attempts and freak accidents happen; and when it does, it happens in a blink of an eye.
Regardless the type of dwelling unit you’re living in, as long as it is covered for, you can have a peace of mind with AmAssurance Houseowner & Householder Insurance.
What does AmAssurance Houseowner & Householder Insurance cover?
AmAssurance Houseowner & Household Insurance does not only protect your building from loss and damage due to named perils, but also the contents (yourself, family, property and personal effects) within your home in one comprehensive home insurance plan.
What are the key features of Houseowner & Householder Insurance plan?
Knowing the types of covered perils is as crucial as that of the situations you are insured for. AmAssurance Houseowner & Householder Insurance makes sure you understand what you are covered for by branching the coverage into 3 sections:
Section 1: Building – covering your physical home from all named perils ranging from natural disasters, freak accidents and criminal attempts
Section 2: Household Contents – yourself, family, property (including domestic worker’s) and personal effects against aforementioned perils
Section 3A: Rental Loss – when your tenant fails to pay for the rent
Section 3B: Personal Liability – up to RM50,000 when someone got injured within your insured property and claim for it
Can I include other perils to my home insurance plan?
You can be flexible with your home insurance coverage, however subject to an additional premium.
For each section, you can extend your basic coverage to include unique cover such as home repairs, full theft or subsidence and landslip, but you should also exercise prudent and necessity when adding on benefits.
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 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.
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.