Imagine a sanctuary filled with lushes of greenery, ornamented with essential and rare plants and inhabited by lovely creatures from a your favorite fiction…is what every home look like. Thus, need to be protected from any harms.
Do I need Etiqa Houseowner and Householder Insurance?
The important thing is that you are considering protecting your home. With Etiqa Houseowner and Householder Insurance, you have the flexibility to choose only to cover your building or household contents and personal effects, or both!
What are the key covers of Houseowner and Householder Insurance?
There are two similar, but somewhat unique, home insurance covers: Houseowner and Householder.
Under Houseowner, your building (the infrastructure of your house) will be insured against loss and damage due to perils such as fire, flood, and impact among others. You are also covered for third party liability of up to RM50,000 for accident occurred in your house.
Your personal belongings, under the Householder section, will not only get the same coverage from the named perils above, but will also cover for extended circumstances such as property removal, death due to robbery, or loss and damage to servant’s properties.
Can I add on benefits to complement my basic coverage?
Yes you may, by paying additional premiums. You may want to increase the limit of loss of rent to 10% if you plan to sublet your house for rental income, or include other perils such as strike, riot and malicious damage, in case you live in a precarious area.
How much premium do I have to pay?
Your home insurance premium will depend on the sum insured and selected additional perils, including a commission between 15% paid to the insurance agent.
In addition, you will also need to pay for a Stamp Duty of RM10 and a 6% GST, where applicable. 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 under-insured 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 Etiqa 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.