A house is like a basket full of eggs – worthy of investment yet risky to some extents. You need a lid on top of the basket to protect your valuable assets from rain or shine. This is where RHB Insurance can help.
What does RHB Houseowners / Householders Insurance cover?
RHB Houseowners / Householders Insurance is a comprehensive insurance plan for your home that extends coverage to not only your building, but to your home contents and family members too.
RHB Insurance ensures that the cost of recovering your assets are taken care of over an annual premium. Besides, you can be relieved of the burden of paying rent during the reinstatement period of your property.
You will also have a choice to purchase the policy as a standalone, either to cover the building per se or just your home contents.
Can I add on benefits to my basic home insurance coverage?
Absolutely, over an additional premium to your standard coverage. The extensions can be added from both policies or standalone.
For example, you can add subsidence and landslip peril (under the combined policies) at an affordable premium rate of 0.081% of the total sum insured. Again, additional benefits are contingent to the level of risks your house and contents are exposed to; and may increase your total annual premium.
Why should I get RHB home insurance plan?
RHB Insurance offers a flexible coverage that suits your budget and need. You can combine both houseowners and householders policies to get a more comprehensive coverage.
On top of that, you can also increase the coverage limit for additional perils. Plus, you and/or your family will receive a compensation for death due violent theft or fire in the house.
How much premium do I have to pay?
Your home insurance premium will depend on the type of policy selected, add-on coverage, as well as the type of building and construction material used, including a commission between 15% to 25% 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 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 RHB Insurance 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.