What is the myHouseowners & Householders?
This home insurance plan is a comprehensive takaful protection provided by Takaful Malaysia. With this plan you can protect both your home building and all your contents with extensive covers against fires, natural disasters and even potential freak accidents.
A comprehensive protection plan like this will cover both types of the two major insurance options for home. The first part being houseowners insurance, that usually focus on the protection of your building. The building will usually consist of walls, stables, garages, out-buildings and etc.as long as they share the same premise as the home itself.
The second part is, householder’s insurance which includes, goods, personal effects, or objects for all intents and purposes consists as property of the participant or someone living in their home. This section of the cover will also include protection for the property of domestic helpers.
What am I covered against?
As mentioned, with a comprehensive protection plan, you will be covered for more that the just the usual perils. You will have coverage for of course, Fire, Lightning, Thunderbolt, Explosions, Air Craft or Impact Damage. Domestic issues like the bursting of water tanks and pipes is also covered, along with theft, flood and wind related disasters.
There is also an extended coverage option that you can look into if you need these benefits. For the homeowner who is also a landlord renting out a property, you can pick up an additional, loss of rent cover. Also, if you live in what can be considered a high-risk area, or you just want to have boosted protection plan, you can pick a public liability cover.
Can I pay for more coverage than this?
Yes, you can choose to pick up even more coverage with a little extra premium. Since home insurance plans are flexible and sometimes are entirely based on how much you want to insure you home for. Therefore, with an additional contribution you can choose to get a cover against, Riot, Strike or Malicious Damage; cover for subsidence and landslips, or simply increase your public liability cover limit.
Of course, you won’t need to choose just one of those options, you can actually pick them all up.
How does the coverage work on items?
There are two ways for you to insure your home and contents, that is either with a reinstatement option or a replacement option. Both will have different outcomes when you go to make your insurance claims. With a reinstatement options, you will need to cover the item based on the equivalent value of the brand-new items.
With a replacement cover, the coverage will be set, equivalent to the depreciated value of lost or damaged items.
Remember to only buy what you need and not to over insure your home. The possibility of you losing more than you gain is always the case on an over insured home.
Can I cancel my policy?
Yes, if you’d like to cancel your policy at any given time, simply provide a written notice to Takaful Malaysia beforehand and you’re done. If no claims had been made before your cancellation then you will be partially refunded for any claims made.
Takaful Malaysia is the first Takaful insurance provider that wants to give back to you. So bear in mind, that if no claims are made in the duration of the policy term, then they will with reward you with 15% cash back on your premiums paid. Which is just another reason to put your trust in a good takaful protection plan.