A personal comprehensive home insurance package that protects your household contents, yourself and your family members.
What does Tokio Marine Home Partner Insurance cover consist of?
Tokio Marine Home Partner Insurance is a comprehensive home insurance policy that indemnifies you for loss and damage to your home contents and your family members.
The home insurance plan is divided into 3 sections: Household Contents, Personal Accident Insurance and Personal Liability.
What are the key features of Household Contents?
This section provides coverage to your household contents and personal effects against named perils such as fire, lightning, impact damage and theft among others (the list is exhaustive).
All insured contents will have a coverage limit of no greater than 5% of the Total Sum Insured, with exceptions to jewellery, watches, fur, platinum, silver and pewter wares, as well as antiques and valuable paintings, which are up to 30% of the Total Sum Insured.
Are Personal Accident and Personal Liability covers free?
Yes they are part of Home Partner Insurance complimentary covers. Under Worldwide Personal Accident Insurance, up to 4 family members can be insured for a maximum of RM10,000 each from death or permanent disablement.
Under Personal Liability, meanwhile, you will be compensated for up to RM250,000 if you become liable to accidental loss or damage, or accidental bodily injury to third party within your premise.
Can I add on perils to my Home Partner Insurance plan?
Depending on the vulnerability of your home location and security level, you can extend to include perils such as subsidence and landslip, bush fire, falling trees and full theft over additional premiums.
How much premium do I have to pay?
Your home insurance premium will depend on the full value of your household contents and additional perils to the basic cover, 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, 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 Tokio Marine Insurance (Malaysia) 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.