Accident happens in a split second, but the damage it done can last a for long time. What can you do differently is to ensure your house and contents are insured appropriately.
What can I get from Tokio Marine Houseowners / Householders Insurance?
If you love your building as much as you love your properties, Tokio Marine Houseowners / Householders Insurance can ensure both valuable treasures are taken care of.
This home insurance plan protects your home and its contents under one comprehensive policy from named risks such as fire, lightning and explosion among others.
By transferring the risks over an annual premium, Tokio Marine will make sure you will get back on your feet and rebuilding your life again.
What are the standard covers of Houseowners / Householders Insurance?
Like most of home insurance plans in the Malaysian market, Houseowners / Householders Insurance will compensate you in the event of loss and damage to your building or contents due to natural disasters, freak accidents and criminal attempts.
All insured properties, however, are subject to a coverage limit from the total sum insured. You can find out the list of named perils and coverage in the product disclosure sheet.
Can I add on perils to my home insurance plan?
You may extend the coverage by paying additional premium. You should also take calculated measures when adding on new benefits as they may increase your premium payment.
Let’s say that you live in an area which is prone to natural disasters or that has high crime intensity, it is advisable to be extra cautious and flexible with your home insurance.
How much premium do I have to pay?
Your home insurance premium will depend on the full value of your household contents, additional perils to the basic cover and Tokio Marine’s underwriting requirements, including a commission of 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 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.