People need insurance and so does the house. There are generally 3 types of home insurance in Malaysia, namely fire insurance, homeowner’s insurance and occupier’s insurance. Here are the differences between these 3 types of insurance.
1. Fire Insurance
Fire insurance can cover loss or damage caused by fire and lightning, or explosion damage caused by domestic boilers or gas. Fire insurance can be extended to cover other risks such as
a. Riots and strikes
b. Malicious damage
c. Aircraft damage and consequent fall of objects (resulting damage)
d. Impact damage (excluding own transport)
e. rupture and/or overflow of water tanks, fixtures and pipes
f. Earthquakes, volcanic eruptions, hurricanes, typhoons, tornadoes and storms
g. Flooding
h. Land subsidence and landslides
2. Homeowner’s Insurance
Homeowner’s insurance is a comprehensive policy designed for homeowners that covers loss or damage to buildings under a fire policy, as well as damage caused by earthquakes and volcanic eruptions.
3. Homeowner’s Insurance
The policy is almost identical to the homeowner’s policy, but the coverage is for the contents of the home rather than the building. This type of policy is also suitable for tenants, as a homeowner’s policy only covers the building, not the tenant’s property.
When purchasing homeowners insurance
Be sure to
1. make sure your property is adequately covered, taking into account the renovations and upgrades to the property
2. disclose all necessary documents or information in the insurance application form
3. carefully read and understand all terms and conditions of the policy
4. pay your premiums on time, as your policy may be cancelled if the insurance company does not receive payment within the time allowed under the policy
Don’t
1. do not sign a blank insurance application form.
2. do not over- or under-insure the property
3. do not hide facts or details requested on the application form.
4. do not purchase additional and unnecessary coverage for the property under pressure
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