Home, House Owner and Household Insurance in Malaysia
Home and House Insurance
Home or House insurance is an umbrella of risks covered for a householder or house owner. This house insurance in Malaysia is used to cover the building, contents and rental income from fire, burglary and water damage.
House and Home Insurance Coverage
House and Home insurance in Malaysia are usually of two types:
- House owner insurance
- Home contents insurance
So the insurance for the building structure (house) is separate from the contents (home contents) within the building.
And the building is a private dwelling or private house or apartment.
House Owner Coverage
In the house owner insurance, the coverage is for losses and damages to:
- The building and related structures
- Renovations, fixtures and fittings
- Walls, gates and fences
Home Contents Coverage
In the home contents insurance, the coverage is for losses and damages to:
- Personal belongings , jewellery and watches
- Household items and contents in the various rooms and areas
- Furniture
- Musical instruments and cameras
- Home and Kitchen appliances
Types of Home and Household Risks and Perils Covered
House Owner Coverage
The building is covered for damages and losses caused by:
- Fire, lighting and domestic gas explosion
- Overflowing water tanks or floods
- Unusually bad weather like windstorms and typhoons,
- Natural disasters like earthquakes
- Robbery and associated break-in damages
- Impact damage
This also covers:
- Loss of rental income
- Cost of temporary accommodation
- Selected liabilities per plan options taken
Home Contents Coverage
Home contents insurance coverage is an all risks cover. It covers all risks that are likely in Malaysia as follows:
- Includes all the risks and perils of in the houseowner coverage
- Riots and strikes
- Malicious damage
- Accidental damages
- Full theft (without signs of forced entry)
The home contents are usually covered at the new value of the item.
Home Owner and House Contents Insurance Policy
Home insurance is made up of coverages that may help pay to repair or replace your home and belongings if they are damaged by certain perils, such as fire or theft. It may also help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home. So, your damage or break-ins to your home can be financially and emotionally distressful for you and your family.
Yes. A typical home insurance policy provides liability coverage when someone not living with you is injured while on your property. Suppose a visitor trips over your broken porch step. Bodily injury liability coverage may help pay for your resulting legal expenses or the visitor’s associated medical bills if you are found at fault.
What is Dwelling Protection?
One of the basic coverages of a home insurance property coverage policy is dwelling protection, which helps cover the structure of the home in which you live, as well as other structures that are attached to it, such as a garage or a deck, against certain risks.
What home contents are covered in personal property protection?
Home insurance doesn’t just help cover damage to your home. It may also provide coverage for the personal belongings you keep within it. Suppose your electronics are stolen from your home or your furniture is damaged by a fire. Personal property protection may help pay to repair or replace your belongings if they are damaged or destroyed by a covered risk.
Many insurers offer optional coverages that may further help protect the stuff you own. For instance, you may be able to purchase extended coverage for items such as jewellery, watches and furs that have values above your personal property coverage limits.
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