| "Insurance coverage on your
home should start as soon as you become the legal owner" |
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What are the property insurance available
to cover my home?
There are 3 types of property insurance namely,
Fire Insurance, Houseowner Insurance and Householder (content)
Insurance.
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| Fire insurance provides protection against material
damage to properties such as building and household contents, fixtures
and fittings caused by the following perils : |
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Fire (including damage by smoke from a fire or by water used
in putting it out), lightning, thunderbolt and subterranean
fire (underground / peat fire) |
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Explosion |
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Aircraft and other aerial devices and / or articles dropped
there form |
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Impact damages by road vehicles, or animals not belonging
to or under the control of the insured or any member of his
family |
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Bursting and overflowing of water tanks, apparatus or pipes |
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Houseowner insurance is a comprehensive insurance
policy that covers the building against loss or damage caused by
all the perils covered by the fire policy including theft by forcible
entry, loss of rent if damaged rendered unihabitable and personal
liability to the public in respect of bodily injury and property
damage.
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Householder Insurance on the other hand, protects
the household contents.
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What kind of property is covered by a Houseowner
insurance?
Property here means private dwellings that includes houses, flats
and apartments. This also applies to buildings used as home offices
where the occupant work from home. |
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| When should I purchase a houseowner insurance?
Insurance coverage on your home should start as soon as you become
the legal owner. If you are financing your home by taking up a
loan, the financier will usually require you to insure the building
for the amount that it would cost to replace it. |
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| What kind of items should I insure for my home
contents?
All contents in your home should be covered and anything that is
expensive, for instance, electrical appliance, works of art, jewellery,
computer equipment should be separately listed to ease claims handling
in the future. |
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What factors should I consider when buying insurance
for my home?
Firstly and foremost, purchase only the type of insurance you require.
Then, ensure that it is the proper amount to cover as you do not
want to over- or under-insure your property. Determine the amount
of personal property (contents) you need to insure. Once these factors
are considered, make comparison on the property insurance offered
in the market and choose the insurer you want to purchase your policy
from. You should also decide if you require an agent's assistance
or buy directly from the insurer. |
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How much should I insure my home?
The amount of insurance you buy should be based on the cost of rebuilding, and not on the price of your home. The cost of rebuilding your house may be higher (or lower) than the price you paid for it or the price you could sell it for today. This should include the renovation or extension made to your home.
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| What if I underinsure my home and/or contents?
The insurance company would proportionate the amount you are paid
if you make a claim based on the sum insured of the insurance policy,
if you do not insure the full replacement value of your home and/or
contents. |
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How often should I review my home insurance policy?
To avoid being under insure, a yearly review of your property and possession should be done before renewing your policy to ensure adequate coverage. On the other hand, take into consideration any depreciation costs as you do not want to pay more than necessary.
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| If I am renting, does my landlord's insurance protect
me?
Generally, no. The property owner's insurance covers the building
itself and seldom a tenant's possessions because the tenant has no
insurable interest on the property. However, the tenant may take
up a householder policy to protect his/her personal property. |
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| How do I read a Houseowner / Householder insurance
policy?
When you read an insurance policy, you'll want to know: |
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Who is covered? |
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What property is covered? |
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What "perils" are covered? A peril is an event that can cause
damage. The events are such as fire, theft or wind. Even riot
is a peril! |
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What is excluded? Exclusions may apply to the persons who
are covered, the property covered, the perils insured against,
or the location where coverage applies. Not every circumstance
can be covered by an insurance policy. Normal wear-and-tear
and deterioration of property is not insurable; you should
check your policy for other exclusions. |
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What extensions of coverage are available? Some policy extensions
are automatic, while others are optional and/or conditional. |
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What are the conditions of coverage and what do you have
to do to make sure that coverage continues? |
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What do you do if there's a loss? How do you make a claim
to recover a loss? |
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| How do I make a claim?
If you have suffered a loss for which you are insured, inform your
insurer of the nature of your claim. If there has been a fire,
burglary or theft, you need to report to the police. You'll be
required to supply information about the circumstances of the claim
as well as reasonable evidence to justify the amount claimed. Your
insurer will want an accurate description of items stolen, for
example, and will want to know when they were acquired and what
they cost at that time. |
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Kurnia Insurans Home Insurance :
Fire Insurance
Houseowner & Householder
Insurance
Householder Plus Insurance
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