As the largest asset most people will ever own, the house requires adequate insurance coverage to cover against unexpected loss. Insufficient home insurance coverage can result in long-term financial hardship for the homeowner.
Getting the best home insurance can sometimes be a daunting task. While cheap home insurance is not as the same as affordable home insurance, it is imperative that the homeowner conduct thorough research before buying one.
Here are the things that one should be considering before purchasing a home insurance:
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1. Types of coverage
Read carefully on what is included in the coverage and check if it contains the coverage you need most. For example: if your house is located at a high-risk flood zone, you may need to choose a home insurance that offers flood coverage.
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2. Amount of sum insured
You must ensure that your property is insured at the appropriate amount taking into account the renovations made to your property. Please ensure that the sum insured is adequate, otherwise, you would need to bear a rateable proportion of the loss accordingly.
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3. Claim process
Make sure the claim process is transparent and straight forward. In the event of loss, of course you would want to get the disbursement of claims as soon as possible, so that you can repair your home immediately.
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4. Policy’s fine print
Never forego reading the policy’s terms and conditions thoroughly. From associated fees and charges to coverage exclusions and limitations, be sure to read the policy documents carefully. If there’s anything that you don’t understand or need to be changed, get in touch with your agent.
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Source: bbazaar.my - A Beginner’s Guide to Buying Home Insurance in Malaysia
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Disclaimer - This content is brought to you by Chubb Insurance Malaysia Berhad (“Chubb”) as a convenience to readers and is not intended to constitute advice or recommendations upon which a reader may rely. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of this content. It is the responsibility of the reader to evaluate the quality and accuracy of material herein.
