MUST KNOW #2 for Malaysian property owners: After buying your property pay special attention to security and insurance

Many Malaysian buy property to invest their extra money and create wealth. Unfortunately, many are not professional property agents or investors and fall in many property traps and lose money. Learn below the 3rd must know to avoid losing money on your Malaysian property. This is taken from the media forum – Smart Home, Safe Home – organized by Allianz Malaysia Berhad together with Real Estate and Housing Developers’ Association Malaysia (REHDA) and BOMBA.

• MUST KNOW #1: Know what to do after a fire
• MUST KNOW #2: After buying your property pay special attention to security and insurance
• MUST KNOW #3 for Malaysian property owners: Don’t pay double on your property insurance

Read the full press release here.

Must know #2: After buying your property pay special attention to security and insurance

As owning a house is one of the largest financial investments one can make and it is important that house owners understand the importance of protecting their most valuable asset.

Security system

Elevate the security and safety of your house. Consider installing a home alarm system complete with siren package, motion detectors (indoors and outdoors), vibration sensors (for windows and doors), glass trek (to detect sound of glass breaking), as well as smoke detectors.

Having adequate insurance

When a house buyer receives financing from bank, the letter offer signed will include a fire insurance purchase agreement in the clause – a compulsory requirement by most banks financing the housing loan. However, a house buyer can also purchase his / her own individual fire insurance from an independent company provided the fire insurance report is submitted yearly to the bank, to reassure that insurance is actively protecting the property.