MUST KNOW #3 for Malaysian property owners: Don’t pay double on your property 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 #3: Don’t pay double on your insurance

REHDA President Y.Bhg. Dato’ IR Soam Heng Choon said: “House owners should look out for overlapping purchase of insurance by house owners during the confirmation of end-financing with the bank or financial institution; and purchase of insurance policy by Joint Management Body (JMB). It is important that house buyers and house owners understand the different types of insurance that is available out there for loss or damage due to flood, burst pipes, fire incidents, lightning, explosion and even theft and to be able to secure sufficient coverage with one policy in place.”

“Most Malaysians are still in the dark about house insurance. We are so used to things being done for us. So when we finish paying off our housing loan, we tend to ignore the fact that our house – our most prized possession- is not protected. Accidents happen, fire is a huge threat, and natural calamities like thunderstorms, flood and landslides do not discriminate. Are we not afraid? Or are we too busy to do anything about it?” said Horst Habbig, Chief Sales Officer of Allianz General Insurance Company (Malaysia) Berhad.

According to Horst, these are the things every house owner should remember when it comes to house insurance:

Watch out, when your house loan ends!

When your housing loan ends, so does the house insurance cover that came with it.

Don’t pay double on apartments !!!

If you live in an apartment or condominium, the building management and your housing loan already protects the building. Don’t fall into a trap paying double premiums. Instead, buy an insurance that covers the contents of your house.

Fire detariffication

Detariffication has been in effect since 2017, so compare prices to make sure you get the best deal for your house. Allianz Smart Home Cover is a modular house insurance that lets you customise your coverage and pay 30% less premium than the old tariff product.