Do you need Fire Insurance in Malaysia?

Having your home insured is perhaps one of the most essential things you must do because the home is possibly the most expensive thing you will buy. Fire is still one of the most devastating tragedies and that is why you will need this insurance to cover your home.

What is it actually?

Fire insurance is regulated insurance to cover the losses by the policyholder should any loss or damage happen to the property. In most cases, fire insurance help to cover the cost of the following:

  • Replacement
  • Repairs
  • Reconstruction

What does a fire insurance cover?

Basically, the most fundamental coverage of fire insurance will protect the property from damages that are caused by fire-related occurrences such as lightning, explosion and any other forms of fire. If you can afford, you can add more coverage that can include the likes of flood, riot and others. Among those that can be insured in a typical fire insurance include:

  • The structure of the building
  • Renovation of the building
  • Furniture and fittings in the building
  • household goods and personal effects

What should you know before buying fire insurance?

To buy fire insurance, the process is very much the same as any other form of insurance. You decide on most of the details but before doing so, take note of the following:

  • What property do you own? You will most likely be buying fire insurance if you own a landed property. For non-landed properties (like condominiums and apartments), fire insurance is mostly purchased by the management of the building. Hence, you might not need to do so as you are already paying it through the management fees.
  • Necessity – The choice is entirely up to you on whether you think the risk is high. This is very much dependent on your affordability.
  • Sum assured: You need to make your own valuation of the sum assured. In most cases, you need to take into consideration what are the contents you have in the property. If you have them documented and invoices are available, then it makes it easier for claims later (if needed).
  • Insured items: Furniture and fittings can be insured but you will also need to take into consideration valuables like antiques or artwork if you have any. With such information, you can have them replaced in the event of a fire.
  • Updates: if you have recently given your home a makeover or renovation, make sure that you inform your insurer about this. This is so that they can make a more accurate valuation of the sum insured for your property.

Fire insurance providers in Malaysia

Most insurance companies in Malaysia offer fire insurance plans. As mentioned, you should carefully consider your options before committing to one. Below are some of the more popular ones.

  • CIMB Houseowners and Householders Takaful provide protection through a dual-coverage system where it not only covers the house but all that is within it.
  • Allianz Smart Home Cover – A flexible fire insurance plan that includes coverage for repair costs and mortgage payments.
  • Allianz HouseOwner & Householder Insurance is one that covers the structure as well as the contents. This comes with an annual renewable scheme where you can extend your coverage if you desire.
  • Chubb My Home Insurance covers the basic and extends to home appliances and other valuables.
  • Takaful myHouseowners & Householders is a policy that covers the property and its contents against accidents as well as natural disasters.
  • Tokio Marine Houseowners/Householders Insurance is targeted for peace of mind from disasters both internally and externally to the property.
  • Great Eastern Easi-Home is the fire insurance from one of the top insurance companies with a plan to help replace properties and contents damaged.
  • AIG Personal Property Insurance and AIG Premier Client Solutions. The former is the basic home insurance while the latter gives more coverage for high-value properties against any form of peril.
  • The AXA SmartHome Optimum (Enhanced) package allows you to customize the plan according to what you need and what you are looking for.
  • Allianz Homeguard protects the contents and the tenants against any mishaps and accidents. This plan does not cover the property. Allianz KampungKu is designed to cover the Kampung house property.
  • AmAssurance Household Guard and AmAssurance Houseowner & Householder Insurance. AmAssurance Household Guard protects and insures the valuable items within the property. Meanwhile, the AmAssurance Houseowner & Householder Insurance is designed to insure the home from perils through an annually renewable plan.
  • AIA A-Essential Home is a package that comes with comprehensive coverage for damage caused by all types of perils.
  • Etiqa Houseowner and Householder Insurance protect against fire to the property and its contents.
  • Kurnia Fire Insurance is a customized plan that covers not only damage to the property caused by fire but also other forms too.
  • Kurnia Householder Plus Insurance is a plan designed to protect the valuables and assets within the property. Compensation comes not only through damages caused by fire but also from other tragedies including robbery.

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