How You Can Take Control of Your Home Insurance
home | Friday, 21 Jul 2017
Your home is likely the largest, most important investment you will make in your lifetime. It is the roof over your head and a sanctuary for your family.
Nothing beats the feeling of peace and security of your own home. Hence, it is important to take thorough steps in ensuring that your home is safe—physically and financially— from unforeseen circumstances.
In Malaysia, getting home insurance is a compulsory measure for those seeking to own a house. Most people might obtain their coverage from banks, only because it is a product they offer alongside the loans they hand out to you. Many may not know this, but you need not obtain your home insurance from banks. While it may seem more convenient to get your home insurance together with your home loan from a bank, there are actually quite a few disadvantages in the long run.
Despite it being quite common to get home insurance from banks, but those who do rarely understand what their policy does, when to make specific policy changes, and what factors into the price. This is because loan officers specialize in loans, not insurance. This means that in engaging with a bank for an insurance product, you wouldn’t get the most suited expertise to guide and help you understand your home insurance policy.
As a solution, the best move to take when planning your home insurance policy is to engage with a trusted insurance company. With Allianz, here’s how you can take full control of your home insurance policy.
Why do you need a solid home insurance policy?
If there were a fire, burglary, or a similar tragedy that caused damage to your house and its contents, would you be able to cover the losses and damages within a short period of time?
A comprehensive home insurance is important in ensuring that you and your family are well protected from unforeseen circumstances. The first step lies in understanding the importance of home insurance and identifying aspects of your home that would need coverage.
Every home is different, and it goes beyond its build, location, faculties, and market value. This is why you should get an insurance policy that will suit your priorities. Allianz’s Smart Home Cover features an innovative approach where customers can pick and choose the coverage they need. In Malaysia, it is the first customisable home insurance policy that provides even mortgage loan protections and landlord insurance to customers.
Why choose Insurance companies over banks?
Insurance policies come in different shapes and sizes. So, it’s always in your best interest to ask the right questions to know what you’re actually getting. If you’re unsure whether you should purchase your coverage from banks or insurance companies, here’s an illustration that details why you should get your home insurance from insurance companies, and not banks:
Insurance companies help you in providing the comprehensive information you need about your home policy, because every staff is well-trained and well-versed in the matter of insurance. Rest assured, if you have any questions when it comes to your home insurance, the insurance company would be able to take care of it.
Once you’re more familiar with the way home insurance work, it is time to start planning your coverage so that it’s customized to your needs! For starters, here are a few questions you can ask during the planning process:
- What does the policy cover and does not cover? What are the limits to the coverage?
- How much coverage do I need for my personal property?
- How will my credit history affect my premium?
- What is the claims history of the home I am considering?
How much coverage do I need?
For too many homeowners, insurance is just another piece of paper that is signed and filed away, rarely to be thought of again. That is, until a mishap happens that will cause damages to your home and its contents. People who wait until they experience a loss before analysing their own policies would not get the full value out of their premiums.
To get a good grasp of what your insurance policy covers, reach out to an insurance company that you can trust. Once you’ve worked out the value of your home and its potential losses, a trusted agent will help you to accurately customize your Allianz Smart Home Cover to be the perfect home protection solution for you.
Essentially, the coverage you’d need would be dependent on these factors:
Home insurance can be intimidating but building a solid and comprehensive plan will go a long way in protecting you and your family in the areas that matter to you.
With the right channels, sources of information, a team of trusted insurance advisors, and the right plan, you’ll be rest assured that you and your family will be well protected while getting the most value out of your insurance coverage.
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