Home Insurance Anyone?

Home Insurance - This is something that I guess out of a hundred people, 90% do not know or never bother to understand the importance. The basics is when you buy a house, flats, apartments or anything that has a roof, it should come with a home or people used to call fire insurance.

When you buy your house on a loan from a bank, the bank automatically includes a fire insurance policy as long as you are still serving the loan from that bank. This is to avoid any unexpected incident to your home and later you are unable to pay the bank and/or when the bank posses back the house from you, it is still protected. Generally these are the basic policy where fire, thunderstorm, and so on covered. When you have fully settled the loan amount, or buy the house on cash, you have to go and get a fire insurance quickly and make sure it covers all that necessary for your home sweet home.

Basically the fire insurance covers from damages to any wall fittings including your air-condition, wall paint, roof, ceiling and everything else in case if it is damaged during any fire, thunderstorm or any other act of god. You have to call the insurance company, let them know on the issue and they will appoint an adjuster to come in and evaluate your losses. Here is the catch; an adjuster will normally come in and evaluate and will try to persuade you to take his known contractor to fix the damages. Never or be very cautious not to accept the offer and find on your own 2 contractors to evaluate and give you a quote. This is because at times the contractors will have direct dealings with an adjuster and this means they charge higher to the insurance company but will try to simplify the job at your home. Make more profits with necessary cuts here and there.

The whole process of claiming might take about a month or two depending on the speed of the adjusters and the insurance company. Now, you have to play your part to frequently insist to speed up the process as it does help. Make sure you point out everything that you doubt destroyed by the incident. The insurance company has a normal RM 200.00 initial payment that must come from your own pocket. So on whatever the amount that they are offering you, RM 200.00 will be deducted.

Remember, you can always write back to the insurance company and disagree with the amount and ask them to revise subject to approval. Further to that, you can also get assistance from Jabatan Pengawalan Insurance or Financial Mediation Bureau and take your case further.

Get wise! Always have adequate insurance coverage; It will come in handy at unexpected time. From my experience MSIG has been a great Insurance provider. Check out for your options.