The need to insure personal belongings and personal liability is one that most people ignore. AIA continuously strives to provide comprehensive coverage for our policyholders. With this in mind, we have developed comprehensive Home Insurance products catering to your increasingly changing protection needs.
A single policy that offers four areas of protection. The Home Plus insurance is designed to protect your home, household contents, valuables as well as legal liability protection for you and your family.
Home Plus is categorized into four (4) sections:
Section 1 – Houseowner Insurance
Houseowner insurance pays you for loss or damage to the building including fixtures and fittings, interior decorations, walls, gates and fences caused by the specified perils.
Section 2 – Householder (Contents)
Householder Insurance provides coverage for loss or damage to your personal possessions belonging to you or your family members (permanently residing with you) whilst contained within the Building as a result of certain natural disasters and incidents.
Section 3 – Personal Valuables
This insurance provides coverage for accidental loss or damage to personal valuables such as jewelry, watches, furs, portable audio-visual equipment, photographic equipment, fine arts and antiques, etc on a worldwide basis (except countries excluded in the policy).
Section 4 – Personal Liability
Personal Liability insurance provides coverage for the insured, spouse and children against legal liability for bodily injury and / or property damage to a Third Party arising from negligence on a worldwide basis (except countries excluded in the policy).
Note: Please refer to the policy contract/brochure for full details of the benefits coverage.
1. What is this product about?
This policy provides you with coverage for your building and contents, and covers loss or damage caused by fire, lighting, explosions, flood, burst pipe or by any perils mentioned in the insurance policy.
2. What are the covers / benefits provided?
This policy covers:
- Loss or damage to your insured property due to fire, lightning, thunderbolt, subterranean fire, explosion caused by gas used for domestic purposes;
- Loss or damage to your insured property due to aircraft, road vehicles or animals, bursting or overflowing of water tanks, apparatus or pipes, theft, hurricane, cyclone, typhoon, windstorm, earthquake, volcanic eruption, and flood; and
- Loss of rent.
You may extend coverage to the following risks by paying additional premium :
- Riot, strike and malicious damage
- Personal Valuables
- Personal Liability
Note : Duration of cover is for one year. You need to renew your policy insurance annually.
3. How much premium do I have to pay?
The total premium that you have to pay may vary depending on our underwriting requirements. It depends on the construction or type of building and sum insured of the property you are insuring. It is tariff rated as follows:
|Houseowners insurance (building) :|
|Detached / semi-detached / terrace||- 0.116% of sum insured|
|Flat / apartment / condominium||- 0.119% of sum insured|
|Householders insurance (contents) :|
|Detach / non detached flat / apartment / condo||- 0.75% of sum insured|
If you insure your building, a double storey terrace house for RM400,000 and contents for RM100,000 without any extension of other risk. The total premium you have to pay is calculated as below :
|Houseowner insurance :||RM400,000 x 0.116%||=||RM 464.00|
|Householder insurance :||RM100,000 x 0.75%||=||RM 750.00|
|Add stamp duty||RM 10.00|
|Premium payable||=||RM 1,224.00|
4. What are some of the key terms and conditions that I should be aware of?
- You must disclose all important / material facts correctly and faithfully such as loss history and age of building
- You must ensure that the sum insured is adequate with the actual value of the insured property by taking into account any renovations made to it, otherwise you will have to absorb the difference between the sum insured and the actual value and to bear the ratable proportion of the loss accordingly.
- Your house should be used solely for private dwelling only.
- You must have an insurable interest on the property to be insured, that is the right, title or interest in a property / item and that a loss or damage to the property / item would result in a financial loss to you.
- In the event of loss or damage to your building, the amount we pay will be based on the cost of replacing or reinstating on the same site property of the same kind but not superior to or more extensive than the building when new. As for contents, we will pay you the market value of the item at the time of damage or loss less due allowance for wear and tear and / or depreciation.
- This is a contract of indemnity, i.e. to compensation you, as best as possible, to the position you have enjoyed immediately below the loss. The amount of compensation paid to you upon claim would depend on an indemnity basis subject to a deduction for wear and tear and depreciation.
- We may elect to reinstate or replace the property damaged or destroyed instead of paying the amount of loss or damage.
- You will have to bear the excess i.e. the first portion of the loss imposed under the policy. Please refer to policy details for excess applicable to the relevant insured perils.
- You shall notify us of any other insurance covering the same property insured by us under this policy, otherwise all benefits shall be forfeited.
- If you have more than one insurance policy covering the same risk, we will share the loss proportionately with other insurers.
- Our liability shall not exceed the total sum insured of each item stated in the proposal form.
- Premium warranty requirements – the premium due must be paid and received by us within 60 days from the inception date of the policy/endorsement/renewal certificate. If this is not complied with then the policy is automatically cancelled and we shall be entitled to the pro rata premium on the period they have been on risk.
- Making Claim - You need to immediately notify us, giving relevant details such as policy number, date of accident, circumstances of loss and estimated loss. Within 15 days from the accident, you must to complete the claim form which you can obtain from our agent, by calling our Customer Service Hotline at 1300-88-1899 or visiting any of our branches. You will find a list of the branches by going to www.aia.com.my. You will need to provide us with proof of your claim (such as police / fire brigade report, purchase invoice, photographs or repair quotation) at your own expense.
Please refer to the policy contract for the full terms and conditions.
5. What are the major exclusions under this policy?
- War, invasion, act of foreign enemy, hostilities or any act of terrorism.
- Order of the government or Public Municipal or Local Authority
- Nuclear weapons or ionizing radiations or contaminations
- Consequential loss or damage of any nature
- Destruction or damage of property caused by bursting of water tank / pipes while the private dwelling is left untenanted.
- Subsidence and Landslide except when this is occasioned by earthquake or volcanic eruption.
- Theft coverage if the private residence is left unoccupied for more 90 days regardless of whether the period of vacancy is consecutive or not
- Loss or damage due to theft by your domestic servants or any member of your family and household.
- Article of which the value is 5% greater than the total sum insured on contents of private dwelling.
- Total value of platinum, gold and silver articles, jewellery and furs exceeding 1/3 of the total sum insured on contents
- Deeds, bonds bills of exchange, promissory notes, cheques, securities for money, stamps, documents of any kind, cash, currency notes, bank notes, manuscripts, metals and coins, motor vehicles and accessories or livestock unless specially declared.
- Theft without actual forcible and violent breaking into or out of the building
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
6. Can I cancel my policy?
You may cancel your policy by giving written notice to us. Upon cancellation, you are entitled to a partial refund of the premium provided you have not made a claim.
7. What do I need to do if there are changes to my contact details?
It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner.
8. Where can I get further information?
Should you require addition information about houseowner/householder insurance, please refer to the insurance info booklet on ‘Houseowner/householder Insurance’, available at all our branches or you can obtain a copy from our agent or visit www.insuranceinfo.com.my
If you have any enquiries, please contact us at :
American International Assurance Bhd.
Personal Lines Division,
Level 25, Menara AIA, 99, Jalan Ampang,
50450 Kuala Lumpur
Tel : 03-2056 2561 / 2563
Fax : 03- 2056 2591
YOU MUST ENSURE THAT YOUR PROPERTY IS INSURED AT THE APPROPRIATE AMOUNT. YOU SHOULD READ AND UNDERSTAND THE INSURANCE POLICY AND DISCUSS WITH THE AGENT OR CONTACT THE INSURANCE COMPANY DIRECTLY FOR MORE INFORMATION.