You will receive the amount you are covered for if you suffer loss or damage because of a fire, lightning, explosion, theft involving forced entry into/exit from the building, malicious damage, burst pipes, floods and impact damage. You will also receive up to 10% of your coverage amount if you suffer loss of rental after the incident. What's more, we will reimburse you for the cost to clear away debris.
PROTECTING YOUR TREASURED BELONGINGS
You can choose to cover for loss or damage to your home contents as a result of the above mentioned insured perils. This comes with automatic protection on newly purchased items provided that you have notify the company within 30 days.
To ease your financial burden, you will receive financial assistance to cover any out-of-pocket expenses you incurred to cope during the challenging time when your home is unfit to live in.
WORLWIDE COVER FOR PERSONAL ITEMS
You can opt to insure your valuable belongings such as jewellery, gold, watches, camera and handbags, against loss or damage even while you're travelling.
LIABILITY PROTECTION FOR YOU AND YOUR FAMILY
For additional protection, you can choose to cover you and your spouse against any legal liability for bodily injury or property damage experienced by others owing to your negligence.
Sum Insured - Building Cost Calculator
BUILDING COST CALCULATOR (BCC)
If you wish to get the estimated rebuilding cost of your property to estimate the sum insured, you may use the Building Cost Calculator (BCC) on PIAM's website at the following link. http://www.piam.org.my/consumer/industry/building-cost-calculator-bcc/ and complete the questionaires provided. Please inform the Company if you wish to revise the sum insured. Any revision to the sum insured is subject to the Company's approval.
Frequently Asked Questions
1. Why is the Building Cost Calculator (BCC) introduced?
The BCC is introduced to address under-insurance of building Fire and House Owner policies so that policyholders would not be inadequately compensated due to changes on their property value.
2. What is the function of the Building Cost Calculator (BCC)?
The BCC is a tool which provides estimated rebuilding cost based on the information provided by the home owners to estimate the sum insured.
3. What type of property the BCC can be applied?
The BCC can be applied to property such as residential properties and simple shop houses/offices. However, the BCC is not meant for use by individual unit owner of a non-landed property. For properties such as flat, apartment, service apartment, condominium, the BCC is available for use by Joint Management Body of the Property only.
5. What do I do if I want to revise the sum insured after using the BCC?
You may contact your AIA Life Planner or simply write in to the Company to revise the sum insured. However, please take note that the BCC only provides estimated figures and it does not guarantee the actual amount that your property would be insured for.
Like what you've read? This is just a summary of our product. If you want more information, you can view our brochure or contact an AIA Life Planner.
Duty of Disclosure - You must give all the facts in your application form and during renewal, fully and faithfully. You must ensure that your property is insured at the appropriate amount and you should also disclose fully all material facts e.g. any previous claims, occupations etc.
Insured Value/Sum Insured - Ensure your property is adequately insured at all times, and take into account the renovations and enhancements made to your property.
Average Condition - If the amount insured in your insurance policy is less than the rebuilding cost (i.e. under-insurance), you are deemed to be self-insuring the difference. The average condition will apply in the event of a claim.
Responsibility for Purchase of Insurance - If you are buying a property from a developer and the property is under the construction stage, the insurance of the property is the responsibility of the developer. You only need to insure the property upon receipt of vacant possession from the developer.
If there's a loss or damage, please
Notify us immediately
Notify the fire brigade for loss or damage by fire
Make a police report for loss or damage by theft and attempted theft
Submit all supporting documents to us
Cooperate with the loss adjuster appointed by us to assess your claim
For liability claims:-
Do not discuss compensation or admit any liabilities and negotiate settlements with the third part his/her solicitor.
Submit all correspondences received from third party and/or his representatives unanswered to us.
What's required for your application to be approved
This plan is available to Terrace/Semi-Detached Houses, Apartments, Condominiums, Town Houses and Bungalows.
Things that you won't be able to claim from this policy
war, invasion, mutiny, military or popular rising, insurrection, rebellion, revolution, mulitary ir usurped power, martial law or state of seige;
act of terrorism;
confiscation, commandeering, requisition or destruction by the Government or any public municipal or local authority;
nuclear weapons material, ionizing radiations or contamination by radioactivity;
its own fermentation, natural heating or spontaneous combustion;
consequential loss of any kind;
hurricane, cyclone, typhon or windstorm to any buildings in course of construction, reconstruction or repair;
subsidence or landslide.
Liability arising out of:
the Insured's profession or business;
ownership, possession or usage of any lift, vehicle, vessel or craft;
the carrrying out of alterations, additions, repairs or decorations to the premises;
wear and tear, depreciation, gradual deterioration, vermin or from any process of cleaning or restoring any articles;
war, act of terrorism, civil commision and radioactivity;
confiscation or detention by customs of other official authorities;
mechanical & electrical derangement, scratching, breakage of lenses or glass.
Personal Liability Benefit:
liability assumed under contract and/or agreement;
claims against you by your family members, claims made by your employees for accidents arising in the course of employment;
liability in respect of damage to property held under your care, control or custody;
liability arising from the use of vehicles (other than hand-propelled vehicles or pedals cycles not being used for racing) boats (sailing or mechanically-propelled) aircraft or model aircraft owned by or in the custody or control of the Insured or his servant
Note: This list is non-exhaustive. Please refer to the policy contract for the full list of exclusions.