Home Insurance

Do I still need the home contents protection for this insurance plan if I have already purchased a “Fire Insurance” policy covering the physical structure to the premises ?

There are two different types of policy. The physical structure to the premises under the “Fire Insurance” policy only covers the building structure such as walls, windows, ceilings, floors, pipes and initial building fixtures and fittings. Cause of damage to the building structure from fire risk peril and other specified risk perils can also be covered by “Fire Insurance” policy. The home contents protection for this insurance plan covers household property items such as furniture, electrical appliances, altered fixtures and furnishings, as well as personal belongings possess inside or outside the premises.

Is the depreciation rate included in the calculation of compensation?

The compensation for this plan is based on the purchased value of home contents against any accidental loss or damage. In other words, the insured does not suffer any economic loss due to the reduction of depreciation upon compensation.

Would the claimant be compensated if the insured and / or his spouse are injured attributed to fire or burglary accident?

Compensation for medical expenses incurred can be made to the claimant if the fire or burglary accident happened resulting in death ( within 3 months after the onset of fire of burglary ) or permanent disability of the insured and/ or his spouse directly.

How do I determine the adequacy of insured amount for my home contents and physical structure to the property protection?

In general, the insured amount for home contents protection should be adequate to cover the cost of re-purchase of household property.  The insured amount for physical structure to the premises protection should be adequate to cover the cost of reinstatement of the building.