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Guide to Choosing Home Insurance In Malaysia



It is time for you to step into adulthood. To start planning for your future and to start a family of your own soon. You start looking at different websites to do your research on buying a house in Malaysia. In addition, there are many schemes available out there for home buyers. You can also use a loan calculator Malaysia to determine if you can afford to buy a house by knowing the estimated mortgage repayments you need to bear after buying yourself a property. Once you bought your house, it is time for you to look into home insurance to protect and safeguard your home against damage.

Many people neglect the importance of having home insurance and therefore overlook the need to purchase one home insurance. Getting home insurance not only gives you security but it also ensures that your home will be taken good care for the coming years. That being said, you should look out for the best home insurance that suits your need as there are many different kinds of home insurance available in the market. This article will guide you through the way in choosing the right home insurance.

1. The economic

In other words: frugal or thrifty. But let us just use the term ‘economical’ here. Are you the kind of person who counts every single cent you use carefully just to ensure you do not overspend and at the same time, get the best out of what you have spent? Do you save as much as you can every month? If yes, you are classified as one of the economical homeowners.

In this case, a homeowner policy will suit you the best as it provides protection to your home without breaking your wallet or bank account. A homeowner policy will give you sufficient coverage for your home against any possible external damages. Although it is not the cheapest insurance available out there, as the basic fire policy is cheaper than the homeowner policy, a homeowner policy provides more coverage than the basic fire policy, such as flood or burst pipes depending on the homeowner policy.

The basic fire policy will cover only the costs of damages to your property if and only if the damages are done by fire, explosion or lightning. That being said, damages done by other external factors to your home is not insured and you will need to fork out extra money from your own wallet to fix the damages. This will actually cost more than the homeowner policy in the future if there is an uneventful situation takes place.

It is advised that you add a mortgage loan instalment protection to the home insurance if you are currently paying for the home loan, in case of any uneventful situations where you might need to move out from your house due to events(insured), such as death or permanent disability.

2. The newlyweds

Newlywed homeowners are couples that have just gotten married and assuming that they are both first-time homeowners, they would most probably be sharing the costs of having a home. If the pair of the couple are both working adults, they will then be able to afford more complete home insurance with greater coverage to protect their house.

It is recommended to buy home maintenance coverage along with the house owner policy if you are not accustomed to home maintenance and tool boxes. A home maintenance coverage is important as it insures against other external damages that might happen to your property such as damaged electrical sockets or broken pipes. It is always a good choice to engage with professionals to get the damages fixed than to repair them on your own. After all, it is better to pay extra to get your house insured and protected than to risk losing your home.


3. The collectors

Are you a fan of collecting antiques, paintings, furniture or even expensive handbags and watches? If yes, you are classified as one of the collector homeowners where you collect many valuable items. If you have any items that you think require extra insurance in case of any uneventful situation where they are stolen or damaged, you might want to consider buying a householder coverage on top of your houseowner coverage.

With these combined protections, you will never need to worry about the costs of damages to your house and losing any valuables at home in case of natural disasters, burglary or maybe a fire.

4. The landlords

Next come the landlords, which is very straightforward. If you are a landlord renting out your unit, you should definitely get yourself a landlord insurance policy on top of the basic houseowner policy. The landlord insurance policy will insure the damages on your property that is caused by your tenants, liabilities and loss of rental income just in case your tenants decide to go missing on you. Just top up a landlord insurance policy on top of the home maintenance policy that you bought earlier to give yourself peace of mind as you know you will be in good hand if you need any property’s maintenance.


In conclusion, make sure you choose the right home insurance according to the type of homeowner you are. Assess your needs before deciding which home insurance to get. You can check several home insurance and decide which suits you the best. Do bear in mind that it does not mean the more expensive the better. Find home insurance that suits your needs best and of course, home insurance that fits your budget. 

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