The amount of compensation depends on the basis of the cover:

1. Market Value – It will pay the value of the property insured at the time of damage or loss less due allowance for wear and tear and/or depreciation and subject to the deduction of any excess and amounts which you required to bear under the policy.
2. Reinstatement Value (new for old) – It will pay full cost of repairing the damaged building without any deductions being made for wear, tear or depreciation, provided that the sum insured is adequate to cover the total cost of reinstating the building.

The price you pay will be based on the sum insured, type of building and construction materials used. The insurance premium charged for this policy is in accordance with the Revised Fire Tariff which is regulated by the General Insurance Association of Malaysia (Persatuan Insurans Am Malaysia).

You are required to declare only those articles of greater value than 5% of the total sum insured on the household contents (except furniture, pianos, organs, household appliances, radios, television sets, video recorders, hi-fi equipment and the like).

If you do not insure your property at full value, the average condition will apply and you cannot claim for the full amount of loss. For example, if the full value of the house is RM500,000, and you only insure for RM400,000. If your loss on the property is estimated at RM100,000, you can only get back RM80,000 calculated as follows:

Claim amount : (Sum insured : RM400,000 / Rebuilding cost : RM500,000) X Loss : RM100,000 = RM80,000

You may cancel your policy at any time by giving written notice to us. Upon cancellation, you are entitled to a refund of premium being adjusted on the basis of us retaining the customary short term premium or minimum premium.

1. Notify us in writing as soon as possible to make a claim. You will be asked to complete a Loss Notification Form. Be ready to provide the following basic information:
   • Date, time and place of loss.
   • Brief description of how the loss or accident occurred or how the loss was discovered (provide police report, if available).
   • Information on the degree of involvement of third parties (if any) and the extend of their injury and damage sustained.
   • Brief description of the loss and/or damage.
2. Make a police report immediately, especially if you suspect theft or malicious damage.
3. Take reasonable actions to protect the building and/or contents from further loss or damage and keep damaged items for inspection by our insurance personnel.
4. If a third party makes a written claim against you, the claim should be sent immediately to us. In such an event, you must not admit or deny responsibility for the claim, or negotiate or settle any claim, unless notified by us. We will decide whether to negotiate, defend, or settle any claim made against you by third party.

Just complete the attached proposal form here and send it to us, or your Insurance Adviser, for immediate processing.

If you have a complaint about our product or services, or you are not satisfied with the rejection or offer of any settlement of a claim, you should first try to resolve the complaint with our Customer Service Centre.

If you are still not satisfied with the decision, you can write either to the Customer Services Bureau of Bank Negara Malaysia or the Financial Markets Ombudsman Service (FMOS) (formerly known as Ombudsman for Financial Services (OFS)), free of charge.