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HOME INSURANCE: HOUSEOWNER INSURANCE (UNDERWRITING CONSIDERATIONS FOR…
HOME INSURANCE: HOUSEOWNER INSURANCE
WHAT SHOULD HAVE IN THE POLICY?
Preamble part
body part
closing part
concept
insured - insurer (premium, protection)
PERIOD OF INSURANCE COVERAGE
not exceeding 12 months from 15 days
houseowner insurance
SECTION 1 -LOSS OR DAMAGE TO THE BUILDINGS
SECTION III - OTHER CONTIGENCIES
SECTION 1: BUILDING
the company will indemnify the insured against loss or damage caused by any above mentioned perils to the buildings of the private dwelling house
private dwelling refers to buildings or flats and apartment
extended perils( building only) : loss or damage by hurricane, cyclone, subsidence or landslip except when this is occasioned
SECTION 3: OTHER CONTINGENCIES
rent insurance
liability to the public
insured : legal cost and expenses recoverable from insured or spouse by any claim
uninsured: all legal costs and expenses which are not incurred in or recoverable in malaysia.
GENERAL EXCEPTIONS
general exception 1 : excluded perils
general exception 2 : excluded risks
general exception 3 : consequential loss
UNDERWRITING CONSIDERATIONS FOR HOUSEOWNER'S INSURANCE
claim history, residence characteristic, personal characteristic occupancy
location
credit score
claim
the amount of coverage
conditions, materials and age of the home