Condo Insurance also known as home insurance covers the building against fire, pipe burst and other related risks. It usually protects the outbuilding of the condo including the roof and siding as well as the common or shared areas such as the hallways, swimming pools and so on.
In this case, JMB/MC and building managers play a significant role in keeping the building well maintained and ensuring the community’s general safety by having a comprehensive insurance plan to reduce the financial risk. You may get certain rebates from your insurance provider however apart from rebates, do you know what are the key factors which may help you to optimise your insurance coverage and help save money?
Let’s check out on the tips that can help you save up to RM20,000!
3 Tips for JMB/MC to Save Up to RM20,000 In Condo Insurance
1. Ensure Your Condo Is Well Equipped With Safety Equipment
More discounts/rebates would be given to buildings which are equipped with adequate safety equipment in accordance with the industry standards.
Buildings should include safety measures by having a complete Fire Fighting System which is the significant element to ensure residents’ safety. The installation of the equipment should adhere to the guidelines and procedures highlighted by the Fire and Rescue Department of Malaysia. Numerous fire cases are due to human error as they are unsure on how to prevent the spread of fire by using the equipment provided in the building.
Besides that, a security guard is a must to protect the building from any theft or burglary cases. As shown below, these are the safety equipment that should be installed in the building to reduce the risk of fire.
Complete Fire Fighting System:
2. Do Ensure You Are Not Over Insured For Your Condo Insurance
From your perspective, if being under-insured can put life at risk then does being over-insured consider to be good? The answer is not really. Believe it or not, there is such a case as being over-insured.
Do make sure the sub-limit of flood and subsidence & landslip with deletion of exclusion (a) is not over-insured. Purchase the sub-limit on when it is necessary.
*For reference purposes only. Do seek advice for further clarification.
a) If the condo is located at a hill or does not have a car park basement, then flood coverage may not be necessary to be added. This is because this type of scenario is less likely to occur but concurrently, you would need to fork out higher premiums due to the additional extensions that you have added.
b) If the condo is located in the city and not surrounded by trees, then it is not necessary to be insured under the damage of falling trees or bush lalang fire.
c) If the condo does not have a parameter wall and swimming pools inside the building such as a service apartment, then it is not necessary to purchase the sub-limit for subsidence and landslip with deletion exclusion (a).
On the other hand, performing revaluation on the building every 5 years would be another alternative that can be considered to avoid being over-insured which helps to obtain an accurate building sum insured.
At the end of the day, do examine the features of the additional coverages closely according to the need of the building before adding them to your policy.
3. Avoid Making Numerous Minor Claims
We are not saying do not make a claim when an accident takes place. However, it is extremely important to put in place preventive measures to ensure the occurrence of accidents can be minimised to the most. In some circumstances, making claims may cause your insurer to increase the premium rates. Whereas, making multiple claims may even cause your insurer to terminate your policy and affect the building claims record which may seem noticeable to most of the insurers in town. Bear in mind that, you may not get a competitive premium after this.
Most policyholders do not realize that filing an insurance claim may have long-term ramifications, not just with their current insurers but with other carriers. It can also affect their ability to switch policies and to get approval for new policies with other insurers in the future.
From our experience, if you are able to take into account the 3 golden tips above, the savings in condo insurance may amount to RM20,000 or potentially even more.
Definitely worth considering!
Kindly, seek advice from us if you are unsure on your current plan – We are always ready to help!
Besides helping to save on your premiums, PolicyStreet does offer a wide array of exclusive benefits. Check them out!
|Price Match Guarantee||We refund any difference if the JMB/MC is able to obtain a cheaper quote subjected to the terms and conditions of our Price Match Guarantee.|
|Unbiased Advisory and Recommendation to achieve savings up to 15%||At least 3 to 5 leading quotes will be presented for comparison purposes.|
|Online Claims Services||Provides a hassle-free online channel for residents to notify and submit claims at any time.|
|Saving up to 10% with Combined Home Content Insurance||Get up to 10% savings if you add Home Content Insurance as an additional coverage which provides protection for the interior part of your condo.|
|Dedicated Account Manager||Dedicated insurance specialist to support your post-sales and claims services.|
|FREE Building Revaluation Service||According to the strata act, you are required to insure at least the Reinstatement Value of the building based on the valuation report. The Reinstatement Value would be obtained from the registered valuer at least once every five years.|
*The above is subjected to the terms and conditions.
Selected Perils Under Fire Insurance
Comprehensive Insurance Packages
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