Home Insurance and Property Insurance
The protection against risks to property, including fire, theft and weather damage is what is generally referred to as property insurance. Property insurance includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance and boiler insurance.
You could say that whilst property insurance is generic, home insurance is specific as it relates specifically to a place of residence and its contents. On the other hand, property insurance is not confined to homes but may include movable items.
Property insurance can cover basic equipment (building structure, furniture, inventory, equipment, and supplies) as well as money and securities, such as loss of revenue or cash in transit, and hard-to-replace records, such as accounts receivable, from damage or loss, some of which are not covered under home insurance.
Home insurance, on the other hand, covers various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at your home. However, it must be borne in mind that a basic home insurance may not cover all of the items discussed here and additional premium may be payable for these items.
Remedies Available When Your Insurance Claim is Rejected
Have you been in a situation where having submitted your insurance claim to your insurer, you subsequently receive a letter from your insurer telling you that the claim is declined (for whatever grounds) or your insurer giving you a less than satisfactory compensation? Or perhaps you have heard of such experiences by someone you know?
Insurance claims rejection (also known as repudiation) is not uncommon. Far more common would be a less than satisfactory compensation offered for the insurance claim. Faced with those scenarios, what remedies are available to the insured / policyholder?
Demand full explanation from Insurance Agent or Broker / Claims Department
If you have an insurance agent or broker who is servicing your account, get their assistance on this matter. Ask them to explain to you why the claim was repudiated. Insurers in Malaysia are required to state their reason/s for a repudiation and if you are unsure of the insurance terms used, your insurance agent might be able to help you. Alternatively, you should write to the Insurer for further explanation on the repudiation or to justify their amount offered for the claim. If the amount offered is not satisfactory, you are at liberty to appeal for a higher amount provided you are able to give good reasons for the same. The Insurer is obliged to give you a written reply upon your written appeal to the Manager / Senior Manager of the Claims Department. Read more