PETALING JAYA: Johan, a senior executive, bought a new home earlier this year and had purchased insurance.
Then, on April 1, the unfortunate incident in Putra Heights happened – and he rushed to check and ensure he had fire coverage.
The coverage, he now says, should be a priority when purchasing a new home.
“As the coverage was included as part of the loan, it makes the repayments more affordable,” the 33-year-old said.
T. Terry agrees.
He had long wanted to buy a house, and now that he has done so, his first priority is to ensure it is protected in any emergency.
“I bought my new place last year and made it a point to have fire coverage. Since it is part of my housing loan, payments are more affordable as well.
“Any protection is better than none, especially since it’s my first home,” said the 36-year-old analyst.
The fire insurance as part of the housing loan is quite affordable and definitely less than RM200 annually, says communication consultant Astrid Lye, 42.
She is, in fact, considering having additional coverage for the high-rise unit she bought this year.
“I understand there is a master fire insurance policy that will be bought by the management. Since this property is still relatively new, I am waiting for more information on the coverage.
“Protection is a vital part of any real estate investment so the owner won’t be saddled with unplanned or additional expenses later if any accidents occur. It’s for our peace of mind,” she said.
Malaysian Institute of Estate Agents president Tan Kian Aun said there should be more education and awareness about insurance coverage.
“Coverage should not only go towards reconstructing the property but also the cost of damages, the financial cost of temporarily renting a place or relocation, among others,” he said.
He also proposed other types of coverage, like landlord insurance to cover loss of rental income, damages by the tenant and other possible liability issues that may arise from the tenancy.
