Home Insurance | GREAT Home 360

1. What is GREAT Home 360?

GREAT Home 360 is a fire insurance that provides you with first loss coverage for loss or damage to your home contents as well as building and renovation solely used for residential purposes against various perils mentioned in Question 4 below.

2. Who is eligible to purchase GREAT Home 360?

GREAT Home 360 is open to all residential home owners, including both landed properties and high-rise properties.

3. What is First Loss coverage?

First Loss coverage means the sum insured of your home contents and building is arranged based on an amount below the full value of the items insured and you will not be penalized for under-insurance. For avoidance of doubt, betterment and depreciation are not applicable.

There is no need to declare the value of your house and details of your home contents during the purchase.

For better clarity, please refer to a sample scenario comparison between full value and first loss claims.

Note:

i. Betterment - enhancements made to a property or asset during the repair process that increase its value beyond its pre-loss condition.

ii. Depreciation - the loss of value over time and can be impacted by age, disuse and condition.

4. What are the perils covered?

This policy covers against any loss arising from fire, lightning, explosion, aircraft damage, impact damage, bursting or overflowing of water tanks or pipes, hurricane, cyclone, typhoon, windstorm, earthquake, volcanic eruption, flood and housebreaking or theft by forcible entry, robbery and hold up. This policy also provides worldwide all risk cover to home gadgets and unspecified contents based on the limits specified.

5. Can I include other perils to my cover?

Yes, you may include riot, strike and malicious damage, subsidence and landslip and/or plate glass to cover your home contents and building by paying additional premium.

6. What is all risk cover for home gadgets and unspecified contents?

All risk cover means coverage or protection against any risks and accident that causes loss or damage to your home gadgets and unspecified contents, up to the limits below.

Home gadgets and other unspecified contents are part of the limit of Section A1 – Household Contents. Using Plan 1 as an example, if you have claimed home gadgets and other unspecified contents in full, the balance for other household contents will be RM25,000 – RM2,500 – RM625 = RM21,875. You are encouraged to purchase the plan that will adequately cover your belongings.

Definition:

• ‘Home Gadget’ means portable household gadget(s) including computer, notebook, cellular phone, smartphone, smart watch, tablet and any smart devices belonging to you.

• ‘Other Unspecified Content’ means any item(s) that are not part of household contents such as but not limited to groceries, food items, decorative items, reading materials, musical instruments, fitness equipment, and personal effects, but excluding deeds, bonds, bills of exchange, promissory notes, cheques, securities for money, stamps, documents of any kind, cash, currency notes, banknotes, manuscripts, credit card sales vouchers, medals and coins, motor vehicles and accessories and livestock.

7. What happens if my home gadgets are no longer available in the market?

We will assess the home gadget value at the time of loss or damage and evaluate with the lowest proximate closest model to assess the claim amount as per sample scenario below.

Note:

i. Betterment - enhancements made to a property or asset during the repair process that increase its value beyond its pre-loss condition.

ii. Depreciation - the loss of value over time and can be impacted by age, disuse and condition.

8. Can I purchase any additional coverage under this policy?

You may opt to cover your valuable items such as platinum, gold, silver articles, ring(s), furs, jewelleries, watch(es) and handbag(s) by declaring the items. This will be a worldwide all risk cover and additional premium will apply based on the declared sum insured of the valuable item(s).

9. Why do I need this policy when my home is already insured under the mortgage fire insurance with my bank or other insurance company?

The mortgage fire insurance usually only covers the building structure, permanent fixtures and fittings. Improvements and additions to your home, your household contents and personal belongings may not be covered.

10. Why do I need building structure under this policy since it is already covered under my mortgage fire insurance?

On top of the household contents, having GREAT Home 360 will also protect you against potential underinsurance on your building as the market value of your building may have appreciated over the years but your sum insured on mortgage fire insurance may not have been adjusted. In the event of a claim, we encourage you to contact us first to ensure you optimise the coverage of this policy with us before you claim from your mortgage fire insurance.

11. What are the unique features under GREAT Home 360?

GREAT Home 360 provides you comfort of first loss coverage for your home contents and building as well as worldwide all risk cover for home gadget and other unspecified contents other than electronics and furniture. You are also entitled to Home Assistance Program for example, emergency locksmith service, electrical assistance and others specified in the policy. If your home is installed with solar panel, you will be entitled to preferential premium as our token of appreciation for supporting the green initiatives. In the event of electricity outage arising from damage to your solar panel due to covered perils, you will receive an inconvenience allowance for electricity usage from national grid as specified in the policy.

12. Which hotline should I call for the emergency home assistance services?

You may call the service provider, Europ Assistance Services (Malaysia) Sdn Bhd ("EA") for this emergency home assistance services at the 24/ dedicated hotline mentioned in the policy schedule. We reserve the rights to revise, change and cancel any of the provisions of this home emergency services at any time by giving you thirty (30) days' written notice to your address last known to us. Please note that the service may not be available 24/ in all areas (i.e. rural areas), however EA will strive to provide the next best solution.

13. How do I make a claim in the event of loss?

Notify us immediately and deliver a claim in writing within thirty (30) days from the date of loss.

14. Can I cancel the policy?

You may cancel your policy by giving written notice to us. Upon cancellation, you are entitled to a refund of the premium for the unexpired period of insurance provided you have not made a claim, calculated based on our usual short-term rates, subject to retention of a minimum premium.

15. Do I have to pay any Excess for this policy/product?

Yes. Excess means the amount you are to bear for a claim before we pay. The amount is stated on the policy contract.