Malaysia Insurance Law - Property Insurance Law - Householders policy restrictions

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INSURANCE LAW - Property Insurance

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Policy Restrictions

Applicable To Certain Contents Only

Although the Householders policy does not require you to identify each and every item in your home, certain restrictions apply :

The total value of platinum, gold and silver articles, jewellery and furs must not exceed one third of the total sum insured on contents. For example, if the total sum insured of everything in your home is RM50,000, the value of these items must not exceed RM15,000. If these items do exceed the limit, inform your insurers accordingly.

Note that platinum, gold and silver articles do not only refer to jewellery but also items such as a gold watch, silver ashtray, etc.

Any item exceeding 5% of the total sum insured on contents must be itemized separately. For example, if the total sum insured is, say, RM50,000, any item above RM2,500 must be listed. Otherwise, in the event that item is stolen or destroyed, the most that will be paid to you is RM2,500.

Note also that items such as deeds, bonds bills of exchange, promissory notes, cheques, securities for money, stamps, documents of any kind, cash, currency notes, bank notes, manuscripts, medals and coins, motor vehicles and accessories or livestock are all not insured. If you wish to insure any of these things, declare them separately to your insurers.

The householders insurance also does not cover any part of the building structure or ceiling, wallpapers, as these should be covered under the houseowners policy.

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