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Cover the contents of your home

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FAQ


Does your bank insure your house?

If yes, your bank usually only covers a limited sum insured and perils.

If no, insure your building with it's current construction cost, also known as Replacement Value.


How to insure my house?

Building: Top up your sum insured for your building if it hasn't been fully covered yet. Be sure to insure all renovation costs including extensions. Use the calculator given above to find out!

Contents: Insure your personal belongings by the contents sum insured calculator given above to find out!


How to claim in the event of loss?

Just notify us at ORC! Be sure to present your Purchase Invoice and we'll handle the rest!





FAQ


I have taken a loan to buy an apartment. The financier wants me to buy insurance cover for the apartment, even though I am already paying for the insurance policy taken by the management corporation (MC) on the property. Why must I pay for double insurance? Can I pay for one policy only?

Under the Strata Title Act, it is mandatory for the MC of buildings such as apartments and condominiums to purchase fire insurance policy for the whole building. The individual unit holder is then required to pay to the MC, his/her respective premium portion. If the unit is purchased through a loan, the financiers would also normally require the borrower to obtain an insurance policy for the unit, leading to a situation of double insurance.

However, if you have attained the loan from a bank or finance company under BNM’s supervision, it has been agreed that borrowers will not be required to buy another insurance policy for their apartments or condominiums. Instead, the financial institutions will accept the insurance policy already purchased by the MC subject to certain terms and conditions. If your loan is not from a lending institution under the supervision of BNM, you can negotiate with the institution concerned.

Quote: Bank Negara Insurance Info


If I own an apartment, how will I be compensated under the master policy taken by the MC in the event of a loss?

In the event of loss, the insurance company will compensate the MC as the master policy owner. As the unit owner, you can get your compensation from the MC.

Quote: Bank Negara Insurance Info


What does Master Fire Insurance cover?

The Master Fire Insurance covers building structure and common sharing properties. It does not cover furnitures, renovation, plaster ceiling, appliances or personal effects such as clothing, accessories, jewellery, money & etc.


What type of policy should I purchase to protect the contents?

In order to protect the contents of your apartment, you may purchase the content insurance policy.


How to Insure Contents?

Find out how much to insure your personal belongings by using the contents cost calculator above!


How to claim in the event of loss?

Just notify us at ORC! Be sure to present your Purchase Invoice and we'll handle the rest!