What is the worst thing that could possibly happen to you? Disasters differ from case-to-case, but losing your home and/or your belongings is usually the highest on most people’s list. Many are unprepared for the worst, resulting in frustration and distress. Below are just some of the stories of how the unwary have been hit.
Case Study 1
The most notorious case so far in 2017 was the recent floods in Penang, which have been hailed as the worst in its history. Even Gurney Drive which had never been flooded before was badly hit, proving that anyone can get hit by a disaster when they least expect it.
Thousands of people were affected, millions of ringgit in losses were caused, and some homes were so badly damaged that their occupants became afraid to live there. The Penang government gave RM400 to each family affected by the floods, but the amount is hardly enough to cover the cost of repairs or replacements for what was lost.
This highlights the importance of Houseowner and Householder insurance. The Houseowner plan would allow policyholders to claim for the structural damages on their homes from unfortunate and unexpected events like floods. The Householder plan would allow policyholders to claim back monies to replace home belongings which have been lost or damaged in such events.
Case Study 2
The Penang floods highlight the extent of damage that can be caused by water. However, most people don’t realize that even when their homes are far away from large bodies of water or positioned on high ground, they are still at risk of their homes being flooded. In the event of a burst pipe, serious cases would ruin nearby home belongings, compromise the wiring and even affect the building’s structure in the long run.
The cost of repairing these varies from case-to-case but one thing is clear, the sooner you get the burst pipe fixed, the better. And that’s just one of many cases in which a timely fix can prevent heartbreak. Wiring problems should be fixed before a fire breaks out. Roofing problems should be fixed before the rain soaks through. Here’s why Allianz’s HomeFix insurance can help, not only does it cover burst pipe repairs, it also covers other home repairs and services (e.g. air-con servicing, painting, roofing, wiring, etc) offered by Allianz partners. On top of that, there’s also a domestic help allowance to clean up the place after a big mess or even just to tidy up before a big event.
Case Study 3
While not as large scale as a natural disaster, it’s no less heart wrenching to hear about cases when a major misfortune befalls the breadwinner of the family. On top of mourning their beloved, the family also has to suffer anxiety on what to do about their home mortgage instalments. Where would they get the money to pay for it?
It’ll take some time for the family to find their footing and the bank will not take death or total permanent disablement as an excuse for missing payments. Mortgage Loan Instalment Protection would cover your home in situations like these, providing peace of mind in times of pain and loss, insurance plans such as the from Allianz provides coverage against such contingencies. This plan will cover the victim against banks foreclosing against their homes for up to 6 months.
Case Study 4
Finally, one of the most painful cases is when landlords that get appalling tenants. On top of facing losses when they’re only trying to earn a livelihood, the landlord will have to fork out money for damage on the property and the legal costs if they decide to go after the tenant.
Fortunately, taking into account current events, Allianz has created a Landlord Insurance which covers damage to the property caused by tenants. In addition, policyholders able to claim for certain legal fees (Letter of Demand) twice a year if their tenant refuses to pay rent, not to mention they’re also covered if their tenant runs away.
Insurance programs are sadly often deemed as unnecessary, but they are in fact very important. As such, Allianz has an innovative product designed to give its customers the power to choose what they need. It’s a modular home insurance, which means customers get to personally adjust the plan according to their needs, where the price will be based on how much the customer wishes to be insured for.
Not only will the services rendered to the customer be better than if they were to approach a third party such as a bank, but they also get bigger discounts as they are purchasing the insurance directly from the source itself.
For more information about Allianz and the packages they offer, visit them at Allianz Malaysia.
Image sourced from Malay Mail.
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