Numbers don’t lie. There are certain things which happen very often and other things which don’t. It’s the basis of how we make reasonable estimations on what might happen and what we can do to prepare for it. The likelihood of something happening and the magnitude of that event is our incentive to take suitable measures. In order to protect ourselves and our homes, we did the digging and are bringing to your attention the top 5 increasingly common home concerns to consider according to the numbers.
Dangers of Fires
Did you know that there are 6,000 premises destroyed by fires in Malaysia every year? That’s basically 500 buildings lost to fires every month. Most major fires could have been controlled if it weren’t for lack of awareness of what to do in the initial stages of a fire. Small fires, which go undetected or were not dealt with quickly enough, can result in damages severe enough to have an entire home burn down.
Even when you do everything right, the fire can still go out of control. Which is why it’s important to have the right protection. Not just fire alarms and fire extinguishers, but also HouseOwner Insurance to repair or even rebuild your home.
Fighting Against Burglary
In 2017, there was a shocking total of 8,373 property crimes and that’s already an incredible improvement from 12,287 cases in 2016. The internet buzzes with information on the best kind of security cameras, alarms and lock systems to prevent break-ins. However, some burglars are still cunning enough to find a way past all the deterrents that are set up.
Burglars will find a way to block cameras, cut alarms off, and break in windows if they can’t pick the locks. This is why you should protect your home valuables with HouseHolder Insurance. This way, if any of the protected items are damaged or stolen due to break-ins, you’ll be able to repair or replace them.
Serious accidents are a lot more common than most people suspect. Even if we only considered transport-related accidents, they were already the 4th largest cause of death in Malaysia in 2016. This does not include fatal accidents that happened at home, at work, and anywhere else (within Malaysia that is).
There is no denying the pain of when tragedy strikes a loved one, but it’s made that much more unfortunate when the family home’s mortgage is dependent on their income. It’s reasonable to expect that the family would need time to make new arrangements but not being able to pay the mortgage installments would put their home at risk.
Hence, it’s good for those who have home loan obligations to look into Mortgage Loan Installment Protection. Helping the victim’s family in their time of most need, Allianz can cover their mortgage installments for up to 6 months during their time of crisis.
Maintaining Your Home
Whether it’s bought or rented, your home is your safe haven so of course you would want it to be pleasant to stay in. Yet should anything happen, we are poorly equipped to handle it ourselves. Malaysians have some of the longest working hours in the region, which makes it difficult to find the time to get down and dirty with DIY (or even pick up the skills to begin with).
Malaysians are definitely a key contributor in why market research analysts from Technavio are forecasting that the online on-demand home services market will grow at a shocking compound annual growth rate of 49% globally. According to Forbes, this isn’t just limited to Millenials either, Baby Boomers and Gen X are also see the convenience of low-cost, easy to use platforms which allow access to a wide range of professional services.
These benefits are a strong reason why Allianz has partnered up with local home service providers to provide HomeFix. Burst pipes in particular are a strong concern as the water can ruin wiring and electric appliances. Even in a scenario like a break-in, HomeFix means being able to cover the repair or replacement of doors, locks and/or windows.
When Property Investment Goes Wrong
After all the discussion on living arrangements, there are also those who view property as sources of income. These individuals buy property for the sole purpose of renting it out, with some even make it a full-time job. Even if you don’t plan to make it a full-time engagement, given the recently announced 50% tax exemption on rental income received not exceeding RM2000 per month, there’s likely to be a lot more casual landlords in the near future.
Those who are newer to the game might not know of the woes that more seasoned landlords have gone through. The biggest fear faced by many landlords is picking the wrong tenant; one which refuses to leave after their lease expires, or runs away without paying rent, or even trashes the place and does serious damage out of spite.
Even if landlords screen their tenants carefully and ask for references, there’s no 100% guarantee that the tenant will be as good as their first impression. They might be lie and provide fake references, or they might even start out as good tenants but turn malicious later on for any number of reasons.
Therefore, it’s worth considering Landlord Insurance regardless of whether you’re a full-time or casual landlord. The benefits would include covering tenant runaways, malicious damage caused by tenants, as well as partial legal fees (ie issuing letter of demand).
What You Need to Know About Allianz
The above scenarios are seemingly uncommon to the typical Malaysian, but are all a lot more common that you think. But if you were overwhelmed by the many different types of insurance needed to protect your home, worry no more. Allianz’s Smart Home Cover is a customizable home insurance product that allows you to pick and choose the coverage that you need.
You just need to pick a base (either HouseOwner or HouseHolder, or both!) and then add on the other protection components that are right for you. Even better, the more protection you get, the more savings you get so that everyone is able to protect themselves affordably. With savings of up to 30% below the market price, subscribers can now get amazing service with a dedicated agent serving them, and customise their protection package to get only the protection they want.
Are you prepared for the worst if it happens to you? Protect yourself and sign up with Allianz now.