|Home insurance is not important. It is just another hidden cost in the expense of owning a home.||
Burglaries, accidents or damage to one’s home can happen to anyone at any unpredicted time. Getting an insurance policy for your home and its contents could protect your financial interest should anything goes wrong.
|Home insurance is only for apartments, condominiums, or rented buildings.||
For flats, apartments, and condominiums, it is compulsory for the management corporation (MC) of the building to ensure that the whole building is insured against fire. However, the contents of your unit will not be covered, so if you want to protect your own household contents, you can consider household insurance coverage, such as the content-focused insurance policy.
|I don’t need to review the value of my home insurance.||Persatuan Insurans Am Malaysia (PIAM) recommends house owner to conduct a yearly review the value of their property and belongings before renewing the policy to avoid under- or over-insurance.|
Source: Ringgit Plus - 5 Home Insurance Myths You Need To Stop Believing
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