ING Home Insurance

householder & Content Insurance

Insurance For Residential Property
There are three types of policies that you can purchase to protect your home and its contents.

Basic Fire Policy
This policy provides coverage for building and/or the contents and it covers loss or damage caused by fire, lightning or explosion by gas used for domestic purposes.

House Owner Policy
This policy provides you with coverage for your building only and it covers loss or damage caused by fire, lightning or explosion caused by gas used for domestic purposes including flood, bursting of water pipes/tanks, aircraft damage, storm, earthquake and theft.

House Holder policy
This policy provides you with coverage for your household contents only and it covers loss or damage caused by fire, lightning or explosion caused by gas used for domestic purposes including flood, bursting of water pipes/tanks, aircraft damage, storm, earthquake and theft.

It is advisable to insure your residential buildings under the Houseowner policy and your household contents in the Householder policy.

If your property (buildings) is under financing, you will be requested to take up a Houseowner policy and beside this policy, the financier will also required you to take up a mortgage reducing term assurance (MRTA) policy to cover the financier interest. For more information on the MRTA policy, you will need to refer from our Mortgage Division.

Important points to note when buying insurance for your property applicable to Fire and Houseowner/Householder insurance:

House Owner
• Insured value - You are to ensure that your property is adequately insured at all times, taking into account the renovations and enhancements made to your property. The sum insured should cover the cost or rebuilding your property in the event of loss/damage.

If your property is under financing, you should ensure that the financier has taken adequate cover. In normal circumstances, the coverage arranged by the financier will be for the amount of loan taken. You may, therefore, want to take up a separate insurance cover for the balance of the amount.

For contents, ING pay the value of a brand new item under reinstatement basis or on a depreciated value of item lost under the replacement basis.

• Strata-titled properties
- Master policy and individual certificate of insurance
If you own a strata-titled property, e.g. an apartment, the company managing your apartment (known as Management corporation (MC)) is required to take up insurance under a master policy. You must ensure that you get a copy of your individual certificate of insurance for your property to check the coverage taken up under the master policy by your MC.

- Property under financing
If your apartment is under financing, the financier may require you to purchase another houseowner policy to cover the loan taken. This will result in double-insurance. However, if your property is financed by a bank or finance company under the supervision of Bank Negara Malaysia (BNM), it has been agreed that your financier will not require you to purchase another insurance policy but it will accept the insurance policy purchased by the MC as evidence of insurance for your unit. However, the MC needs to comply with the terms and conditions required by the lending institution e.g. the insurance covers the minimum risks such as fire, subsidence and landslip.

ING House Holder policy (inclusive of the All Risks policy)
• Basis of compensation - You should decide on the basis of compensation of your householder policy, whether it is on reinstatement or replacement value. You will be compensated with the value of a brand new item under reinstatement basis but on the depreciated value of item lost under replacement basis.

• Specific declaration of each item You must specifically declare each item to be insured under the policy to ensure that you get the full compensation in the event of loss/damage. It is advisable to also keep receipts of items insured, if available.

Duty of disclosure - You should disclose fully all material facts in the proposal form. When in doubt as to whether a fact is relevant or not, it is best to ask ING or its agent. If you fail to disclose any material fact, ING may refuse to pay your claim.

Premiums - The pricing for the premiums computation will have to depend on the type of policy selected, the charges is in accordance with the Revised Fire Tariff governed by PIAM (Persatuan Insurans Am Malaysia). The rating is based on the type of building and construction materials used.

Coverage
This package is specially designed to take care of all the insured’s needs within one policy.

Section 1 HOUSE OWNERS INSURANCE Covers the Insured Private Dwellings (buildings) against loss or damage by the following perils (Standard Coverage):

- Fire and lightning
- Explosion
- Impact by aircraft or third party road vehicles
- Theft evidence of forcible and violent entry or exit has to be proven
- Bursting or overflowing of domestic water tanks, apparatus or pipes
- Storm, earthquake and flood

Additional Perils (if required, additional charges will be imposed) . They are:

- Riot, strike and malicious damage
- Subsidence and Landslip
- Alteration and Repair Clause

Section 2 HOUSE HOLDERS INSURANCE Covers the insured contents in his/her house against loss or damage by perils similar to the Houseowners insurance.

Section 3 ALL RISKS INSURANCE Covers the insured jewellery and valuables against fire, theft and accidental loss or damage both in the home and elsewhere in Malaysia and Singapore. Temporary visits overseas are also covered.

Purchase receipts and/or other means of establishing value documents are required to be submitted before cover commence.

The following ARE NOT covered:
• Wear and tear, depreciation, gradual deterioration, loss or damage caused by moth, vermin or from any process of cleaning or restoring any articles.
• War, civil commotion and radioactivity.
• Confiscation or detention by customs or other official authorities.
• Mechanical & electrical derangement, scratching, breakage of lenses or glass.

Note:
a. Handphones, laptop, notebooks and watches are excluded unless approved by the Company.
b. To provide list of valuables insured together with the purchase receipts/invoices or other means of documents to establish the values before cover commences.
c. Maximum acceptance is RM50,000 with limit of RM5,000 per item provided a list of the valuables is declared.

Acceptance of this ING Personal Package is based on the building construction of Class 1A, 1B and 2 only.

Definition of building construction:

Class Walls Roof

1A Bricks/Concrete Tiles/Concrete/Zinc/Asbestos

1B Partly Bricks/Concrete with Zinc/Metal Tiles/Concrete/Zinc/Asbestos

2 Partly Bricks/Concrete with Timber Tiles/Zinc/Asbestos

Section 4 PERSONAL LIABILITY INSURANCE Covers the insured and the insureds family living with you against claims for personal negligence committed in Malaysia or Singapore, e.g. causing an accident whilst cycling, playing games or due to defects in your dwelling.

Jurisdiction: Malaysia & Singapore

Additional Golfers Extensions: Cover the insured and/or the insureds spouse against any misfortune or accident whilst at any golf course in Malaysia and Singapore. In addition, the following are included:
- Loss or damage to golfing equipment/golf clubs not exceeding RM4,000.00
- Loss or damage to personal effects not exceeding RM1,000.00
- Hole-in-one award of RM1,000.00

ING 1Home Contents Package

Section 1 HOME CONTENTS

This is an annual policy that provides cover for your household goods and personal effect against the following perils:
- Fire and lightning
- Domestic explosion
- Impact by aircraft or third party road vehicles
- Theft accompanied by actual forcible and violent breaking into or out of a building
- Bursting or overflowing of domestic water tanks, apparatus or pipes
- Windstorm, hurricane, cyclone, typhoon
- Earthquake, volcanic eruption
- Flood
- Riot, strike and malicious damage
- Landslide and subsidence

You are also covered:
1. Property temporary removed from the house but within Malaysia up to 15% of the total sum insured.
2. Fatal injury by fire or thieves up to RM10,000.
3. Damage to mirrors up to RM500
4. Servants property (clothing & personal effects other than cash, currency notes, bank notes and stamps) whilst in the house up to 5% of the total sum insured.
5. Loss of rent or rental incurred caused by the insured perils up to 10% of total sum insured.
6. Liability to the public up to RM50,000

Section 2 EXTRA BENEFITS

1. Cash at Home - ING shall indemnify you against loss of cash at home due to the Insured Perils covered under Section 1.

2. ATM Cash - ING shall indemnify you against loss of cash as a result of ATM withdrawal, under threat by burglar following a break-in to the house.

3. Cash Relief Fund - ING will pay the Insured a lump sum payment for all losses suffered as a result of snatch theft and the claim under this benefit is limited to one (1) claim per policy period.

4. 24 hrs worldwide Personal Accident cover - Accidental Death - this benefit is payable upon the death of the Insured as a result of an accident and which occurs within 90 days from the date of accident. Medical Reimbursement- ING will reimburse for all the medical expense incur as a result of bodily injury caused by accident.

5. Personal Liability - ING shall indemnify the Insured against all legal liability to the public in respect of property damage or bodily injury.

Major Exclusions Which Are Strictly Not Covered: War, invasion, mutiny, rebellion, martial law risks, pollution, contamination or ironizing radiations risks Nuclear weapons risks and act of terrorism.