House - Building & Contents insurance (IMPORTANT Info)

If your house is under 2 or more joint names, it is important to
ensure that the Insurance (regardless building or contents insurance)
MUST include ALL parties name in the insurance policies. Failing to do
this, will allow the insurance company to limit their liability in the
event of a claim.

Example 1: House is under Husband and wife joint names.
Loan with bank is taken under Husband name only. In most cases, the
fire insurance policy will be issued under ONE name, ie Husband name
only. In the event of a fire claim, the insurance company has the
right to pay 50% of the insured value as the ownership belongs to 2
persons. So in the event of a claim of RM100,000, you may be paid only
RM50,000!!

Example 2: House is under 2 or more names.(eg-4names)
Even if there is no loan with the bank, most policies are issued under
1 name, the person who is in charge for the insurance. In this case,
the insurance company will limit its claims to only 25% of the sum
insured.

Remedy:
You can inform your insurance agent/company to amend the name to
include your spouse or other name individually. OR some company may
accept-
" Mr Benny Ng & 3 others".

It is important to inform your insurance company NOW to avoid any
arguements.