Allianz wants to pay for home aircon servicing

KUALA LUMPUR, 21 July 2017:

Allianz Malaysia Bhd wants to return cash regularly to home insurance customers so that its customers become persuaded such policies see real returns – instead of the rather rare big sum claims of fire or other tragic incidents.

With this focus, the firm has launched three new add-ons – which become effectively free as customers taking up the trio of options can enjoy up to 30% discounts on the home insurance policies.

“Our Home Fix modular policy, for example, allows claims on burst pipe repairs and even when you service your airconditioners,” said chief operating office Sean Wang.

Another optional add-on is the landlord insurance to cover repair costs for damage by unruly tenants, and include handling demand letters for unpaid rent.

The third add-on is the mortgage loan protection – which offers compensation if a mortgaged home has to be temporarily vacated (up to six months).

“We also want customers to realise their homes are badly under-insured while the mortgage isn’t paid off yet,” said chief executive officer Zakir Khir.

“Home values go up over time and compensation can be inadequate if the policy value remains at what the loan amount was over 10 years ago.”

This is why, he added, the home insurance policy has been revised by Allianz to allow customers to opt for higher coverage compared to the annual insurances taken by banks on behalf of borrowers.

“Nobody can force you to take up home policies, not even the banks. You can get your own and we’ll inform the bank so you’re not charged twice.

“For the banks, their focus is to ensure they get back the loan amounts. But for a home owner, it is important the insurance payout is enough to rebuild what is lost.”

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