bakedbean

Here's a question for condo unit owners in Malaysia.

I'm just reviewing my insurance policies, which is slightly complicated by the fact that I'm going to be moving out of my owned unit and moving into a rental. Obviously I'll be needing Home Contents Insurance. My home contents will be mostly moving with me.

My question is about Condo insurance. There is generally (and my building has it) a blanket insurance for the whole condo building to cover Lightning strikes, Fire, Flooding etc etc. Is this enough cover? What do you condo unit owners have for cover? Do you buy extra cover?

I'm thinking of a possible scenario where, say, a pipe leaked in the unit above. Water damage to my unit ruining kitchen. I am thinking logically that this would not be covered by the Condo insurance. Why would it?

Your thoughts please.

JC3

Hi BakedBean,

Ask a simple question....get an essay...

If you’re renting a condo or a house, your landlord is responsible for the building and any fixtures inside it (except the tenants’ possessions).

In the event of flood damage from above (an over-running bath for example) then the owner of that condo is responsible for paying for the damage caused.

Ideally your landlord should take out a specialist insurance policy designed for landlords, that typically includes building cover and a small amount of contents cover for his stuff such as beds, rugs, curtains, sofas, TVs etc.

If there is a lot of furniture etc. the landlord needs extra contents cover.

A specialist landlord’s policy should also provide cover for loss of rent and/or accommodation costs, and storage of furniture should you, the tenant, have to move out after an insured event such as a fire or water damage. Some policies will also cover the landlord if tenants cannot get access because of damage to neighbouring properties.

You, the tenant, need to take out contents cover for your own possessions (for flood, fire, theft etc), and ideally ensure that it includes accidental damage cover for any damage caused by you to the landlords furniture, fittings etc.

In Malaysia I think many (perhaps most) landlords won’t have / don't want to buy appropriate insurance cover – so it’s worth checking before signing the Tenancy Agreement.

If there is no specialist landlords policy, then think about putting an appropriate clause in your Tenancy Agreement regarding who pays for what in the event you have to temporarily move out following flood, fire etc. at your condo, or at a neighbouring condo.

Something else to think about is what happens if it is you that manages to flood the kitchen damaging the flat underneath. The landlord should pay up (i.e. his insurance should pay) , but if he doesn’t have appropriate insurance cover, don't be surprised if he expects you to foot the bill.

JC3

bakedbean

Thanks JC3. As usual, I probably haven't explained myself very well

I know I can get Home contents insurance for my furniture, etc which will be moved to my rental home.

My query is regarding the condo unit that I own, which will be empty (unless I get a buyer).

I've asked the same question on farcebook. One insurance guy who used to post on here suggested that you can only get a combined policy in Malaysia. I don't know if that is true. In which case, I am a bit stuffed with the owned condo. Hmmm better find a buyer quickly eh.

JC3

Hi
I have separate Buildings and Contents cover, both with Axa.
Normally buildings cover is suspended if your home is unoccupied for more than 90 days, but you can get an endorsement
I suggest popping into their office on Lebuh Penang - they are helpful in there, and generally competitive in terms of cost. Take a copy of your Block Building Insurance policy with you, and ask them what you need to 'top up', explaining that your place will be empty until you sell it.

JC3

damas7

Here is a good read on condo insurance and all you need to know about it and its traps