For most Malaysians, buying a home is one of life’s biggest milestones. But as exciting as it is, it also comes with serious responsibilities — and one of the most overlooked is insurance protection.
Take Johan, for example. A 33-year-old senior executive, he recently purchased his first home. Like many Malaysians, his insurance was bundled with his housing loan. But when the devastating fire incident occurred in Putra Heights on April 1, he found himself anxiously checking his policy.
“That’s when it hit me — this coverage isn’t just a formality. It’s essential,” Johan said. “I’m thankful it’s part of my loan. It makes payments manageable, and more importantly, it gives me peace of mind.”
He’s not alone in thinking that.
Terry, a 36-year-old data analyst, echoed the sentiment. “This is my first property, and the first thing I did was ensure I had fire coverage. If something happens, I want to know I’m not starting from zero,” he shared.
Fire Insurance: More Affordable Than You Think
In Malaysia, fire insurance is often included with your mortgage. Premiums are relatively low — many homeowners pay less than RM200 a year for basic coverage. For those living in high-rise developments, the building management typically secures a master fire insurance policy.
Astrid, a communications consultant who recently bought a condo, is considering getting extra protection. “I know the building has a policy, but I’m still reviewing if it’s sufficient. I want to avoid surprises if something goes wrong,” she said.
Her mindset reflects a growing awareness among property owners — insurance is no longer a “nice to have.” It’s part of a smart, long-term investment strategy.
Beyond Fire: Are You Really Covered?
Tan Kian Aun, President of the Malaysian Institute of Estate Agents, believes many Malaysians still lack awareness about the scope of home insurance. “It’s not just about rebuilding after a fire,” he said. “There are other financial risks to consider — temporary housing, relocation, damages, and even rental income loss if you’re a landlord.”
In fact, landlord insurance is one area he believes needs more attention. “It can protect property owners from tenant damage, unpaid rent, and even liability issues.”
Fincrew’s Takeaway
Whether you’re a first-time homeowner or a seasoned investor, don’t underestimate the role of home insurance. Start by understanding what your current plan covers — and what it doesn’t. If needed, top up with additional protection tailored to your property type and risk exposure.
At Fincrew, we believe financial protection starts at home. And with the right insurance, you can ensure your dream home doesn’t turn into a costly nightmare.
