In my opinion, there's no such thing as which plan is better, only which plan suits you more.
If you are a muslim, it is recommended that you choose takaful over conventional insurance because it follows according to Shariah requirements, as oppose to the operation of conventional insurance whereby it does not conform to the rules and requirements of Shariah as it involves the elements of uncertainty (Gharar) in the contract of insurance, gambling (Maisir) as the consequences of the presence of uncertainty and interest (riba) in its investment activities.

It depends, are you using the property solely for investment purpose or own use?
If it is the latter, I would highly suggest that you cover the cost of replacing the damaged building because you need to replace not only the building but also everything within it. (i.e. you cant be just replacing the four walls and live inside it without any furniture)

But if solely for investment, I think market value is sufficient, unless you have something very important inside. PM me if you are interested or want to find out further.

As of 27 Jan 2016, GE had removed the said clause. This applies for new and existing policy holders.

Yup, you wouldn't find this clause in the newer policies. For existing policy holders, you can request from your respective agent or Financial representative.

I can generate quotations from all insurance companies in Malaysia. Honestly if you want a medical insurance for less than RM100, and for 2 person, you are only looking at hospital Room & Board claims.

i.e. If you're admitted to hospital, your insurance can only pay your hospital room; any other expenses (which forms a huge chunk of the bill) will be paid by you.

This post has been edited by theFIREman: Apr 13 2016, 03:02 PM