Hi All,

Im buying a house and now are in the middle of process.

I'm going for MRTA with Etiqa which already paid and loan are out from bank.

I just received an email from Etiqa asking me to pay RM450+ for a annual housing insurance for sum of insured about 400k.

My question is, is it the price normal as i found some online calculator shows me only cost about 250-350?

If, i would like to get insured by other insurance company is it possible?

Hope someone can guide me on this.

Thanks

For my case, i yet to received my MRTA policy,just got the MRTA amount deducted from my account.

Are you referring to houseowners insurance or MRTA?

House owner insurance

Some of the Condo Management is already purchasing the Housing Insurance for all of its tenants, which in this case, you may request for a copy of the Housing Insurance from your Property Management Office, send it across to the bank, to waive off the Insurance Premium.

If the Condo Management Office is purchasing the Housing Insurance on behalf of its tenants, you will be billed the insurance premium together with your maintenance bills.
Hope above helps.

Thanks guys, sorry my bad to not mentioned in my post. My property is a landed double storey.

Hello mate.
Well noted on that, hope that someone with such experience could share over here.

I think value insured of 450k is on high side. For double story, I think insure 300k is enough. This is the cost of building up the house if completely burnt down. Of course, nobody insure land value.

Say my JMB's have purchased fire insurance, is it covering my house or 3rd party properties?

MRTA and house fire insurance are 2 separate insurance.

MRTA - cover the house owner loan in the case house owner passed away.

Fire insurance - cover the house value just in case the house is damaged due to fire.

JMB is given the mandate to purchase fire insurance on behalf on all strata title proprietors, which eventually collect the premium from the proprietors later on.
So you don't need to buy extra fire insurance from bank, but this is not related to MRTA or MLTA regarding to the loan taken.

The premium is still follow tariff rates of 0.106% per sum insured for basic houseowners insurance.. then additional benefit like riot will be charged with another 0.01%. there will be another 6%GST and RM10 stamp duty, some company seems given 15% rebate for direct customer...

the sum insured for my house is around rm475k.
the premium for that amount, stretching up to 35 yrs, around rm16k. about rm470 per annum.
btw, mine is not etiqa.

I think it's around that amount.

I got quoted by AIA for:-
Sum insured: 350k
Tenure 20 yrs
Total premium: 7.8k = 390/yr

The premium/yr is lower if the coverage is for lesser duration

Thanks all for the advice

online calc only show average value.. survey other insurance company if u feel cheated

PM 019-3399039 (WhatsApp only) for online home insurance renewal.

pm you already.