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| List of Best Residential Insurance Products, Complete! |
Home is a place where we rest, gather with family, and do other daily things. Of course, the usefulness of this residence makes us really need it and of course we want to always be protected from all possible risks. Imagine if one day your house was hit by an earthquake and partially destroyed, this of course can make you confused because it is difficult to find a bed and expensive repair costs. This is where the role of residential insurance will run. You don't have to worry about spending a lot of money because the insurance will pay for it.
Residential insurance is insurance that is purchased to provide protection against all risks, such as accidents, natural disasters, legal liability, and fire. This residential insurance can be tailored to the needs of prospective customers. The registration process for the insurance payment itself is also fairly easy and fast
Residential Insurance Benefits
From the name alone, we certainly already know that home insurance can definitely protect our homes from all the risks that may occur in our homes. However, the benefits of residential insurance are not limited to that, and you can find other benefits and explanations related to this residential insurance in the explanation below. Maybe by reading the benefits that Qoala presents below, you can be more interested in buying this insurance, given the enormous benefits for your home.
Reduce the risk of loss when a disaster occurs
Various natural disasters such as landslides, hurricanes, earthquakes, and floods are unavoidable. This home insurance can be chosen to protect yourself from financial losses due to natural disasters that occur
Terms of applying for a loan
Home insurance is a requirement to be able to apply for a loan to a financial institution. This home insurance can make loan funds disburse faster as long as other terms and conditions are met.
Guaranteed theft or robbery risk
Theft or robbery is a risk that can occur and is very detrimental. Not only lost property, but the damaged part of the house will also definitely add to the loss. This home insurance can provide protection from financial risks for the incident. You can immediately report the incident to the authorities and the insurance company to disburse the claim.
Reduce expenses
When a disaster occurs, expenses will increase. For example, when there is a flood. Not only expenses for repairing houses damaged by floods but also other expenses to replace damaged goods. If it is covered by home insurance, then the risk of large expenses can be reduced. This will make your burden lighter than you do not have
Keeping the value of the house
The value of an insured house will certainly be more awake than a house without insurance. Because when a disaster or natural disaster occurs, the value of the house will not decrease due to the insurance carried out.
Types of Home Insurance
Commercial insurance consists of two insurances that you can choose, namely fire insurance and all risk insurance. Fire insurance is certainly insurance that can protect your home from the risk of fire, which you certainly don't want to experience.
All risk insurance itself is insurance that provides protection from all risks that may be experienced by your home. Of course all risk insurance will be more tempting because of the great benefits, but the premiums are also definitely more expensive. So you can adjust the insurance you choose with the premium you want to get the best insurance
1. Standard Indonesian Fire Insurance Policy (PSAKI)
Fire insurance is insurance that can provide loss or damage due to fire, both internal and external fires. This insurance is the same as earthquake insurance because usually fire is part of the basic insurance benefits.
2. Property All Risk Insurance
Property all risk insurance is insurance that will protect losses from various risks to the building from the property that has been guaranteed. This does not include risks that are not listed in the insurance policy.
The risks that are usually excluded are war, such as civil war, property transported or elsewhere, waterbome or airbome property, and unexplained loss
Examples of the Best Residential Insurance Products
If it's your first time hearing about home insurance and you don't know what products are good enough to choose, then you can see examples of the best home insurance products that Qoala will provide below. Qoala has provided 5 examples of products that Qoala considers to be the best insurance products because of the advantages it has.
An explanation related to each product has also been attached by Qoala to make you understand more about each product that Qoala recommends. The products that Qoala recommends also come from well-known companies so that the trust and reputation of this insurance is definitely guaranteed
1. Allianz . Property Insurance
Allianz property insurance is an insurance that provides compensation when the building is damaged up to Rp 20 billion. This value is certainly large enough to protect your assets. Then, you also get temporary accommodation costs and death benefits when an accident occurs. The conditions that must be completed are property for houses that have less than three floors. This insurance cannot be provided for houses with 4 floors or more.
2. ACA Property Insurance
ACA insurance products are a fairly good choice of insurance products. When choosing this insurance, you can choose a product with the name ACA Rumah Idaman that will protect your home. The benefits of this insurance are quite complete, such as PSAKI, third party legal liability, and loss of property at home. You can also use ACA all risk insurance which can protect office buildings and factory offices.
3. BRINS Property Insurance
Another option is BRINS or BRI insurance. You can buy three existing plans, namely silver, gold, and premium. The available plans have different premiums and sum assureds. The selection of this insurance product can make the policy owner get many benefits. Usually the benefits provided are compensation for PSAKI risk, third party legal liability, death benefit, and hospitalization compensation
4. Sinarmas Property Insurance
Sinar Mas is indeed famous for its health insurance, but you can choose insurance with property protection. Simas Ruko is a product that can provide compensation for shop owners. This policy can cover the property contained in the insured building. Residential assets can use Simas Rumah Hemat ++ which has benefits not too far from the previous shophouse insurance. However, the protected property is in accordance with the name of the insurance offered. This policy can also provide compensation for permanent disability or death as well as accident medical expenses.
5. Avrist Insurance
All the benefits you get from this insurance make Avrist insurance the right choice for those of you who want to protect your home from all kinds of losses. This insurance can protect homes, businesses, offices and factories.
Residential Insurance Cost
You can find out the insurance premium for a residential house by multiplying the sum insured by the rate. The rate will vary according to the insurance company you choose, so you must know the rate first. For example, you have a house with a price of Rp. 1 billion and want to insure it. The company you choose has a rate of 0.21% so you have to pay insurance for Rp. 2.1 million
Construction Class According to OJK
The following is a construction class based on guidelines from OJK.
- Construction class I is the walls, floors, and all supporting components of the house made of non-combustible materials. You can ignore windows, doors, frames, partition walls, and floor coverings.
- Construction class II has the same criteria as construction class I but the roof covering is made of hardwood shingles and the walls can contain flammable materials up to 20% of the wall and floor area and the structure may be made of wood,
- Construction class III is all buildings that are not included in the construction class above.
Premium Amount Rules from OJK
You can find premium rules in SEOJK No. 6 of 2017 part III regarding premium rates and contributions to property insurance business lines. Companies that have professional underwriters can set premiums and discounts according to the following considerations.
- The sum insured of less than US$100 million does not have a premium rate cut.
- UP on US$100 – $200 million get 10% discount.
- UP at US$200 – $300 million get 20% off.
- UP at US$300 – $1 billion get a discount of up to 50%.
- UP above $1 billion will follow international rules.
Residential Insurance Sum Insured
Usually the insurance company will only calculate the insured value in the form of the price of the building, which means it will not calculate the land. This is because the company will only bear the risk of the house.
The sum insured will be calculated through several considerations that will not be taken only from the market price of the building or the house itself. The considerations that are commonly used to determine the sum insured are the level of risk of damage such as for houses in flood-prone areas, the quality of building construction for houses that have low construction quality, and the development of property values according to the area where the house is located. Customers can also be subject to fees such as administrative fees which are smaller than the premium fee.
Terms of Applying Residential Insurance
You must meet several document requirements when you want to buy home property insurance. Some of the documents you need to register for this insurance are a photocopy of your ID card, a photocopy of a land certificate, a photocopy of a building permit, and a photocopy of a land and building tax letter.
How to Buy Residential Insurance
You can get protection for your home by buying insurance online or offline. By going offline, you only need to meet an insurance agent or come directly to the insurance office and explain your goals and objectives so that you can get an insurance policy recommendation that suits your needs.
By going online, you can get protection very easily. This is more effective and efficient because you can get the product without having to come to the company office. This online capability allows you to register anytime and anywhere.
How to Pay Residential Insurance Premiums
You can make home insurance payments in various ways, and this will vary according to the insurance company you choose. The payment method usually consists of three things, namely bank transfer, through insurance company partners, and auto-debit accounts and credit cards that you have
How to Claim Residential Insurance
The following is an explanation of how to claim home insurance.
Immediately report the incident
You must immediately report the incident to the insurance company. Reports can be made by mail, facsimile, or telephone.
Make a report of losses due to fire
After a fire occurs, you must fill out and complete a report with a written description of the incident and damage caused by the incident. The form filled out is usually related to the place, date and time of the fire, the cause of the damage, the amount of loss to be covered, and other information required by insurance. You must also provide supporting documents, such as photocopies of ID cards, insurance policy documents, and others
Police identification stages
After you submit all the required documents, the company will confirm all the evidence. Usually there are 3 pieces of information needed, such as whether there is an interest in the damaged object, whether the damage occurred during the insurance period, and whether the premium has been paid off.
Claim checked by insurance company
After everything is confirmed, research will be carried out in the field to find out the original incident. Some of the information that is traced is the cause of the damage, where the damage occurred, the amount of the loss, and the amount of the residual value. When the claim is deemed valid, the customer will be notified of the amount of compensation to be paid by the insurance company.
Claim results
After the claim amount is agreed, the payment will be directly prepared by the company. Payment will be made no later than what has been promised in the policy.
How to Choose the Best Residential Insurance
Those of you who are already interested in buying home insurance can definitely get home insurance that can protect your home from various risks with the lowest possible premium. That's why, here Qoala will help you by providing the best way to have home insurance so that you can choose the right home insurance company and product for what you want.
The method that Qoala provides is also a basic method that you really have to do so you won't have too much trouble doing it. Here's how to choose the best Qoala version of home insurance
1. Consider the Reputation of the Insurance Company
You have to know the reputation of the insurance company because usually people will buy insurance from a well-known company. This is not wrong because the money they pay is definitely not small. Reputation can be built because of trust, the more who believe, the better the reputation.
You can get a lot of information related to the company via the internet. Look at the reviews of the company. All companies have flaws so be careful with companies that are perfect.
2. Find out the Financial Health of the Company
Financial condition is something that must be known how to find an insurance company. If the company's financial condition is bad, it will be difficult for customers to get claims when they need them.
3. Calculate the Sum Insured Needs
Insurance policies must be chosen wisely because there are many things to consider. If you calculate it carelessly, then the insurance you buy may not cover the amount of money you need in the event of an accident. You can ask an agent for help to estimate and calculate so that the insurance policy and UP can be correct.
4. Compare Multiple Insurance Policies
The policies offered by most companies may be similar but with their respective advantages and disadvantages. When you have insurance, you should not only focus on one company, but compare it to several policies that meet the standards you want. Also make sure that the policy has met the needs you want.
5. Consult an Insurance Expert
There are other ways that you can choose if you are confused when you have an insurance product that you will buy. You can consult an expert. Insurance specialists usually have the knowledge and experience that will help you find the best option. Your costs may increase, but the chances of getting the maximum benefit will be higher with the help of these experts
Frequently Asked Questions About Residential Insurance
For those of you who may be new to residential insurance investing , you may have many questions in your head. The questions you have may also be frequently asked by other people.
To make it easier for you to find questions that you are likely to have, Qoala has provided a list of common questions about residential insurance.
With this list of questions, Qoala hopes that you can get answers to your questions. Hopefully this list of questions that Qoala presents can make you understand more about residential insurance and reduce your confusion before finally deciding to become a customer of one of the residential insurance companies.
1. What property can be insured under the Residential Insurance policy?
The following is a list of property that can be insured on a residential insurance policy.
- Residential buildings of class I construction which are walls, floors, and all supporting components of the house made of non-combustible materials. You can ignore windows, doors, frames, partition walls, and floor coverings. Not a shophouse or apartment, uninhabited, not empty, not in use, on the side of the road that firefighters can pass, and not in a slum location.
- Household furniture is equipment, device, furniture that is used permanently in the household and is not an item that can be carried anywhere.
2. Can a house that is not located in a housing complex be used?
Residential houses that are not located in a housing complex can of course be insured, as long as they meet the requirements in the previous section.
3. What risks are covered by the Residential Insurance policy?
At least, you will get 7 basic benefits of having home insurance. Some of these basic benefits are fires, riots, strikes, malicious acts, terrorism, riots, sabotage, earthquakes, floods, burglaries, theft, unexpected damage, and being hit by vehicles.
4. What things are not covered by Residential Insurance?
- Some exceptions to residential insurance are as follows.
- Exceptions to the risk of war and other risks similar to war.
- The risk of radiation, ionization, and contamination due to radioactivity originating from nuclear fuel.
- Risk or property that has been covered by another insurance policy. .
- Losses that are intentionally carried out by the insured, the insured's wife, or children, even people who work with the insured.
- Exception for some items
- Property under installation or construction, restoration, alteration, or transportation.
- Land, sea and air vehicles
- Precious documents, gemstones, jewellery, precious metals, platbands of gold, and fur clothing.
- Wood trees, animals, birds and fish
- Land, water, minerals, roads
- Stock of merchandise or other people's goods that are deposited.
- Movable property or can be used on a mobile basis.
- Exceptions for wear-related losses such as wear and normal maintenance.
5. Can a house in an area that is known to be prone to flooding also be guaranteed a flood?
Flood risk can be divided into 4 things that are adjusted to the location of the house.
- Zone I (Low) for areas that have never experienced flooding or have never experienced flooding but the inundation does not exceed 30 cm.
- Zone II (Moderate) for areas that have experienced flooding with a height of 30 cm to 60 cm.
- Zone III (High) for areas that have experienced flooding with a height of 60 cm to 100 cm.
- Zone IV (Very High) for areas that have experienced flooding with a height of more than 100 cm.
Usually the only houses that can be insured are zone I with zone II which can be adjusted on a case-by-case basis.
That's some information Qoala can provide related to residential insurance. This insurance is indeed very profitable to have because a place to live is something we always live in and it is very detrimental when there is damage to it.
Sometimes we can repair the damage with our own finances, but when the damage is large enough and even damages the items in the house, that's when the role of insurance becomes very big. It's true that events like this don't happen very often but it would be very advantageous to have them when they do happen. Hopefully the above information can help you understand residential home insurance better.