Home Takaful

There are two types of home takaful, the houseowners takaful and householders takaful. Houseowners takaful covers your home against loss or damage caused by floods, fires and other such perils. It not only protects your house, but also the garage, outbuildings, walls, gates and fences around the property as well as permanent fixtures and fittings. Householders takaful covers the loss or damage to the contents of your residential property. You may participate in a houseowners takaful or a householders takaful, or both for complete coverage.

Make sure that the amount covered in your houseowners takaful plan reflects the rebuilding cost of your house (and other damages on your property). If the amount covered is less than the rebuilding cost, an average condition will be calculated, meaning that if you underinsure your property to only 80% of its rebuilding worth, you will only be entitled to claim only 80% of the value of damage sustained. If you are unsure of the type of cover that you need, consult your insurance agent for a better understanding.

If you have suffered a loss or damage to your home, you will need to get in contact with your takaful operator as soon as possible and ensure that you provide the relevant information to process your claim. Be also aware of the basis of your cover as this will effect the settlement of claims should you need compensation.