The Social Sciences

Year: 2016
Volume: 11
Issue: 30
Page No. 7215 - 7219

Protection for House Buyer: The Need for Insurance

Authors : Anis Sabrina Annuar and Zul Zakiyuddin Ahmad Rashid

Abstract: There are many unanticipated risks that might take place in our life and that is included on our property and assets. One of the approaches in tackling risks issues in our daily life is by purchasing an insurance policy as risk is the basis of insurance. This research draw the attention of housing insurance policy provided in Malaysia as home is one of the mandatory needs for humans. Although, a house probably would be one of the most important and expensive investments average consumers will ever make, there is still lots of people who does not know about insurance in terms of the importance of insurance, types of insurance, benefits of insurances and also the main objective of the insurance itself. The rate and amount of insurance policy holders in Malaysia, especially among Malay Bumiputera is at the lowest level because of the lack of awareness about the importance of insurance itself. In order to ensure guarantee and security of house buyer in Malaysia, besides from all laws and regulations implemented by the government, other companies or banks can also provide insurances schemes in order to protect their houses from certain risks such as theft, fire and natural disaster. According to the General Insurance Association of Malaysia, there are generally three types of housing insurance schemes available in Malaysia namely the fire insurance policy, house owner’s policy and house holder’s policy or content insurance. The objectives of this research are to identify the level of awareness of house buyer regarding the housing insurance policy provided in Malaysia and to identify the reasons of house buyer in not taking the housing insurance policy provided in Malaysia.

How to cite this article:

Anis Sabrina Annuar and Zul Zakiyuddin Ahmad Rashid, 2016. Protection for House Buyer: The Need for Insurance. The Social Sciences, 11: 7215-7219.

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