Home Insurance Policy in Singapore | Comprehensive Guide

Written By Priyadarshini Nandi

January 6, 2021

Your home is probably the most prized possession of your life. So, when you have put all your hard-earned money into buying a property to call your home. Make sure you protect it well. Your home is the most important possession and you would not want to lose it to some mishap that may happen. And that is why we have home insurance policies. You might be wondering that you have HDB fire insurance and that is enough. But you are in for some real surprise as you are not as covered as you think. Read this blog, for a comprehensive guide on Home Insurance policy in Singapore.

What does HDB Fire Insurance Cover?

If you think that your HDB fire insurance gives you complete coverage, then you are going to be disappointed. The HDB fire insurance only gives coverage against the damages to the building. This means it includes only the structure of the building, electrical wiring, and only the walls of your home. It does not protect the contents of your home and your personal goods. You can remember this general rule that if the items did not come along with the original house then it is not covered in HDB fire insurance.

Home Insurance & its Coverage?

Home insurance policy in Singapore will supplement your HDB fire insurance as it will protect your home against natural disasters, plumbing issues, theft, etc. It will also protect the contents of your home like furniture, appliances, gadgets etc. A good home insurance policy will offer you coverages such as renovation expenses, the contents of your home, your personal liabilities, accidental death coverage for your family members and pets. Additionally, many insurers also provide some added benefits/features as well.

For renovations you may have to incur due to fire or natural disasters or theft, the home insurance policy will cover the extra renovation costs for additional fittings and installations. The contents of your home like a Washing machine, refrigerator, and other appliances will be covered for damages or theft. Personal liabilities like if you have caused any damages to your landlord’s items or if a mishap occurred at your home and extended to your neighbours will be covered. Your family members, domestic help, or pets may sustain injuries at home leading to death sometimes, will also be covered by the home insurance policy.

You are also eligible to get compensation for medical expenses in case of accidental deaths or disability. Moreover, if you are in a situation where your home has become unliveable owing to a major accident. Some insurers also provide alternative accommodation for a specific period. Also, there are insurance plans like “insured peril” policies and “all-risk” insurance plans. With insurance peril policies you will get coverage in the event of accidents like fire, earthquakes, etc. On the other hand, all-risk policies guarantee higher coverage for an extensive range of occurrences.

How to Choose the Right Home Insurance Policy?

It will be foolish to only select a home insurance policy based on the price you for premiums. That means if you opt for the cheapest policy, you may lose more money later! You need to scale your needs and understand the kind of insurance you require. Never under-insure your home. Consider factors like your lifestyle, the total value of the contents of your home, your personal belongings, and other items. Also, take into account the cost of renovation you have to undertake in case of fire mishaps. Chalk out a ballpark figure and plan your insurance policy around it. Of course, your budget & affordability will also come into play.

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