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Home Insurance | Buy Home Insurance in Singapore

Home Insurance | Insurance
by Bienu 29 September 2020

Insure, Home is where the heart is!

Your home is one of the most precious possessions on this planet. You spend a fortune on building or buying your home. Once you have bought the house, you spent on its renovation which you get done according to your taste, lifestyle and requirement. After which you buy expensive utilities needed to run the household followed by prized possessions to decorate your house. This completes the process of creating your “love nest” for a lifetime. It would be mentally, physically, financially and emotionally very taxing if something happens to your home. Misfortunes don’t announce their arrival, so you have to be prepared. The way you guard your life and health by taking life and health insurance, you need to guard your house also by taking home insurance.

In Singapore, fire insurance is compulsory. But treat home insurance is essential. Home insurance may be viewed as supplement your fire insurance but fire is not the only thing which can damage your house, its people, pets and belongings, there could be many others also. These could be natural disasters like earthquake, flood etc. and manmade also like theft, water pipe burst etc. You need to safeguard against these also.

Home insurance protects your home and the people living in its but also the belongings and not just the structural features. This includes not only any renovations and other fixtures and fittings you might have had installed, but also the home appliances.

 

Some common features of home insurance policies: 



Renovations: Your fire insurance will cover damages done to your flat, even inner structural damages but it won’t cover the renovations done by you. Hence, Home insurance becomes important.

Home belongings: Your expensive appliances like fridge, washing machine, TV and so on are also covered in case of theft and damage.

Personal liability: Personal liability coverage offers you protection if you become legally liable for some damage in the home.

Alternative accommodation: It pays you a daily benefit until you find alternative accommodation. This benefit is usually capped at a certain number of days.

Personal effects, loss of money and valuables: If there is theft or a break-in, home insurance would offer coverage for your money, valuables and personal belongings. There is usually a limit to how much you can claim for each type of item.

Your policy also reads: Insured peril or all-risks, what are these? You can choose between “insured peril” and “all-risk” plans. Insured peril policies will offer you protection in the event of certain types of mishaps like fire, flood, earthquake or theft. All-risk policies are designed to cover you in a much wider manner, thus are more expensive.

Compliment your fire insurance by taking home insurance!

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Tags:
home insurance
Insurance market
property
real estate
Singapore
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