Have you ever met anyone who is not possessive of their home? Similarly, Singaporeans too are particular about their homes. Especially, because it is an exorbitant deal to buy your own home. And then spend much more to refurbish the interiors. Studies show, that every year Singaporeans spend heavily on renovations. And after having spent so much money, it is important that you take the right steps to protect your home. Read this blog to know how to protect your home with the right insurance in Singapore.
HDB Fire Insurance got you covered?
Well, many of you might think that your home is protected because you already got the fire insurance when you got your HDB flat. But that may not be the case. The mandatory fire insurance and home insurance are two separate policies and cover different things. Take a look at the instance below & know how to protect your home in Singapore.
For instance, if your home catches fire at your home due to a short-circuit or some stupid neighbour’s carelessness and you the HDB fire insurance. In that case, only the original construction of your building will be covered through it. You won’t be able to claim any losses on the contents of your home or other fittings that you had installed.
Things to Look Out for?
Always look for insurance policies that cover all your bases. Keep in mind not to under-insure your home. Many insurers offer home insurance policies that provide 24/7 concierge services. You can use them in times of emergency. For instance, plumbers, electricians, and other repair services.
You may not realize it at first, but this a great feature to have where you can have all these services just by dialing one number. Every home needs fixing and repairs on a day-to-day basis. One such common problem is to get locked out of your own home. It is difficult to scramble for a locksmith if you are faced with a problem like this at odd hours. So, having your insurance policy covers you for such emergencies is a great benefit. This is one of the ways to protect your home in Singapore. Simple & Easy!
Which Policy is Best for You?
So, now we have established that home contents insurance policy will cover “perils” like fire, vandalism, natural disasters, etc. It will protect all the contents of your home and your personal possessions. Moreover, you will get added benefits as well at the time you are engaged with a mishap that happened to your home. And this is the most important reason why you should take up a home contents insurance policy.
Temporary accommodation & storage: The insurance policy will help you with storage for your household goods for the time you get your home renovations done. Also, many insurers will provide you temporary accommodation depending on the circumstance you are in.
Accidental Medical Expenses: Many insurers will also cover you against any medical expenses or injuries you sustain due to any accidents at your home.
Emergency Allowance: Home Contents Insurance policy offers you some emergency cash allowance when your home is inhabitable owing to perils.
Replacement of locks and keys: If your home has suffered theft, then the insurance company will fully cover for or replace the locks and keys.
The home contents insurance policy also lets you choose if you want the perils insurance or all-risk coverage. The perils insurance will protect your home in Singapore from unfortunate incidents like theft, fire, earthquakes. On the other hand, the all-risk coverage insurance plan will give you more comprehensive coverage. We advise you to opt for the all-risk coverage if you elderly or children at home if you have pets at home. Also, if you keep a lot of valuable items at home and travel quite frequently leaving your home behind with your family or the elderly.