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Home Insurance provides a safety net for residences in the case they are damaged in different scenarios such as natural disasters, vandalism, theft, etc. The insurance plans provide coverage for the costs involved in paying for the repair or replacement of the property or belongings in the property. The policy will also cover you if you accidentally damage a third-party individual’s property, or a visitor is injured while at your home.
Home Insurance covers the contents of your residence in case they are damaged or lost due to an unforeseen scenario. This can include, but is not limited to:
Many plans also provide 24/7 emergency home assistance in the event you need to get a technician out to repair a fault, e.g. plumbers, electricians, locksmiths, etc.
|Insurance Plans||Best For|
|FWD Home Insurance||Cheapest|
|AIG Homes Advantage||Worldwide Personal Benefits|
|Hong Leong Home Protect360||Household Content Coverage|
|Tiq Home Insurance||Rennovations|
|Sompo HomeBliss Insurance Serene||Loss of Rent|
For those living in HDB flats you are only obliged to source fire insurance. Fire insurance is very specific coverage however and only covers the cost of repairs post-fire – it doesn’t cover the cost of replacing any of your home’s contents in that fire, but home insurance does.
There are some key things to consider when you are buying home insurance:
There is a wide variety of policy options with an equally varied array of coverage and benefits:
Don’t feel like you have to stick to the standard package – you can customize your own! Customizing home insurance will allow you push your coverage (and premiums!) towards insuring your home contents and renovations, instead of giving you generalised cover that isn’t a good fit for your lifestyle.
One big thing to watch out for, is that some insurers will give you a discount if you sign up for a longer insurance plan. For example, Etiqa provides discounts for their 5-year plans.
Don’t think you can trick the insurance companies by taking out lower coverage than you actually need! Your assets have a paper value and that value should match the coverage in your policy. If you file a claim for an item that was not initially covered in the original policy, your provider can penalise you by reducing your total reimbursement.
If you have an active HDB housing loan in Singapore, you are also obligated to have a corresponding active HDB Fire Insurance.
Outside the HDB scheme, it is legal to own a home without insurance. If you are debating between Home Insurance or Fire Insurance, you should bear in mind that the Fire Insurance does not cover you for the contents of your home, only the cost of repair work after a fire has occurred. Home Insurance can cover the damage to your personal belongings, hence it is recommended that both scenarios are covered to reduce the overall financial burden in the event is extensive damage has occurred.
Well, both your home as well as the contents in your home are financially protected by the policy and you’ll be reimbursed for any costs incurred when paying for repairs or replacements. Home Insurance also covers scenarios where, for example, you have accidentally damaged a third-party individual’s property, or a visitor suffers an injury while at your home. There are also other benefits and policies can also cover for loss of rent, grant an emergency cash allowance, as well as facilitate emergency repairs for pest control, plumbing, losing your keys and needing to call a locksmith, etc.
It is recommended to get both as they are two different types of insurance that cover different areas. The HDB Fire Insurance is specifically to cover the cost of repair work in the event of a fire while Home Insurance protects the contents of your home.
It depends on the coverage you want! Basic plans can give general coverage across all property types, but prices can range from $53 to $400 a year depending on how complicated your coverage requirements are. The specifics of your home also come into play for example, the type of home (house, apartment, etc.), features of your home (garden, swimming pool, etc.) and your assessment of the financial value of your belongings.
Add-ons that provide supplementary coverage will obviously come at extra costs and you don’t want to be paying for any additional ones that you don’t need! Like with other forms of insurance you want to find a policy that best suits your needs at the most affordable price.
The most suitable level of coverage depends on the type and size of your home as well as the contents within. If you have a lot of expensive items (e.g. kitchenware, laptops, etc.) you may want to add more protection. The annual premium should also be within your budget. Four main things to consider when calculating the amount of coverage you require are listed below:
You can, but you should bear in mind that any malicious or deliberate damage inflicted by tenants will not be covered by the policy. You may want to consider taking out a landlord home insurance policy instead.
It’s a good idea to review your policy at least once a year to confirm that you are still getting the best deal on your premiums. It is also a good idea to refresh or update your policy in case you’ve made a big change to your home, e.g. made renovations, added a smart temperature system, or bought some expensive furniture, as your current policy may no longer cover the cost of replacing or repairing these new items or areas.
Yes, Home Insurance can also be called Home Content Insurance or Homeowners Insurance.
On comparison sites such as ROSHI, you can compare home insurance policies across different providers. You can sort the policies based on the main key search categories such as:
You qualify for Home Insurance if you are:
Household contents that are covered in policies can include but are not limited to:
You can also purchase add-ons to cover more niche items and scenarios, such as bicycles, home security systems, injuries incurred by pets, removal of debris, etc. An important thing to bear in mind however, is in the event you have to make a claim, you will need to tally up your belongings and prove that they exist before you will receive any reinbursement.
Standard Home Insurance usually covers “expected” scenarios such natural disasters, lighting or fire damage, and theft by forced entry. However, if you incur damage to your home or contents that is outside the scope specified in the policy, it will not be covered.
To cover all your bases, an All-Risk Home Insurance policy is also available as an option and can provide you with a much broader scope of coverage, however they also tend to be more expensive due to the increased level of coverage. As an alternative you could buy specific Insurance Add-ons for specific scenarios you would prefer having coverage for.