Compare Home Insurance Coverage | Home Contents Insurance in Singapore

You may be tempted to believe that because Singapore is generally crime-free and immune to natural calamities such as earthquakes and typhoons, you can save money by skimping on property insurance. All of this is dependent on a few circumstances, including a) if you own the house you’re staying in, b) how much valuables you keep in the house, and c) honestly, how unfortunate you can be. We tell you why you should compare home insurance coverage in Singapore.

Compare Home Insurance Coverage

Are you a homeowner, a renter, or a landlord?

Owner-occupier: If you currently live in a home that you own, you should definitely consider purchasing a home insurance policy that covers your valuables, renovations, emergency interim housing, medical expenditures, and your beloved pet.

Next, you must select if you need an “Insured peril” or an “All hazards” coverage. An “Insured peril” policy will protect your home from risks such as fire, flood, or housebreaking (all of the stated perils in your policy wording), but an “All risks” policy will protect you from a wide variety of hazards such as earthquakes, tornadoes, and hurricanes (unless that peril is specifically excluded in the policy wording).

Tenant: If you are renting a well-furnished home, your landlord will most likely have purchased home insurance, therefore you do not need to obtain one. However, if you are a renter renting an unfurnished home, you will be responsible for the cost of the home contents. In this instance, it is prudent to obtain home insurance to protect your things as well as against other risks such as fire or theft. If you are a student renting a room with multiple roommates, you are unlikely to need to acquire home insurance because your landlord has already done so.

What is the worth of the contents of your home?

Our grandparents or great-grandparents no longer kept valuables in Milo tins and hid them under the bed. While most of us now deposit money in banks and do not keep big sums of cash at home, the contents of our homes are actually rather valuable. It may not be obvious at first because some of the assets have gathered over time, but pricey watches, laptops, smartphones, desktop computers, home entertainment systems, furniture, carpets, crockery, and kitchen appliances may quickly add up.

The typical Singaporean household’s content value

How do we go about determining the approximate cost of home furnishings in an average Singaporean household? What exactly qualifies as an “average” household? We base our calculations on the average number of people living under one roof (HDB, condominium, or landed property) in Singapore — a family with two children. Of course, there are many singles who live alone, as well as families with multiple children who live with their grandparents.

Compare Home Insurance Coverage – What kinds of insurance will you require?

The next step is to determine how much coverage you require. When you browse around for different home insurance plans offered by different providers, you will most likely discover that the majority of them include the following coverage:

Furniture, electrical appliances, crockery and utensils, clothes, jewellery, and personal electronics such as computers, desktops, tablets, and mobile phones are examples of home content.

Fixtures and fittings are house renovations and fittings such as walls, ceilings, built-in wardrobes, floor coverings, pipelines, toilet bowls, washbasins, and so on.

Damage to the House: This refers to physical damage to the house’s structure.

Personal documents, cards, money, and valuables are covered. This includes passports, birth certificates, identity cards, credit cards, driving licences, education certificates, and so on. You can also receive coverage for cash and valuables such as Rolex watches. However, the compensation is limited to a particular sum, which varies per policy.

Interim housing: If your home is left unusable due to, for example, a fire, you will need to find interim housing while you wait for it to be repaired. The payout is usually limited to a set sum and for a limited time.

Reimbursement for you, your family, and/or your domestic helper: If you are involved in an accident, you may be entitled to compensation for medical expenses incurred by you, your family members, and your domestic helper (live in).

Pets: Some insurance may cover the loss of a pet, most commonly a dog or a cat (sometimes limited to certain breeds or pedigree). It can also be purchased individually as an add-on.

Personal liability: This protects you from personal legal culpability if someone is wounded in your house or as a result of a mistake or accident that you made. It also covers property damage caused by carelessness. For example, if your PMD catches fire and spreads, causing damage to a neighbor’s property, you will be protected.

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