Home Insurance Key Coverage | Home Insurance Plans Coverage Singapore

Home Insurance | Insurance
by Priyadarshini 8 June 2022

The whole point of buying insurance is to safeguard yourself, your loved ones, or certain assets from unanticipated losses caused by accidents.
Your property is unquestionably one such asset. That’s because a home is one of the most expensive things that most of us will buy in our lives in Singapore. So, rather than exposing your most valuable asset to risk, why not protect it with the proper home insurance? Read about home insurance key coverage in Singapore below.

However, we recognise that most consumers are hesitant to obtain home insurance because they are unsure of what they are paying for. As a result, we decided to launch this home insurance 101 series to help readers like you better grasp the “what” and “why” of home insurance.

Home Insurance Key Coverage in Singapore

Home Contents Insurance – Protects your personal belongings

Home insurance is not the same as HDB fire insurance, which is required when you take out a housing loan (from a bank or through HDB) to purchase a HDB. That’s because HDB fire insurance is designed to guard against damage to your HDB’s internal structure in the event of a fire. In other words, HDB fire insurance only covers what was in your home when you originally took it over from HDB, i.e. before any renovations or furniture.

But what about your home’s contents, such as your air conditioning system, stunning built-in walk-in closet, or the pricey acoustic sound system you recently purchased? Or the cash hidden beneath your bed in a milo tin? Unfortunately, these valuables are not protected by HDB fire insurance, but a comprehensive house insurance plan will safeguard them in the event of a fire.

Coverage for Alternative Accommodation — Ensures that you are not homeless

In the event of a disaster (such as a fire, flood, or hurricane), it is doubtful that your home will be inhabitable. You will need to conduct a renovation project to restore your home to a habitable state; this will undoubtedly take time. If the damage is minor, it may just take a few weeks. However, if the entire property was destroyed by fire, the renovation work would take several months to complete.

In the meantime, where will you and your family stay? A hotel is unquestionably a realistic choice, but it may prove to be costly in the long run. A house insurance policy will cover the costs of a temporary residence while your home is being renovated.

Personal Legal Liability – Allows you to delegate your responsibilities to your insurance

From a legal standpoint, you and your household could be held liable for any unintentional death, injury, or property damage that occurs in your home. A home insurance policy will cover you and your family from all personal legal liabilities. Assume you’ve invited a few buddies around for a housewarming celebration. Someone inadvertently spilt a drink, causing another friend to stumble, fall, and enter a coma. Your friend’s fiancée sues you and holds you responsible for the injury that occurred in your home. This may sound like a Korean drama screenplay, but it is not improbable. You won’t have to worry about anything if you have the correct home insurance.

Aside from that, home insurance covers your family’s legal obligations to your neighbour (s). For example, if a fire starts in your house and spreads to your neighbor’s house, you are legally liable for any damage to their property. Having home insurance supplements your standard HDB fire insurance and protects you and your family from legal liabilities.

Break-In Protection – Home Insurance Key Coverage

Aside from protecting your property in the event of a natural disaster (such as a fire, flood, or hurricane), home insurance also protects you against break-ins. In other words, if your home is broken into and your personal belongings are stolen, you can file a claim with your homeowner’s insurance company.

While you do not need to have an inventory of items in your home before getting home insurance, keep in mind that there is a limit to how much you can claim per item. This is especially important for those of you who store valuable stuff in your house (e.g. jewellery, gold or an art collection).

Emergency Home Assistance – For assistance whenever you need it

Have you ever found yourself stuck outside your house in the middle of the night? Perhaps your water pipe bursts and you want quick assistance from a plumber? These household annoyances can occur at any time of day and interrupt your life.

Those who have home insurance will have 24-hour access to emergency home assistance services to aid them with any household difficulties. You can contact your home insurance at any time for help with plumbing, electrical, pest management, or locksmith issues.

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