Select Home Insurance Policy | Choose the Right Home Insurance in Singapore

Home Insurance | Insurance

Your house is most likely the most expensive item you possess right now. So it makes sense to safeguard it. And nowadays, securing your home entails purchasing home insurance. In this blog, we tell how to select home insurance policy in Singapore?

How to select home insurance policy?

When purchasing home insurance or home contents insurance, the three most important aspects to consider are:

House contents coverage 

Your home is where pricey appliances such as your refrigerator, television, and computer reside. Check the definition of household contents in the policy to ensure that these items are covered. Check that it also covers your other prized possessions, such as your Brompton bike or Magic: The Gathering artifacts.

Premium

Of course, the cost is an essential consideration. It is a crucial factor to select home insurance policy as how much money you can spare every month will be a major deciding factor. 

Renovations

Your remodeling is likely to have been exorbitantly priced. In the event of a fire or water damage, restoring your house to a livable condition can cost you money. As a result, make certain that any renovations, fixtures, and fittings are safeguarded.

Alternative accommodation 

This benefit normally pays for a set number of days of lodging if you are forced to leave your home temporarily.

Personal liability 

The majority of plans shield you from legal liability if something unpleasant occurs in your house. For example, if your PMD charger catches fire and destroys your entire block, you won’t have to worry about your neighbours suing you.

Other benefits

Some policies will cover you for cash, personal belongings, jewellery, gadgets, or pets. Some companies additionally provide personal accident coverage for your household.

All-risk vs. insured peril

All-risk insurance covers you for all incidents except those explicitly excluded, whereas insured peril policies cover you exclusively in the circumstances specified in your contract.

Do tenants require home insurance as well?

You might be thinking as a tenant, “That’s not my property.” However, you may want to consider home insurance because it can safeguard your personal goods rather than the landlords. It may also cover expenses for which your landlord is not liable. For example, if there is a fire or flood in your home, your landlord may be responsible for the costs of restoring and reinstating the property. However, if you are contractually obligated to service and maintain the air conditioner, refrigerator, and toilet, you may be required to pay to have them repaired.

Furthermore, the landlord will not bear the expense of any lost or stolen property or personal electronics. Most Singapore tenants do not have home insurance. However, it is worth considering if you are planning to stay in Singapore for an extended period of time and have a large number of high-value possessions that you want to preserve.

Home Loan | Education Loan | Personal Loan | Car Loan | Travel Insurance | Lifestyle | Real Estate | Career