Why do I need Home Insurance if I have HDB or condo MC fire insurance?

Many of us, after being a property owner, will think that home insurance is an unnecessary expense. In the many documents that you have signed and paid for when taken over a property, there is some compulsory property insurance that you have to acquire. Hence, why are my friends advising me to get fire insurance?

Isn’t my HDB or my condominium’s fire insurance scheme already bought and paid?

Most property owner would have bought compulsory fire insurance either from

  1. HDB fire insurance scheme (compulsory for all HDB owners)
  2. condominium fire insurance scheme (most are compulsory by the condo’s management corporation (or MC)

Many owners have missed out that the compulsory fire insurance that you have bought for your home, either from your condo’s MC or your HDB’s fire insurance scheme are for the BUILDING. This means the fire insurance protects the original structure, common area, wiring etc.

These compulsory fire insurance does NOT cover the contents of your home such as

  • your furniture
  • your electric appliances
  • your renovation and furnishing
  • your home content and valuables

In a nutshell, if the item is not there when you got your key to your home for the first time, your HDB fire insurance scheme or condo’s mc compulsory fire insurance would NOT cover it.

In a fire, what your condo’s MC fire insurance or HDB fire insurance scheme does is to pay out for the restoration of the main structural, pipes, wiring, etc. You would still have to fork out your own money to restore your furnishing, renovation, your floor tiles, your walk-in wardrobe and of course all your clothes, your TV, your fridge, etc that were damaged in the fire.

What is home content insurance and what does it cover?

Home content insurance, or more commonly known as “Home insurance” (or even called simply as “fire insurance for home) are policies that cover the contents in your home. And not just the structure, wiring, piping, etc that HDB or your condo MC is so eager to protect.

This means your renovation, your furnishing, fixtures, furniture, appliances, clothes, personal possessions, etc. Even members of the households and pets are covered in case of bodily harm.

These are the common protection offered by home protection plans.

  1. Renovations: Floor tiles, feature walls, cabinets etc
  2. Home contents: Your TV, refrigerator, washing machine, clothes, personal belongings etc.
  3. Personal liability: Your legal responsibility if your fire spreads and damage neighbours’ properties and lives.
  4. Alternative accommodation: Allows you to stay at hotels etc while you wait for your home to be renovated or refurbished.
  5. Personal Accident coverage for members of households: For all members of households, including domestic helpers.
  6. Pets: May cover vet or hospital bills and etc as an add on
  7. Loss of money, valuables from theft or break-in: Almost all home insurance provides coverage too if your home has a break-in, burglary etc.

What is insured peril or all risk for home content insurance?

Most home policies are all-risks which means they cover you in a wider range of situations (maybe situations that are “unthinkable”). Insured peril for home policies means they only cover those situations that are outright mentioned in the plan.

Insured perils home policies are usually slightly cheaper.

Why is home content insurance so important or necessary in Singapore?

One sentence:- because your renovation, furniture, appliances, clothes etc are very expensive in Singapore.

If a fire starts in your home or from your neighbour’s home, you are going to have a bad financial situation in your home, as if cleaning up a badly burnt home is not enough work. A home content insurance can help to pay out to clean, renovate, and refurbish your home, without breaking your pocket.

Without a home content insurance, be prepared to lose 5 figures or even 6 figures sums worth of renovation and furnishing. (And more if you are like me, who store almost all my valuables at home).

What about owner-occupier, landlord or tenant for home content insurance?

If you own and live in the property you are in, then you are considered the “owner-occupier”. Most home content insurance policies are geared towards this type of owner as owner-occupier has the most to lose in a fire. It is the renovation of their own property that they lose, and the valuables that they lose too.

If you are a landlord owning the property and renting it out, do seek out insurance brokers like HM consultancy to get specific home content insurance for landlords. Although most of the home contents would not be yours, the renovation, the furnishing and if the landlord provides furniture and appliances, these would be really important to protect and guard against a financial disaster.

If you are a tenant, you may be relieved that you would not be financially affected by the loss of the 6 figures renovation and furnishing, but no doubt your own clothes, possessions, valuables would be damaged or lost in a fire. Speak to fire insurance broker like HM that can advise on tenant-specific home content insurance.

How to choose a home content insurance policy in Singapore?

If you are like me, you will love value for money plans and not just the cheapest (because the cheapest covers the bare minimum only). Besides choosing value for money, you should take a quick accounting summary of the values of your home content and see if you should take a good comprehensive plan.

Here are some bills you may consider to redo your home if its damaged by fire

  1. Your renovation costs: if you prefer simple, you do not need a high renovation makeover. If you like your home to be cosy, make sure you plan for it. Do note that the size of your home affects your renovation bills.
  2. Value of your home content. Many electronics, laptop, tablets etc? Lots of branded bags, and branded watches at home?
  3. Value of your furniture and appliances:- Do you have expensive furniture like some classic chairs or dining table? OLED TV with the latest surround sound audio?

Every homeowner is different, so plan accordingly. Do your work and select the comprehensive plan that suits your home, your budget and then relax!

HM Consultancy is the Home Insurance and Motor Car Policies Specialist in Singapore

One of the ideal plans suggested by HM consultancy is their EQ Homeguard, underwritten by EQ Insurance. EQ HomeGuard has 5 great key benefits.

  1. Alternative Accommodation- covers additional expenses for your accommodation or loss of rent if your home becomes uninhabitable
  2. Home Quarantine order- pays up to $1400 if you are required to be home quarantined (For those unfamiliar with SARS, bird flu, there is a new flu from Wuhan now)
  3. Personal / Family Third Party Liability. It covers for accidental bodily injury or property damage to any 3rd party within your home as well as WORLDWIDE (except USA and Canada). Extra bonus!
  4. Worldwide personal accident- it helps to pay for accidental death for the policyowner, spouse and children, for mishap at home and worldwide.
  5. Pedigree Pet Cover- for a lot of us, our pets are our precious. This provides a sum for accidental death or theft of your pedigree pets.

This plan has different types and is great whether you own a HDB, condo or landed. Just choose the type that suits you best! HM Consultancy is a big insurance agency in Singapore and has partnered with big companies like Timely Enterprise for all corporate, motor, etc insurance coverage.

The best news? I have negotiated with HM Consultancy to offer an extra 15% discount on their first year premium!

Just quote my name BudgetBabe when you contact them for extra 15% off! Get quote from them at their home insurance in Singapore!

Compulsory Insurance that MCST and MC needs (Contractor All Risks, Fire Insurance, Public Liability)

There are numerous general insurance that is legally required by MCST (Management Corporation Strata Title) or MC (Management Committee) to have their landlords and tenants to have for their properties, in order to protect other property owners and themselves. Some examples are basic fire insurance for the building and structure or public liability insurance that some MCST makes it compulsory for landlords.

Beside mandatory general insurance, some insurance that is good to have are contractors all risks insurance, glass liability, etc, etc. You may find more details in this article

What is MCST?

MCST stands for Management Corporation Strata Title and refers to the management body of a building (usually a condominium or building shared with many office owners or shop owners). The management body handles the routine maintenance and caretaking of the building. Periodically, the MCST will handle annual reports, AGM (annual general meeting) and handling of pollings for renovation, refurbishing, change of designs, and enbloc affairs.

The MCST is usually a single corporate set up to manage the building or it can be a large corporation MCST managing many different buildings to pool resources and for economies of scales.

What is MC?

In many cases, the MC is a short form of referring to the MCST.

In some cases, residents refer to MC as the management council, a representative body that is elected from residents or owners of properties in the building.

Almost all affairs of daily maintenance of the building will be handled and referred to the MCST.

What are some insurance that MCST should ask property owners to protect the building and their properties

Here are some insurance that is critical for protecting the properties and MCST

  1. Fire insurance (All risks) for the structure of the building
  2. Public liability (especially for commercial building)
  3. Contractors All Risks (CAR) insurance for landlords who are renovating.

Fire insurance All Risks Insurance for MCST and building owners

A devasting fire can cause the structure of the building to be severely affected and it is going to cost a big sum of engineer fees to assess and certify the building is safe and able to operate as normal.

PMD charging fire no insurance coverage

PMD charging fire no insurance coverage

If the civil engineer finds that the building’s structural integrity is badly damaged in the fire, the building can be deemed a risk, and steps must be taken to rectify the damage. The worst scenario (not unthinkable) is that the building is a total loss and the MCST and landlords must take action to demolish the building at its costs.

This is why fire insurance all risks coverage for the building and structure is so important as the cost of such an event is high and devasting.

All HDB owners are required by law to buy fire insurance of the structure (covering only the building and not the belongings and furnishing in their own homes) precisely because they are worried of devasting events that render a building unliveable.

MCST can also request landlords to have better fire insurance coverage to cover common areas and their own private area liabilities to have peace of mind.

Public Liability policy for commercial building MCST

For many commercial buildings, the public is allowed to enter and use the facilities in the building. A public liability policy helps the MCST to answer any disastrous event that may happen to a member of the public.

A simple case would be someone falling down due to the slippery floor from a rainstorm. The person may sue the building for not managing the wet floor properly due to bad rain cover design or lack of a warning sign.

Ang Mo Kio shophouse fire disrupted business

Ang Mo Kio shophouse fire disrupted business

Other examples can be of visitor cars damaged by trees falling or items dropping from higher heights damaging the visitor’s cars.

A simple public liability policy can help answer any legal or liability case arising from public’s disputes with the MCST

Contractors All Risks to cover landlords and MCST

All buildings will have new landlords or new tenants moving in and out over the years. And any new landlords or tenants may want to do a heavy renovation or simple retrofitting of the premises.

An inexperienced renovation contractor or even an experienced one can have accidents that damage common corridors, common shared facilities or damage building pipes, wires, etc.

Renovation Contractors All Risk Package

Renovation Contractors All Risk Package

In some cases, renovation work may damage nearby neighbour’s properties and incur high hotel bills if the resident needs to live somewhere else temporarily. Some unfortunate cases have occurred where neighbours got injured and racked up high medical and hospital bills to be paid by the renovating units.

Most residential MCST now insists the renovation contractors sign indemnity forms to compensate them in the event of accidents or mishaps. However, we know that many contractors in Singapore are small businesses and would not survive a big financial setback.

The MCST would have no way to seek compensation if the business goes bankrupt. Hence the recent trend is for MCST to request for the contractor and the renovating units to purchase Contractors all risks insurance to cover the period of renovation.

You can refer here to our MCST insurance solution.

f your MCST or you need any more information, feel free to email HM consultancy at sales @ hminsg. com or whatsapp us at 82003255

 

 

 

Fire Safety Tips for Personal Mobility Devices PMD, Power Assisted Bicycle PAB, Personal Mobility Aid PMA at HDB Condo Landed

Electric fires at HDB homes, condos, landed home properties etc; caused by the charging of batteries are not new, and they are increasing in numbers in Singapore. In 2019, there was already more electric fires in the first seven months than the whole of 2018. Moving forward, there may be even more electric fire caused by batteries charging in 2020.

The government has responded by bringing forward six months the compulsory usage of only UL2272 fire-safety certified devices. The government has brought forward the safety deadline by six months:- all PMDs must comply with UL2272 certification from July 2020.

Fire risk caused by charging batteries

  1. Charging of PMDs (Personal Mobility Devices), such as e-scooters, hoverboards
  2. Charging of PABs (Power Assisted Bicycles), such as e-bicycles.
  3. Charging of PMA (Personal Mobility Aid), such as electric wheelchair, mobility scooter for the disabled or elderlys
  4. Charging of mobile phones (be it iPhone, Samsung, Huawei or other androids phones), tablets, iPads.
  5. Other appliances with big capacity batteries.

Electric fires can be caused when the batteries are faulty and become, bloated, exploded or overheated.

Fire Safety Tips for PMDs and PABs

Fire Safety Tips for PMD PMA PAB

Fire Safety Tips for PMD PMA PAB

  1. Do NOT charge a personal mobility device (PMD) or a power-assisted bicycle (PAB) or personal mobility aid (PMA) and leave it unattended overnight or for an extended period of time. This is not only risky as the batteries may burst into fire without anyone knowing to stop the fire, it is considered negligible and non-claimable by home contents insurance.
  2. Do NOT charge your devices near combustible materials or along an escape path (near the door etc)
  3. Do not charge the PMD/PAB/PMA immediately after use. Let the motor cool down first.
  4. Do not tamper, modify or attempt to repair PMD/PAB/PMA on your own. Refer to specialist or manufacturer.
  5. Do use a power adaptor that carries the Safety Mark and recommended by the manufacturer.
  6. Do purchase your devices with UL2272 certification. That is proof that the battery is certificated to be designed according to fire safety measures. Refer to LTA’s website (bit.ly/ul2272sg) for more information on UL2272 certification and an indicative list of UL2272 certified devices available in Singapore.
  7. Do regularly examine your batteries for any damage or deformities such as bloating, corrosion or powdery residue.
  8. Do charge your PAB/PMD/PMA on a hard, flat surface to allow optimal dissipation of heat. This is so that the area does not get too hot and start burning the surrounding.

What is UL2272 certification for PMD?

UL2272 certification means the device automatically cuts off battery charging once the battery is fully charged, thus avoiding overcharging which can cause the battery to overheat and leads to an electric fire.

Mandatory inspection from April 2020

All e-scooters owners will need to send their e-scooters for inspections to ensure that their e-scooters are compliant with safety. Currently, the government is discussing whether to have a one-off inspection or periodic inspections.

Charging of your hand phone, tablets, mobile devices.

  1. Do use manufacturer’s provided chargers or high-quality chargers that do not overcharge or continue to charge even when the battery is full.
  2. Do not charge your battery overhead next to you when sleeping. In one incident a year ago, the phone battery exploded, killing the sleeping owner next to it.
  3. Keep your charging area free of combustible materials.

Does your home content insurance cover electric fire caused by e-scooter?

If you are charging your PMD / PAB / PMA while leaving the battery unattended, home contents insurance does NOT cover you.

Such causes of electric fire at condos, landed homes, or HDB is not covered by home content insurance as it is an act of negligible for charging the battery and going to sleep or leaving your home.

Does home content insurance covers your home if your neighbour caused a fire due to e-scooter or PMD battery charging?

Yes, even if your neighbour has been negligible and charged his PMD or e-scooter unattended. This is because the insurance company understands that this is not your fault and will cover for damage caused by unintentionally by your neighbour or acts of nature.

Do note that the home insurers reserve the right to claim for damages against the neighbour for causing the fire.

HDB Fire Insurance not cover Home Contents

HDB Fire Insurance not cover Home Contents

Does HDB Fire Scheme covers your home contents caused by electric fire or any fire?

No. HDB Fire Insurance scheme does not cover your personal belongings. HDB fire insurance scheme covers the structure of the HDB and does not cover any assets, contents owned by the home owners.

You need to get a decent home content insurance package to cover your

  1. personal belongings
  2. furniture
  3. furnishings
  4. electric appliances
  5. valuable

Do not over pay for your home content insurance, get a value for money home content insurance in Singapore

HDB Fire Insurance does NOT cover Home Contents or Home Renovations

Many HDB residents have compulsory fire HDB fire insurance but they are not aware that HDB Fire insurance does NOT cover home contents nor home renovation. (Not covering furnishing, renovations, home furniture etc)

This is why it is so important for you to seek out insurance agencies to cover your home coverage. Insurance agents do not actively go sell this insurance as it has very low commission for them. You must get a good coverage for your home as your home is probably the most expensive item you have bought.

This article is on 22nd July 2019 and demonstrated how so many HDB flat residents lost their fortunes, met with high hospital death (and in some cases funeral costs) without insurance compensations.

HDB Fire Insurance not cover Home Contents

HDB Fire Insurance not cover Home Contents

What is covered under home contents insurance? What are these that are not covered by HDB Fire insurance?

What are these that are not covered by HDB Fire insurance?

Home contents insurance covers these:-

  • their precious personal belongings
  • furniture
  • electric appliances
  • renovated furnishings

These are home contents that are NOT covered by the HDB fire insurance scheme but can be easily covered by any affordable plans offered by the numerous fire insurance companies in Singapore.

HDB Fire insurance does not cover home contents, does not cover PMD (Personal Mobility devices) such as e-scooter, e-bicycles that are charged at home and cause fire.

What does HDB Fire insurance coverage covers?

 

What does HDB Fire insurance coverage covers?

The HDB fire insurance scheme was introduced to protect HDB INTERNAL structures, fixtures as well as area built and provided by HDB.

What does fire insurance plan cover for HDB?

They protect HDB’s assets, not the HDB residents. This is so that HDB does not need to ask for the HDB flat dwellers for compensations on repairs works after any fire accident. HDB can simply claim from the fire insurance company, which collects the necessary premiums from the HDB owners yearly.

Till 15 August 2019, the 5-year premiums (including 7% GST) are as follows:

Flat Type5-Year Premium (Including 7% GST)Sum Insured
1-room$1.50$19,300
2-room/ 2-room Flexi$2.50$26,300
3-room$4.50$41,800
4-room$5.50$69,100
5-room$6.60$75,600
Executive/ Multi-Generation flats$7.50$98,200
Studio Apartment (Type A)$3.50$29,000
Studio Apartment (Type B)$4.00$37,200

This is also why HDB fire insurance is so cheap, it only covers the structures of the HDB flats and not on the flat residents’ furniture, furnishing, and belongings.

Is HDB fire insurance compulsory?

Yes, it is compulsory for all HDB flat owners with HDB mortgage loans to buy basic HDB fire insurance. If you have a bank loan for HDB, the bank will almost certainly require you to buy fire insurance from their appointed insurers partners too.

HDB and banks do not want their assets to be without cover.

Do I have fire insurance?

Probably no. You may have the compulsory HDB structures fire scheme, but most likely you do not have fire insurance for your home contents.

In the Straits Times report on 22 July 2019, more than 50% of all HDB residents do NOT have Home Content Fire insurance.

You should probably speak to an agent with more than a few comparison insurers for the best value for money plan.

As a condo owner, does condominium MCST has fire insurance?

No. Even if your condominium MCST has fire coverage, it would be for the structural and common assets, NOT for your own personal belongings.

How much does fire insurance cost?

Very little. A basic home contents plan will cost you less than $50 a year or $4 a month. Yes, barely $50! Even more premium and wider coverage plans cost you barely $10-$30 a month. Singaporeans generally treasure their belongings at home and tend to choose the popular wider coverage home contents insurance.

Even for condominium and landed property owners such as bungalow, semi-detached, etc, fire insurance coverage for your home amounts to only a few cents or dollars per day. Some costs less than $200 per year.

HDB Fire Insurance does not cover home contents

HDB Fire Insurance does not cover home contents

How do I claim for fire insurance?

For HDB fire insurance scheme, HDB can claim directly with the appointed fire insurer, and an officer will probably need you to help in providing the situational report on the fire.

For home content fire insurance, you can refer to the insurers’ website for the correct forms or refer to your fire insurance brokers. Update your insurers fast because they need to check the scene as soon as possbile before you start cleaning and clearing away the debris.

You can also contact us directly for help.

Does home insurance cover fire caused by PMD charging?

If a fire is caused by a PMD (personal mobility device) charging while you are at home and not sleeping, home content insurance usually covers these fire or accidents.

However, if your PMD such as E-scooters battery is charging unsupervised while you are asleep or not at home, any fire or accidents that occurred would not be covered by your home contents insurance.

Do NOT charge your PMD batteries unsupervised.

Which home fire insurance is best in Singapore?

Which home fire insurance is best in Singapore?

The home insurance that you have paid and is active in covering your family home.

There are 101 different fire and home insurance in Singapore, and thanks to MAS, all General Insurers are regulated with proper financial assets to back their protections.

The best insurance plan is useless if you are not under it. Get something fast and get it over with quickly because there are too many people who are procrastinating and regretting it when “it won’t happen to me” happens.

How do I get fire insurance?

Get it from a trusted fire insurance broker. HM Consultancy works with many insurance companies to get affordable and value for money plans for their clients. If you do have special cases, such as more sentimental or valuable belongings in your home for assessment, you can contact us for customised plans.

HM Consultancy has worked with condominiums, landed properties such as good-class bungalows, semi-detached, terrace as well as HDB flats for home and fire coverage. Not only that, we have done specialised cases for people with unusual art works, drones, electronics at home too.

Do check HM Consultancy for the best home fire insurance coverage.

Fire is costly and disruptive to business & home owners

Most of us, be it homeowners or businesses think the most a fire can do to our belongings and properties are just destroying it and end-of-story.

UPDATE: 23 July 2019 – another fire caused by charging batteries of PMD

SINGAPORE – A personal mobility device (PMD) left to charge in an Ang Mo Kio flat early on Monday (July 22) exploded in the afternoon, causing a fire that destroyed the flat and damaged two neighbouring units.

PMD charging fire no insurance coverage

PMD charging fire no insurance coverage

Home contents Fire Insurance does not cover unsupervised charging of PMD batteries

Please note that many insurers, even when you buy home contents insurance does not cover your home due to e-scooter charging overnight with no supervision.

In this case, the adults left the e-scooter to charge and they left the home without anyone, the fire insurance would NOT cover this case due to unsupervised charging of PMD (personal mobility device)


It is a lot more damaging than that (you won’t understand the weeks or months disruption until you encountered one)

And if a fire happens to a neighbour, you may think its no big deal to me!

Fire affects everyone, even those unburnt

A FIRE, even only on a neighbour and not on your site, can be very disruptive to your business and life.

The aftermaths of a fire can be extremely costly to a neighbourhood.

You now face blacked surroundings, and you are also left with severe waterlogging (from firefighting activities) and cleanup work to be done. Your businesses cannot resume without all these works.

And even after restorative works are completed, your business may not be continuing as per normal:- your usual customers may shun you.

Is Fire insurance more expensive?

A cheap yearly annual fire insurance or business insurance or the risks of loss of capital, loss of income and painful restorative payments.

A fire gutted Ang Mo Kio shophouses on 5th July 2019 and the damage was painful. Not only that, patrons and customers stayed away from the area.

Taken from Straits Times https://www.straitstimes.com/singapore/shopkeepers-bemoan-loss-of-business-after-ang-mo-kio-fire-injured-scdf-officer-discharged

The fire, which has affected the supply of power and electricity to the block, has resulted in Mr Leong losing about 50 per cent of his usual business.

“We are safe and we are lucky we can still open, but there is no phone line here, which means my customers cannot make bookings and can only pay with cash. Even when they walk in, they do not want to stay because there is no Wi-Fi,” he said.

Mr Leong is not alone, as other shopkeepers and employees also bemoaned the lack of Internet service and for some, electricity.

 

Fire is bad for homeowners

Thankfully, if a fire occurred and your family and you are safe, bless you!

Roughly 100 residents were affected by a single household fire on 24 June 2019.

In a video posted by Facebook user Dahlia SenSasi, thick black smoke is seen billowing out of the fourth-floor corridor as at least six firefighters break into the corner unit where the fire is raging.

People can also be seen knocking on doors on the other floors to alert residents of the incident. A total of 100 residents were evacuated by police, said SCDF.

https://www.channelnewsasia.com/news/singapore/fire-breaks-out-in-yishun-flat-2-taken-to-hospital-10463808

However, the bad news:- a fire engulfed your personal belongings, your important memory, and sentimental stuff, there are more….

You have to spend more money to restore your structure, your furnishing and redo furnitures for your home.

Damages caused by neighbour’s fire in HDB, Condo or Landed

If you are a neighbour, not only do you have to feel heartpain for your neighbour’s poor stroke of luck, you probably have to fork out plenty of money to clean up your home. If you are above or near him, you have to repaint the walls, throw away furnishing, clothes, furnitures that are damaged with bad smell and smoke.

If you are below him, you will have to deal with severe water damage.

If you are cautious about money and financials, you will realise something:- a fire insurance is the best thing you can to protect your finances.

Don’t just buy fire insurance, get a proper business or home coverage at the best value-for-money, don’t overpay for coverage you may not need. Do not over pay for your insurance cover.

Contact Us

What is covered under Home Insurance? Fire, Flood, Burglary?

All home insurance plans should cover fire, flood, burglary and other common disastrous events.

What else is covered under a home insurance policy?

Besides fire, flood, burglary, other features and benefits are offered by different insurers. The good thing about competition is that we get to enjoy many extra such coverage features at little or no extra costs.
For example, some home insurance policy covers food spoilage that occurs from electricity tripping.

Is it necessary to have home insurance?

Yes. For most of us, our home is the biggest expenses of our lives, so we want to protect this asset that we live in.
You have to ensure this even if you stay in HDB flats, an EC (executive condominium), private condominium or landed properties (bungalow, semi-detached, etc)

Does all HDB owners have to buy compulsory home insurance?

Yes and no. HDB has compulsory basic home insurance that covers the structures of your HDB home. It does NOT cover your home content, furniture, and most fixtures. This is why it is so cheap, it only provides basic protection that helps HDB to protect their structure.
If a homeowner met with a fire at his home, he would most certainly be surprised when most of his contents and furniture are not covered.
This is why you must buy home insurance to protect yourself.

Do condominiums and landed homeowners need home or fire insurance?

Yes. Their fixtures are more costly, and their furniture and contents will be more valuable in general. Condo stayers will also have to compensate any losses to their condominiums MCST (Management Corporation Strata Title) common areas.
Fire on landed property- Home insurance

Fire on a landed property- Home insurance

They will also be responsible to their neighbors for any fire outbreaks or flood (from burst pipes) that arose from their homes. The public liability and legal fees that arise from the fire causing damages to your neighbours may cause you even more losses than your own damages.
It is extremely important for all landed property owners and condo owners to purchase comprehensive home protection plans.

What coverage should I have for homeowners insurance?

Fire, flooding, public liability should be the standard for all home insurance. Then you look at the bell and whistles and decide whether they are worth it.

What does home owners insurance cover?

The usual coverage is for accidental fire, flooding from burst pipes, weather conditions (especially for landed homes or if you are staying at ground floors), break-ins burglary and thefts, etc.
Home insurance policies may offer public liability coverage so that they can take care of any lawsuits by visitors who are hurt at your properties. This work the same as public liability for shops, corporate offices, and industrial premises.

Does home insurance cover damage to other people’s property?

Yes. This is similar to covering someone who got injured while at your home. A visitor may sue for damage to his/her property that is damaged while visiting your property. For example, he may park his car at your place and a fallen tree branch damaged his windscreen and scratched his car. If he pleads for damage, your home insurance policies may help to cover his demands.

What are some home insurance policies comparison in Singapore? TIQ, FWD, Aviva home insurance?

TIQ Home insurance, FWD, and Aviva are some of the more popular home protection plans in Singapore. These 3 are popular not just because of the heavy advertisements on our local television and radio broadcast, but they offer value for money and great standardised assurance plans. FWD insurance has caught up with traditional players in 2019.
Besides these few, there are other strong competitors such as AIA Elitecare, AIG, Sompa, China Taiping, Tenet, Liberty Insurance, India Insurance, etc that gives a great value for money package.
Do contact us to see what is the latest promotion and worthy long term package for your home, as different insurers may have the ideal plans meant for your landed properties, your condo or your HDB flat.
Do not mix up mortgage term protection insurance plans with a home protection plan. The mortgage term is usually covering the death of the payer of the bank loans. The banks want to make sure that if the payer of the home loan suffers a premature death, they can recover the bank loan via insurance payout.

Is mortgage term plan a home protection plan?

A mortgage term plan is not related to home protection policies.
Home insurance is not Mortgage Insurance but both save your home

Home insurance is not Mortgage Insurance but both save your home

For some home policies, there may be features or riders that cover lost items that occurred at home. This is not common and may be designed for special situations.
Yes, you can, but the more common way is to solve the outstanding issues via mediation and agreeing to a common solution. Both insurer and you would not like to pay the expensive lawyer fees and insurance companies hate legal battles too.
Technically the usual disputes is when claims occur and the valuation of the content lost is in dispute. Or your neighbour may suffer a loss from a fire that started off in your home’s kitchen and he may sue you for the damages, and the home plan insurer will take over the legal liability to help you with the payments.

Does a landlord need a homeowner protection plan?

There are home protection policies that are tailored especially for landlords and guard against irresponsible tenants. These policies are special and ideal if you are a landlord for your home coverage.

Does a tenant need a home insurance cover?

There are home insurance cover plans that are designed for tenants and to protect the tenants’ interests against unfavorable events too. These are great policies if you are a tenant and like to protect your own contents and interests at an affordable costs