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.
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.
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
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