Your home is probably the biggest assets and expenses of your life, so please do not leave it uninsured. Home protection plans are commonly known as Fire insurance for home because fire is one of the main disasters to hit homes.
Home Protection Plans is Fire Insurance for Homes
Fire insurance usually refers to home contents protection plans, it usually covers
- personal belongings
- electric appliances
It does not just cover disasters from fire, but from other disasters as well, such as flooding, broken sewage pipes, burglary, lightning strikes, etc. Check on the insurers to find out what’s covered and what’s not covered.
Landed Properties Home Insurance
Your house is expensive to build up is also more vulnerable to damage from freak weather and elements. Lightning strikes, falling tree branches, break-ins, etc are common problems for landed homeowners. You are also more vulnerable to fire and flood due to exposure to the ground floor and the more sparse layout of the neighbor.
You may have valuables and expensive fixtures that require more attention and documentation for your home insurance, do not just lean on a standard home insurance package, do check for extra features and protections for your special personal needs.
Do check if the policies cover for your concerns such as falling trees or floods and etc.
Condominiums and apartment home protection plan
Most of the compulsory basic home insurance mandated by your MCST is covering only the basic structure of your home and small coverage of your content. Do take note that they do not cover most of the value of your home contents, furnishing and fixtures.
You will want a comprehensive coverage for your contents and fixtures.
HDB Scheme Fire Insurance
The HDB Scheme Fire Home insurance which is extremely cheap is made compulsory by the HDB Board and covers only the structure of the flat. Hence it is more than important to seek individual home insurance that helps cover your home content, home furniture, and home furnishing and fixtures.
How much would home contents insurance plan costs me?
Very little. A basic plan will cost you less than a hundred per year. Even a full comprehensive one will only costs you mere hundreds, a very small price to pay for the assurance of your roof over your family.
Speak to a proper insurance broker for different plans for comparisons.
Home Contents Plan insurance designed specially for Landlords and Tenant
Some home insurance plans are designed for landlords or tenants.
The tenant home insurance would be extremely portable and covers you even if you move addresses. It has the coverage of home insurance and yet the portability that sticks to you, not your living address.
Similarly, the home policies designed for landlords are crafted to cover for fixtures and renovations even if you changed tenants. You will appreciate these little features that make them worthwhile to take care of your income-producing assets.