Housing is one of the most valuable assets Singaporeans own, so it makes perfect sense to protect it by taking home insurance plan. When you your dream HDB flat, condominium, or a landed property, you spend thousands of dollars on renovations and furnishings. A simple fire can simply wipe out your dream home, leaving you financially devastated. If you haven’t taken out a home insurance policy yet, then read this before you head to an insurance provider in Singapore.
Basic fire insurance may not cover everything you want
Fire insurance in Singapore comes with premiums a slow as $2 for a 5-year policy. A Fire Insurance Scheme relieves flat owners of the financial burden of repair work after the unfortunate event of a fire. It covers damaged internal structures, fixtures, as well as areas built. Unfortunately, many people mistake this for a proper “home content insurance” policy. Do not confuse fire insurance with home content insurance; they are two completely different things. Fire insurance is cheap and it only covers damage to the interior structure of your flat. It excludes home contents such as furniture, renovations and personal belongings.
Home content insurance covers your possessions
Home content insurance is what will protect you against damage caused by hazards such as fire, lightning, and even theft. It covers all your valuable worldly possessions and it also covers things like fixtures, fitting, accidental glass breakage coverage, loss of personal papers, accidental death of pet, loss of personal money, etc.
You can insure your home loan too
What is the point of insuring your home loan? Life is full of risks and unforeseen situations. It hardly ever works according to our plans. You can take mortgage insurance – such as Mortgage Reducing Term Assurance (MRTA) – to pay off your loan in the unfortunate situation such as permanent disability or death. Should anything happen to the home loan holder, your mortgage insurance company will then handle the outstanding housing loan, alleviating the financial burden from the family.
Your insurer can help you get cheaper mortgage interest rates
Some insurers in Singapore provide a “home concierge service”, where they can put you in touch with a good mortgage broker, help you in refinancing and, even call plumbers and general contractors for you when you need them.
If you’re planning to buy a home insurance policy for your HDB flat, condominium or landed property in Singapore, these facts would help you decide on the best plan for your home. If you had any experiences where your home insurance policy has helped you save money, then share it with us in the comments section below!
Basic fire insurance may not cover everything you want
Fire insurance in Singapore comes with premiums a slow as $2 for a 5-year policy. A Fire Insurance Scheme relieves flat owners of the financial burden of repair work after the unfortunate event of a fire. It covers damaged internal structures, fixtures, as well as areas built. Unfortunately, many people mistake this for a proper “home content insurance” policy. Do not confuse fire insurance with home content insurance; they are two completely different things. Fire insurance is cheap and it only covers damage to the interior structure of your flat. It excludes home contents such as furniture, renovations and personal belongings.
Home content insurance covers your possessions
Home content insurance is what will protect you against damage caused by hazards such as fire, lightning, and even theft. It covers all your valuable worldly possessions and it also covers things like fixtures, fitting, accidental glass breakage coverage, loss of personal papers, accidental death of pet, loss of personal money, etc.
You can insure your home loan too
What is the point of insuring your home loan? Life is full of risks and unforeseen situations. It hardly ever works according to our plans. You can take mortgage insurance – such as Mortgage Reducing Term Assurance (MRTA) – to pay off your loan in the unfortunate situation such as permanent disability or death. Should anything happen to the home loan holder, your mortgage insurance company will then handle the outstanding housing loan, alleviating the financial burden from the family.
Your insurer can help you get cheaper mortgage interest rates
Some insurers in Singapore provide a “home concierge service”, where they can put you in touch with a good mortgage broker, help you in refinancing and, even call plumbers and general contractors for you when you need them.
If you’re planning to buy a home insurance policy for your HDB flat, condominium or landed property in Singapore, these facts would help you decide on the best plan for your home. If you had any experiences where your home insurance policy has helped you save money, then share it with us in the comments section below!
No comments:
Post a Comment