Here, let’s discuss about the home insurance in general, its coverage and some of the aspects that you must know prior to purchasing a home insurance.
Home content coverage.
It is impossible to live in a house without any content. To make your life easier and more comfortable, you will have appliances such as a washing machine, a microwave, a refrigerator, a computer, a laptop and/or a TV.
In general, a home insurance in Singapore will cover your home contents in case of a loss or damage due to an accident. It does not matter if the belongings belong to you, your wife, your children or even your domestic helpers. When things get damaged due to an accident, there may be protected by the home insurance. However, certain valuables such as certificates, securities and pets are not usually covered by the plan.
Personal liability coverage
What is considered as personal liability is when you are deemed legally responsible for something unfortunate that happen within your home premise. For example, when an invited guest accidently slips in the bathroom and he/she has a broken bone. You, as the owner of the house, may be held responsible for this accident. This is when the home insurance comes into play, where the associated expenses may be covered by your home insurance provider.
Personal liability coverage is also extremely useful for tenant who is renting a house. If you rent a house and you accidentally break a possession, such as a lamp that belongs to your landlord, you will have to be responsible and pay for it. With a personal liability coverage, you would be covered if such accident happens.
You may want to re-think if you assume that fire insurance has already got structural features covered. Yes, fire insurance covers the costs for the original building, its fixtures and its fittings. However, a fire insurance does not usually cover the renovation costs. Only home insurance does.
Personal belongings, valuables and money coverage
There is no guarantee that a thief will never target your house and take what is most precious to you. In the case of an illegal breaking and entering, this coverage insures your personal belongings, valuables and money against theft or robbery. However, the coverage is usually limited in terms of how much you can claim for each lost item.
Alternative accommodation
When it comes to accident, you can never be sure if your house is going to be free of it. Sometimes, bad things happen, and they are simply inevitable. When a major accident takes place in your house, for instance in the event of an earthquake or fire, you will not be able to reside in it for a certain period of time. This is when alternative accommodation coverage plays its important role.
With a home insurance that covers for alternative accommodation, you will be rest assured as it can ease your financial burden when you have to look for another accommodation to stay. Take note that this coverage usually applies to a certain number of days, with each day has a daily benefit limit.
Conclusion
Even though home insurance in Singapore is optional, unlike HDB fire insurance that is made mandatory, after reading through all the things that home insurance can cover, it is recommended to purchase one for your peace of mind. If you are not sure about the best home insurance provider that can accommodate your needs, it is best to reach out to a specialist that will help you decide.
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