Home Insurance in Singapore | Reasons Why You Need Home Insurance?

A house is most likely our most significant asset. How confident are you that it is adequately insured in the event of an accident? Home insurance is often an item that many homeowners ignore. They also confuse it with the HDB Fire Insurance scheme and believe they are adequately protected. In this blog, we tell you about home insurance in Singapore.

Why Do You Need Home Insurance in Singapore?

Home Contents Protection

The HDB Fire Insurance, as the name implies, solely covers repair work required in the unfortunate case of a fire. The coverage is also restricted to the physical construction of the building – that is, replacing damaged buildings provided by HDB when you received your keys. This implies that fire insurance does not cover loss or damage to your property such as furniture, household appliances, and personal belongings.

This will relieve you of a considerable financial burden in the event of an unexpected incident and provide you with better peace of mind.

Much more than Fires and Theft

Other than fires, events such as theft, burst pipes, and intentional acts by others (such as graffiti) can be unpleasant surprises. We frequently assume an optimistic bias and believe that it will not happen to us. But there’s a chance they will. To avoid unpleasant surprises, search for a comprehensive house insurance policy that does not charge extra for claims resulting from events other than fire. Some policies can cover expenses incurred immediately as a result of the loss of use of your home. Laundry, house cleaning, and fire extinguisher services are examples of these.

Monthly Rent

If you are a landlord, you are constantly in danger of losing rent if your renters are unable to stay due to unavoidable circumstances. Natural disasters, fires or explosions, and thievery are among them. Assuring that such catastrophes beyond your control are covered can relieve a lot of tension.

Landlords are covered by home insurance, and tenants are covered for loss or damage to the landlord’s property during their stay.

Home Assistance

Homeowners may have headaches as a result of various household troubles, such as forgetting keys and being locked out, a leaking air-conditioning system, or plumbing and electrical issues. They come as a surprise and can cause problems as well as a hole in your wallet. Protect yourself from unanticipated costs in areas such as electrical, plumbing, locksmithing, and air conditioning by purchasing a home insurance policy that covers them. In a policy year, most insurances cover four support services.