For a small, albeit economically powerful country, one of the most sought-after possessions is, of course, real estate. Singaporeans naturally spend huge sums of money for the properties, buying a new one or renovating an old. However, in some cases, they are quite incapable of protecting their real estate investment in case of accidents or mishaps.
This oversight can easily be prevented by proper home insurance. Certainly, not just the Housing and Development Board’s (HDB) Fire Insurance policy. This mandatory insurance only covers damages to the internal building structure, the bits and pieces that were provided by the HDB and the developer. Everything else, including your appliances, furniture, and gadgets, is fair game.
If you’re willing to spend a fortune on your new home, then you should also be prepared to shell out funds for its protection. Typical events covered by private insurance firms include the ff.: lightning, fire and explosion, impact by vehicles/aircrafts, theft by violent or forcible entry, natural disasters such as floods and earthquakes, and bursting water pipes or tanks.
Insurance policies can be as specific as you want, depending on the flexibility of the agency and your needs. Some of the more comprehensive insurance providers such as HL Assurance, covers everything from household contents, renovations, fixtures, and fittings to deteriorating frozen food in your freezer.
The most basic of these insurance plans typically covers damages to home renovations (other than the HDB fixtures), personal belongings, and personal liability for you and your family. However, the pricier ones also offer removal of debris, alternative accommodation, and even Loss of Rent. The last two will come handy when you’re in a bind and you don’t know where to go or where to draw additional income.
Another thing to consider is the payment plan and support system of the insurance provider. While some are rather stiff and unyielding when it comes to the payment scheme, others are more understanding. HL Assurance offers a flexible payment scheme, meaning you can choose to your premiums via monthly or yearly payment.
Furthermore, customer support is very important especially when dealing with insurance firms. The company you’re entrusting your home with should be accommodating and responsive particularly when you’re processing your claim. Also, you shouldn’t be saddled with procuring pages upon pages of documents that the insurance policy purportedly needs to facilitate your claim. The required documents needed for claims should be discussed clearly at the start, before you even sign anything.
Searching for the best home insurance policy for your property might look incredibly daunting at first, given that there are many firms offering this to homeowners. However, once you figure out the things that you want covered and the payment scheme you want, it would be easier to look for a firm that’s perfect for your needs.