What does your home insurance cover?

[therock]

1 minute ago, serenade said:

General fire insurance is very affordable. As long as you stick with the general policy wordings of fixtures and contents. As I live in a condo that has its own general insurance that takes care of the MCST items, I bought coverage for the internal fittings like fixed cabinets, curtains, air-con, fans and repair costs. I added extra coverage for general contents without naming anything special. Home insurance still affordable.

But once I added and listed specific items to be covered, the premium went up by a few times. Like specific HT/audio gear, hobby collections. The insurer wanted me to list and state their purchase price. Then they charged a big % of the purchase price of each item as the annual premium. It did not make any sense to me to insure them individually. 

Good luck to you if you have a watch or other collection that gets destroyed in a fire. You get a small % back when insured under general contents heading.  

Bro

It's a good idea to ask them for what the general cover of the condo is... some have not updated the cover, other condos suppress the cover to keep costs down, I know a friend who had a leaking outer wall and the condo has been ding dong - ing because repairs are costly... 

[myles29]

Hi there! It really depends on the type of insurance that you will get. Based on what I’ve read from Surex for example, is the Broad home insurance. This insurance covers perils such as water, lightning, hail, windstorm, fire, smoke, explosion, falling objects, vandalism, theft, and vehicular or aircraft impact.

[Cosmicclaw]

27 minutes ago, myles29 said:

Hi there! It really depends on the type of insurance that you will get. Based on what I’ve read from Surex for example, is the Broad home insurance. This insurance covers perils such as water, lightning, hail, windstorm, fire, smoke, explosion, falling objects, vandalism, theft, and vehicular or aircraft impact.

"Surex can help you save up to 25% on home insurance in Canada"

If I ever purchase a home in Canada, I'll remember your referral for Surex 🙃

[Dp26]

I thought everyone also got house in Canada? No? 🤣

[therock]

https://www.straitstimes.com/business/invest/choose-right-plan-to-insure-home

Quote

You have just found your dream property and have moved in to make it your home sweet home.

A home is supposed to be a haven of security and comfort but have you spared a thought on what would happen if things go wrong?

Just consider the following scenarios:

The family is watching a movie in the living room and there

is an explosion in the kitchen because someone has carelessly left the gas on.

Your home is broken into by burglars and all your watches and jewellery are missing.

You wake up on Sunday morning to discover that flood waters have seeped into the ground floor of your three-storey detached house after an overnight heavy downpour.

You are charging an electrical device and the battery suddenly explodes and starts a fire in your home.

Many home owners know that such scenarios are possible, especially the last one, even though many like to believe that it would never happen to them.

As a smart home owner, do you choose to ignore the plausible or will you take steps to protect your home and your loved ones?

This is the purpose of having a home insurance because it provides the necessary protection for your home, belongings and your family. But before you decide to sign up for a plan, do consider the following points.

Type of coverage

Some plans provide for only the basics - you get compensation for damages caused by fires, flood, explosion and riots, civil commotion or strikes (commonly known as "Insured Perils").

Other plans have additional features that provide for theft coverage and the option to purchase an "all risks" coverage to protect you against losses due to accidents at home.

For example, while playing in the living room with his friend, your son knocks down your brand new flat-screen TV and the screen is cracked. If you have an all-risks policy, you can claim for compensation as it was an accidental damage.

Are you a landlord or tenant?

Most insurance plans provide a one-size-fits-all solution, targeting mainly home owners residing in their property. But what if you are a tenant, renting the property from someone else?

Landlords and tenants have different interests and these interests are frequently ignored in a bid to come up with a mass market product.

For example, rent protection and property owner liability cover will provide for added peace of mind for the landlord but not the tenant. So tenants should opt for policies that cover their belongings and legal liability should they accidentally damage the landlord's property. Tenants can also save on premiums if they do without coverage for fixtures and fittings belonging to the landlord which are usually included in most home insurance plans.

 

Personal and family liability coverage

Imagine your home caught fire due to an electrical device explosion. The fire not only damages your property, but it also spreads to your neighbours' units. It causes tremendous damage to their units and there are even injuries to the occupants.

They can pursue civil liability claims for compensations which will cost you a lot of money. Some policies will cover the personal liabilities and some even extend worldwide cover.

While evaluating such policies, do find out if live-in family members and domestic helpers are covered as well.

Ensure you are not under-insured

 

[Kennedy007]

Since we recently took our house on a mortgage, we'll have to pay this loan to the bank for a very long time. We have about ten years left to pay the entire cost of the house. So it was very important for our family to find a very good homeowner's insurance. We've been looking for a well-known company for a long time and found https://squeeze.com/insurance/homeowners. There's a lot of info on their website about what the insurance they offer covers. We didn't limit ourselves to studying the site and called their office for a consultation. So now I can tell you that the insurance on our house covers natural disasters like landslides and floods. In our area, most of the houses suffer from landslides, so I'm glad that I protected our house from this.

[therock]

https://www.straitstimes.com/singapore/courts-crime/i-lost-everything-housewife-51-regrets-not-buying-fire-insurance

Quote

SINGAPORE - To escape an electrical fire that engulfed her second-storey Housing Board flat, Madam Norizan Abuhassan, 42, her husband and son jumped from her window.

The fire, which occurred on Feb 28 last year, destroyed the two-room flat in Block 22 Jalan Tenteram, in Whampoa, and personal belongings worth $6,000.

Madam Norizan, a patient service officer, said that when she moves into her new flat in Punggol in September, home insurance will be a must.

She said: "I took six to seven months to save the money needed for my small home-based business selling clothes because I was not working for nearly a year (as I was recovering from my injuries)."

She suffered a broken spine and twisted ankle after jumping from her flat, while her husband needed seven stitches on his right foot after losing his balance when landing.

"I got eight screws in my spine and three screws in my leg," she said.

Another home owner, Madam Sadiah Bahar, 51, lost $5,000 worth of personal belongings such as cabinets and a refrigerator when a fire broke out in her two-room flat in Ang Mo Kio in July 2019.

"The Housing Board (HDB) requires flat owners who have taken HDB loans to buy and renew HDB fire insurance for their homes as long as they have an outstanding loan.

But that covers only the cost of reinstating damaged internal structures and fixtures and areas built and provided by HDB. These include the exterior walls and windows of HDB flats."

Edited May 30, 2022 by therock

[therock]

https://www.straitstimes.com/singapore/if-your-neighbours-flat-is-on-fire-what-should-you-do

Five tips to prevent fires

Make sure your fire extinguishers can be used for electrical fires and those resulting from other causes. 

1. Do not pour water into cookware to douse the flames. Turn off the gas supply immediately and cover the cookware with a lid instead

2. Only buy appliances which bear Enterprise Singapore's safety mark

3. Make sure your fire extinguishers can be used for electrical fires and those resulting from other causes

4. Keep cookware clean from grease and in good working condition

5. Do not put aromatherapy burners near windows and flammable materials such as wood and cloth

[therock]

Home insurance is not enough...

https://www.straitstimes.com/singapore/fire-in-her-flat-not-only-setback-for-woman-her-dad-died-of-cancer-on-same-day

https://www.straitstimes.com/singapore/housing/fire-insurance-alone-does-not-cover-full-cost-of-fire-in-ones-home-insurers

Quote

SINGAPORE - Fire insurance alone is not sufficient to cover the full costs of a fire in one's home, insurers said, adding that home owners should purchase a home insurance policy as well.

While fire insurance covers only the expenses incurred to restore a building's structural integrity after a fire, home insurance is more comprehensive, typically covering personal property, removal of debris and alternative accommodation during renovations.

At least two fires this year have resulted in deaths. In May, a Bedok North flat fire killed three people including a three-year-old, and in March, another fire in a New Upper Changi Road flat claimed one life.

Some victims of home fires whom The Straits Times spoke to previously said they regretted not purchasing home insurance.

On Sunday (July 24), Mr Jimmy Tong, managing director of general and group insurance at Great Eastern, said there is a common misconception that the Housing Board's fire insurance - which is mandatory with every purchase of a HDB flat - is enough.

"The cover is very basic as the insured value is limited to either the outstanding loan amount or the cost of reinstating the building structure.

"This is why it is important for a separate policy covering renovations, alternative accommodations during renovations, and (the) content of the house," he explained.

Mr Pan Jing Long, head of general insurance at Singlife with Aviva, said his company has not seen an increase in the number of inquiries for home insurance this year.

"This is likely due to how home insurance is still viewed as an administrative addition, rather than an essential purchase," he said, cautioning that HDB's fire insurance scheme does not include household contents such as furniture and personal belongings, or the cost of work done during renovations.

He added that home owners also often overlook incidental costs such as alternative accommodation, the loss of rent, or damages to third-party property.

"These are important elements to consider, especially if there is widespread damage to the property," Mr Pan said.

Ms Annie Chua, vice-president and head of personal lines at NTUC Income, said home owners should take up a home insurance policy to cover the potential damage to their home's contents, as well as any damage caused to their neighbour's property.

"This is especially important in a densely populated nation like Singapore, as it is not uncommon for fires to spread beyond a unit or to neighbouring houses, even for landed properties," said Ms Chua, whose company saw a 20 per cent increase in the number of new home insurance policies issued in the first half of this year, compared with the same period last year.

 

 

[Mkl22]

17 minutes ago, therock said:

Home insurance is not enough...

https://www.straitstimes.com/singapore/fire-in-her-flat-not-only-setback-for-woman-her-dad-died-of-cancer-on-same-day

https://www.straitstimes.com/singapore/housing/fire-insurance-alone-does-not-cover-full-cost-of-fire-in-ones-home-insurers

 

i think you misquoted the article, by saying home insurance is not enough.

it should be HDB mandatory Fire insurance is not enough. Home insurance needs to be added to provide cover.

Edited July 25, 2022 by Mkl22

[therock]

1 hour ago, Mkl22 said:

i think you misquoted the article, by saying home insurance is not enough.

it should be HDB mandatory Fire insurance is not enough. Home insurance needs to be added to provide cover.

Yep didn't write the word "Fire" in between...

[Dp26]

Normal fire insurance covers structural integrity mostly only  

 

If fire occurs in HDB and you don’t restate it properly(ie to their standards) but good enough to stay and continue to stay will HDB allow? Or they claim u gao gao? 
 

if private/landed I can still understand more… 

home insurance better for landed and also with many high valued contents in there… 

[Victor68]

Chance upon this while someone share her problems with me on home insurance. General cover is 'fire' which nowadays call All Risk. This covers the household finishes up to amount you insured. The question here is, how about public liability? If your house caught fire and burn down next door. Who pays for the damages? 

[therock]

If you started it, they can hire a lawyer to claim but I don’t know if anyone has done it in our flats. 
Will be interesting and with the number of fires going up, we may yet see it

[harry_0220]

Home insurance policies depend on which coverage type and options you choose. If you're from Canada, you can contact this site as they can help you search for home insurance. They can also guide you on which home insurance coverage and options will suit you best.

[therock]

Worth bringing up this thread..

You need fire and home insurance..

But prevention is better than fixing it later.. it will be hard to quantify loses like marriage certs and loose cash..

[Jamesc]

Anyone know how much I can get if MIL get bbq in her bed because of faulty PMD battery under her bed?

Please don't tell me 20 years.

I am looking for an answer in $$$ and not years.

I don't expect a lot. Cover the cost of the battery and I will be very happy already.

No need to get any extra money.

[Theoldjaffa]

is there any way we can check whether we have home insurance or fire insurance?

also, which home insurance is good?