4 things you need to know on your fire insurance for your home in Singapore

Dear friend,

Do you know what does your fire insurance plan truly cover?

  1. If we have an outstanding HDB housing loan, the HDB fire policy typically covers the only internal structures of the flat. i.e. we must insure our own home improvements and home contents.
  2. If the HDB housing loan is fully paid up, it may not be compulsory to get fire insurance.
  3. Then there is the risk of under insurance. Did you know that if you are ‘under insured’, you may not be able to claim the full loss under the insurance policy contract?
  4. To determine the sum insured for your home, you need to include

i.  the replacement cost to reinstate the renovations, fixtures and fittings

ii. the cost to replace your home contents and appliances and

iii.  the cost to reconstruct the apartment.

Claire’s insurance solution:  Please check and get a proper fire insurance and home contents insurance plan to insure your home and assets.

Let’s look at a real claim case: a fire in the maid’s room caused by an electrical short-circuit resulted in a S$25,000 damage for the home owner. The fire insurance and contents insurance plan that he has helped the home owner to pay for the reconstruction and renovation costs, replace his maid’s personal belongings as well as covered his personal liability claim for smoke damage to his neigbhour’s apartment.

So call Claire at 8168 7459 today to find out more about a suitable home and content insurance plan for your home today.

Nothing in this material constitutes personalized insurance advice or personalized investment advice. Information provided here should not be considered as advice or as an offer or enticement to buy or sell or trade. The contents of this material, including any financial data, information, opinions and analysis, are strictly intended for educational use only.

No guarantees are made as to the accuracy of the information provided herein. You shouldn’t buy insurance or make any investment decision based solely on what you read here. It’s your money and your responsibility. And please consult your financial consultant or call Ms Claire Soh at 8168 7459 before investing in any investment or insurance.

Should you choose not to seek such advice, you should consider whether the investment or insurance product in question is suitable for you.

Contents © 2014 Ms Claire Soh. All Rights Reserved.

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