6 Home Emergencies You’d Want to Be Insured For
Although the odds of your home being ruined by a natural disaster are pretty low in Singapore, there’s always the chance of it being ravaged by domestic accidents like home fires or burst plumbing. That’s why taking precautions matters.
A home insurance plan not only helps owners to safeguard their precious real estate, it also makes repairs and replacements less financially painful.
And while it isn’t emotional salve, AXA SmartHome does exactly that in case of the following six home emergencies:
1. Home Fires
Home fires occur more frequently than you think: According to official records, two-thirds of fires in 2017 – about 2,800 – took place in a domestic setting. Uncontrollable and highly dangerous, these accidents are usually the result of malfunctioning electrical equipment, overheating cookware and/or flammable substances.
And as far as repairs go, the cost of rectifying fire damage is pretty scary too. If you were to include new furniture, fittings and fixtures, the cost of a resulting renovation can be as high as S$100,000. Just imagine the nightmare of forking out a sum like that when you are still not done paying off the mortgage on your new home.
Interior Designer: Adroit ID
Fortunately, with home insurance, the structure of your residence as well as any surrounding fittings will be fully protected. For instance, if a fire occurs in your kitchen and the countertop gets charred, the repair costs for both will be covered.
2. Electrical Accidents
Despite occurring far less frequently, electrical accidents can be just as devastating as home fires. Things can go horribly wrong as a short circuit or explosion may result in permanent damage to any electronic devices that are plugged in when the accident occurs. And that may include your handphone or laptop, which are the most likely devices to hold precious photos and videos.
Interior Designer: Weiken.com
It may be cold comfort considering how your digital keepsakes just got wiped out, but your home insurance will cover the replacement costs of these damaged electronics without deduction for wear and tear, or depreciation.
Other examples of appliances that are similarly covered include sound systems, televisions as well as DVD players. So if you are a home theatre lover, fret not – AXA has your back covered.
Interior Designer: U & Me
3. Pipe Bursts
Talk about a sticky situation. Pipe bursts are nasty affairs as they often result in your home being completely flooded in waste water – leaving you with an icky mess and a sizeable repair bill to boot.
Worse still, if the leak spills over into your neighbour’s home downstairs, you’ll be liable for any damage caused. Considering the fallout, it’s no surprise that the total bill can amount to as much as S$25,000. On top of replacing any damaged pipes, you’ll also have to take care of structural repairs for both homes, in addition to bearing the cost of replacing your neighbour’s damaged valuables.
Interior Designer: Mr Shopper Studio
In any case, AXA’s SmartHome provides compensation up to an insured limit of S$50,000 for fixtures, fittings and renovation works. Talk about having enough for a ‘rainy’ day, huh?
4. Ceiling Fan Collapse
No one likes a freak accident, period. Aside from the heart attack you may have when parts of a ceiling fan come dropping down, there’s also the headache of dealing with a damaged home.
Interior Designer: Goodman Interior
If your home is insured under the SmartHome policy, AXA can help you clean up the mess (not literally, of course) as the cost of debris removal is covered up to a maximum of S$3,250 under the standard plan’s bonus benefits.
In addition to that, if your home has been rendered uninhabitable in the course of the incident, the cost of temporary accommodation is also claimable with AXA SmartHome (up to S$15,000, under the Standard plan) as a bonus cover.
5. Damage/Injuries Caused By Falling Objects
In the unfortunate event that your favourite cactus falls from your balcony and ends up hurting your neighbour, you will be liable for his/her medical expenses. The same applies for their property too. If any personal belongings of theirs sustain damage, the cost of replacing those will also falls upon you as a homeowner.
Thankfully, AXA SmartHome can help. The bonus Worldwide Personal Liability cover will indemnify not just you – but also your family and/or domestic helpers, if they had a role to play in the accident – for up to a maximum sum of S$500,000.
Interior Designer: akiHAUS
6. Home Theft
Other than its structures, both internal and external, your household’s contents are also protected under most home insurance plans – and AXA SmartHome is no exception. Should you ever become the victim of an unwanted home visit by burglars, the SmartHome covers your personal property up to S$15,000.
In other words, you need not purchase a separate package to protect your precious belongings, such as jewellery and antiques. Simply provide the estimated value of these objects as well as essential documents like receipts and certificates. However, do take note that this sum is subject to the maximum benefits limit for contents under your AXA SmartHome policy!
Interior Designer: Fuse Concept
Benefit From AXA’s Comprehensive SmartHome Insurance Plans!
Wish to protect more than just your home and personal property? You may want to get an AXA SmartHome plan.
Not only does it fully protect your belongings without deductions from wear and tear or depreciation, AXA SmartHome plans offer the flexibility to increase your coverage limits across different levels – all according to your needs.If you wish to find out more, you can also check out AXA Singapore’s interactive simulation for additional information on the different threats that it protects both you and your home from.