Not all risks are worth taking.
Amidst the excitement of owning your first home, you might tick off some requirements like fire insurance without looking too much into the finer details. But did you know that it’s rather different from home insurance?
Considering how much you’re investing in the journey – from collecting your keys to saving interior decor inspiration and renovating your home – it’s definitely worthwhile to learn what risks you’re exposed to before regret sets in.
If you forgo home insurance, you might be taking three big risks that could incur hefty financial losses.
1. Not being able to recover any financial losses from damages to items in your home
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If you live in an HDB flat, you’ll be insured under HDB’s Fire Insurance which only covers the cost of structures and fixtures that were built and provided by HDB, and not the tens of thousands you’ve spent on renovations and your personal possessions.
It’s a painful realisation some homeowners make only when the unexpected happens.
Imagine a water pipe bursts and floods your home – your treasured keepsakes, furniture and electronics are at high risk of damage. Or what if your mirrored wall is accidentally broken?
These incidents aren’t covered by the fire insurance plan, which is why it’s recommended to have home insurance on top of that for a wider cover.
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With Singlife’s Home Insurance plan, you get comprehensive protection for your house in case of unforeseen events, from your home contents to renovation costs including fixtures and fittings you’ve had installed. The aforementioned events are not limited to fires, and can range from water pipes bursting to theft.
Wondering what ‘home contents’ is? It means items like furniture, domestic appliances, clothes, jewellery^ and personal computers/laptops – so a designer watch^, a handcrafted sofa set, or even your precious limited edition sneaker collection, count too.
While your home holds so much more, you’ll at least be able to recoup financial losses incurred by unexpected events with a home insurance plan.
^Subject to a single article limit and aggregate limit for valuables as shown on the policy documents
2. Having to bear the full cost of injuries or damages that might happen to others at your property/near it
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If a fire in your home inadvertently causes damage to your neighbours’ properties, did you know that they can file for damages against you?
It’s the same if a guest at your home gets injured: say you’re having steamboat and the glass table that the hotpot is on cracks, hurting someone as a result. Since this happened in your home, you’re responsible for it and the guest could choose to take legal action.
Such situations will catch you off-guard – but you can get covered with a home insurance plan like one from Singlife that offers personal legal liability for accidental bodily injury to your guests or accidental damage to third party property.
3. Having to pay for everything out-of-pocket in case of damages/loss of property
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The idea of any misfortune befalling us may seem slim, but as they say, it’s always better to be safe than sorry!
While it sounds like a no-brainer, the sheer cost of major damages can cause a lot of emotional distress as you try to fork out enough to cover renovation costs, or worse, need to find alternative accommodation.
With Singlife’s Home Insurance plan, you get coverage for alternative accommodation or loss of rent. Having a roof over your head will ease some of the burden as you sort things out during this overwhelming time.
Protect your home and what’s within its four walls
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Don’t take chances with the home that you’ve painstakingly invested in!
With Singlife Home Insurance, you can choose from three different plans with varying amounts of coverage so you can decide what you need; there are add-ons too for enhanced coverage, like damages to bicycles/PMDs and replacement locks for lost/stolen keys.
Enjoy up to 57% OFF^ any plan with the code HOME23, valid until 31st December 2022! Save 15% on top of that when you purchase a 3-year plan – after all, you’ll definitely be staying in your home for the next few years, so why not save more while you’re at it?
Say you’re eligible for a 23% discount on the Lite plan with the promo code*:
- For a 1-year plan, you’d have to pay $53.42
- For a 3-year plan, you’d have to pay $136.21 upfront — but this translates to $45.41 yearly, saving you more than if you renew yearly
Find out more and get a personalised quote here!
^T&Cs apply. This policy is underwritten by Singapore Life Ltd. This is published for general information only. Qanvast is not an insurance agent/intermediary and cannot solicit any insurance business, give advice, recommend any product or arrange any insurance contract. Please direct all enquiries to Singapore Life Ltd. Protected up to specified limits by SDIC. Information is accurate as at 28 November 2022.
*The rates in this scenario include 7% GST.
