When Adulting Gets Real: Things To Know About Home Insurance
Beginner’s guide to home insurance in Singapore.
Adulting just got real. Now that you’ve spent a substantial amount of money, time and effort to build your dream home, it’s time to get it insured. This then begs several questions. What exactly is home insurance? Should I get home insurance if I already have HDB Fire Insurance? Is there such a thing as the best home insurance in Singapore? We’ll answer these and more with 5 things you should know about home insurance in Singapore (and a bonus for those looking to rent out a room/home).
1. Home insurance is far more comprehensive than HDB Fire Insurance
Interior Firm: Livspace
While HDB Fire Insurance covers mainly core building infrastructure, home insurance is much more comprehensive in protecting what’s inside your home in the event of a fire, theft, water tank bursts and more.
Interior Firm: U-Home Interior Design
FWD Home Insurance, for instance, allows you to make claims under separate categories of building, renovation, and home contents. This includes the cost of renovation, audio visual appliances like your 4K smart TV, and other prized possessions like the collectible action figures you spent years amassing*.
2. Cheapest/most expensive doesn’t mean best
Interior Firm: Fuse Concept
Just as you’ve renovated your home to your liking, home insurance should also be customised. The best plan for you would be one that is most cost-effective in meeting your specific needs and budget.
Interior Firm: Free Space Intent
FWD Home Insurance offers the option of adding a personal accident cover of up to $5,000 per household for medical expenses incurred due to, say, a fire breakout. Pet lovers also have an option to include a rider that covers up to $5,000 for alternative accommodation for your pets while your home is undergoing renovation post-incident.
3. Your plan should cover unforeseen costs that can add up
Interior Firm: Mr Designer Studio
Incidents often result in inconveniences and additional costs – such as the cost of storage of furniture/home contents, or of temporary accommodation – and these costs can add up. With home insurance, you can claim for alternative accommodation (up to $300/day for FWD Home Insurance). Now, that’s one thing less to worry about.
4. You can make claims for power failures and other small incidents too
Interior Firm: Third Avenue Studio
Minor incidents happen all the time but can nonetheless result in major inconveniences that home insurance can help alleviate. A comprehensive home insurance plan would cover home assistance services related to events such as power failure due to a burnt fuse, mechanical malfunctioning of an air-conditioning unit, blockage in water supply pipes, or being locked out of your home. FWD Home Insurance covers four such home assistance services (up to $100 each) in any given policy year.
5. You can get a quote at your convenience, 24/7
Interior Firm: Mr Shopper Studio
Don’t sweat if you’re still unsure of what home insurance plan suits you best. Named Singapore’s #1 home insurer for customer experience in Forrester’s CX Index 2020, FWD offers online quotes 24/7, right at your fingertips. You can also further discuss plan customisation with a customer service officer before making a well-informed decision – one you’d be comfortable with. More details can also be found on FWD's Home Insurance webpage.
(Bonus) Home insurance makes your place more rentable
Interior Firm: Arteloft
If you’re a part of the rising trend of homeowners renting out a spare room, or simply looking to rent out secondary property – this one’s for you. Home insurance lends both the homeowner and tenant greater peace of mind, making your home more attractive for rent**!
FWD Home Insurance
From as low as S$31 per year^, protect what matters to you today with FWD Home Insurance.
* There is no sublimit for furniture, domestic appliances, and home audio visual equipment. A sublimit of S$1,000 applies to all other home contents.
** If your tenant defaults on rent due to an insured event or, for any reason they are unable to stay in your home, we are there to cover your loss of rent.
^ Based on premium for 1 year plan
This is for general information only and does not constitute financial advice.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). This advertisement has not been reviewed by the Monetary Authority of Singapore.