Home insurance serves to protect the building structure of your home, physical and movable items inside of your home, the responsibility of the third party, and any other losses caused by an accident within the home compounds.
HDB fire insurance is compulsory by Housing and Development Board (HDB) for any home owners with an outstanding HDB loan. Home insurance is an additional opt-in protection plan which is recommended for home owners, tenants and/or landlords. Since HDB fire insurance provides coverage for the structure and fixtures owned by HDB. It is applicable only when it is damaged by fire but your home contents and renovations are excluded. It is thus recommended to have a home insurance for comprehensive coverage to cover renovations and home contents and for other insured perils such as fire, bursting of pipes, theft and many more.
You will need home insurance coverage that represents the full value of your home renovations, household contents and personal effects belonging to you and members of your household including any domestic helpers. Not opting to insure for the full value will be considered under-insuring. In the event of claims due to loss or damage, you might be responsible for a portion of the settlement. Home insurance will usually provide the following coverage:
While you are still eligible to purchase a home insurance, risks such as malicious damage by your tenants will not be covered under the policy. Instead, you should purchase a landlord home insurance policy catered for such instances.
As a tenant, you will be more mindful of your own home contents and valuables. Many insurers provide tenant home insurance catered for such instances.
Since Management Corporation Strata Title (MCST) will be responsible for purchasing insurance for the whole building, condo homeowners should still look for a home insurance to cover renovations and home contents.
Landed property homeowners will need to purchase an insurance plan that provides coverage for the building structure itself, fixture renovations and also the contents inside the property.
Named perils coverage specifies what risks are covered in the policy and any risk/peril not named is deemed not to be included in the coverage. All risks coverage assumes everything is covered except specific exclusions. All risks policies are usually more expensive due to broader coverage.