What home insurance type do you need in Singapore?
Investing in a home is one of the most valuable things that you would put your money into in Singapore. Insurance for your home in Singapore is unlike what you have in other countries around the world. There are a few things that you might have to know about home insurance before you purchase a home in Singapore. Usually the insurance for your home is mandatory in most countries around the world. While there are comprehensive home insurances that people take up there are other types of insurances as well.
Insurances around the world
Anyone who buys a home in most countries are obliged to purchase a home insurance. Since these home insurances are all-inclusive the entire house and the belongings of the house are covered. So, once a home is insured the owner of the house can be assured that their investment is safe. They are mostly covered for any damages that the house may incur due to any reason at all.
Home insurance in Singapore
When it comes to home insurance in Singapore it is a different ball game altogether. A person is liable to take an insurance against destruction by fire. This type of insurance is mandatory even with an HBT (Housing and Development Board) flat. However, the insurance for the home otherwise including fire insurance is not mandatory. It also applies for an HBT property that one may purchase in Singapore.
One can choose to have a home content insurance done in Singapore for their flat or property. Standalone properties also come under this category for home owners. It is up to an individual if they want the property covered by an insurance provider in Singapore. When the house is mortgaged the bank or the financial institution would require for the house to be insured by a Singaporean home owner.
Comparing home insurance providers
Most home insurance providers in Singapore are able to provide you an estimate on how much it would cost for premium per annum. You can also obtain information on how much the coverage would be with each insurance provider in Singapore.
As a home owner you would have to obtain multiple quotes before you purchase an insurance for your home. This way you would be able to compare each insurance types and their policies. You would also be able to figure out which one provides the best coverage for the least premium.
By doing this you are getting all the information that you require before or during the process of purchasing a home. Taking up a comprehensive or fire insurance for your home can be completely depended on the mortgager and their regulations.
Advantages of home insurances
As a home owner you would be covered completely when you choose to take a home content insurance. This means that the property along with the belongings are covered by the insurance provider. You would not be liable to pay for the damages and loss when you take up this type of insurance. This is why most people in Singapore choose to take an insurance which has them protected. The specific coverage offered by each provider may differ with each insurance company. This is precisely why you should investigate about the coverage before you opt for a home insurance in Singapore.
