Home Fire Insurance For First-time Homebuyers: What To Know

Home Fire Insurance For First-time Homebuyers: What To Know – Receive a $50 shopping credit after successfully enrolling in a 5-year Enhanced Public Housing Home Insurance Plan or a 3-year Home Complete Plan. Click here for details on this promotion.

Basic HDB fire insurance only covers the building structure of your property, but not the contents of the house. EPHCI not only covers the building, but also your household contents, valuables and repairs against insured perils such as fire, plumbing and breakdown.

Home Fire Insurance For First-time Homebuyers: What To Know

Home Fire Insurance For First-time Homebuyers: What To Know

If a fire breaks out in your home and spreads to your neighbor’s home, you may have to pay for the resulting damage. EPHCI can ease your financial stress by relying on your basic HDB fire insurance to cover you and your next of kin’s legal obligations to neighbours.

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Experiencing a loss, big or small, can be a frustrating experience, especially if you are unable to stay in your home. Our EPHCI insurance covers other housing costs if your home becomes uninhabitable due to insured perils such as fire, burst water pipes and vandalism.

Let us help protect your biggest asset with our Enhanced Public Housing Home Insurance (EPHCI) plan. EPHCI provides personal liability coverage for household contents, valuables and repaired items, even against third parties. With affordable premiums, EPHCI is a smart way to protect your most valuable asset. EPHCI covers:

Get reliable 24/7 locksmith, electrical, plumbing, pest control and air conditioning repair services with Home Insurance. See the policy wording for more information.

The policy is protected under the Policyholder Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and requires no further action from you. For more information on the types of benefits and coverage offered under this scheme, please contact Asia Pacific Insurance. Ltd. or visit the GIA or SDIC websites (or www.gia.org.sg or www.sdic.org.sg).

Tips For First Time Homebuyers: Your Must Know Advice

Your home is probably the most expensive thing you own right now. .

Today, protecting your home, not digging holes around your home and adding alligators, means buying home insurance.

Here’s a guide to home insurance and the best plan in Singapore, depending on the property you live in.

Home Fire Insurance For First-time Homebuyers: What To Know

If you took out an HDB loan to buy your flat, you would be required to purchase compulsory HDB fire insurance. We don’t blame you for already having your home insurance covered.

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HDB Fire Insurance aims to cover the cost of repairs if your house is damaged in a fire. But the cover only extends to internal structures, structures and areas built by the HDB.

It does not include furniture, repairs or personal items in the home. That mezzanine floor you added to your renovation? Not covered. That crystal chandelier you installed to channel your fantasy of opera? Not covered.

Home insurance offers a wider range of coverage than fire insurance. It not only protects your home (i.e. the building) itself, but also its contents such as furniture, fixtures and appliances. Depending on your policy, this may even include your laptop or jewelry.

You don’t even have to suffer a fire to claim it. Most policies cover you in the event of a series of events such as flood, break-in, etc. For example, MSIG home insurance covers you for fire, lightning, wind, storms, floods, burst pipes, earthquakes, theft, malicious damage and more.

Home Insurance For Hdb Flat Owners

Most home insurance providers in Singapore offer plans and packages of coverage based on the size of the HDB flat you live in, so you can find a three-bedroom flat plan, a four-bedroom flat plan, etc.

If you live in another HDB flat, visit the MoneySmart home insurance guide to compare home insurance policies for your size.

Personal property runs the gamut from shoeboxes to spacious homes, so you need to assess your needs and find out what level of coverage is right for you.

Home Fire Insurance For First-time Homebuyers: What To Know

You may have noticed that some of the above plans do not include building coverage or require the purchase of architectural coverage as an optional extra. Because for many condominiums, it is the responsibility of the management committee to carry out fire insurance for all properties.

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If you live in a home, look for home insurance that fits the property. These types of plans usually offer more construction.

Unless you have experience working in the construction industry, it is difficult to predict your construction coverage needs. If something does happen, you need to calculate the cost of restoring the property, including repairs.

Imagine your home being destroyed in a fire or flood. How much would you spend on repainting floors, walls, etc.? The size of your home and the value of your renovation will play a role in determining how much this will cost. For example, it may be expensive to replace marble or custom-made wood paneling.

When evaluating your home contents coverage needs, you’ll also want to estimate the total value of the items in your home. You should pay attention to the most expensive items such as electronics, appliances, jewelry, watches and expensive furniture.

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As a tenant, you may be thinking: This is not my property. But you may want to consider home insurance because it can protect the personal property you own, not the homeowner. It also covers expenses that your employer is not responsible for.

For example, in the event of a house fire or flood, the homeowner may be responsible for the cost of repairing and restoring the home. But if you’re contractually obligated to service and maintain air conditioners, refrigerators, and toilets, you may have to pay to fix them.

Additionally, the cost of lost or stolen items or personal electronics is not necessarily covered by the homeowner.

Home Fire Insurance For First-time Homebuyers: What To Know

In fact, most renters in Singapore do not buy home insurance. But it’s worth considering if you’re living in Singapore for the long term and have a lot of valuables you want to protect.

Can A Private Owner Buy An Hdb Flat After Selling Their Private Property?

Home insurance only covers your physical home and its contents, regardless of whether or not you can afford your mortgage.

However, there is another product called mortgage insurance that pays off the remaining balance on your home loan if something happens to you (usually death or total and permanent disability). This will save your family from having to deal with surrogates or risk losing their home.

That’s why you should ask for a new ceiling fan or ceiling fan.

The first thing you should do is contact your insurer immediately by calling your agent or calling the company’s hotline. Most insurers have a time limit, usually around 30 days, within which you must submit the claim.

Tips For First Time Homebuyers

You will be directed to fill out the application form and attach additional documents, including the following depending on your situation.

Also Read: Why Are People Choosing New Condos That Are Worth More Than Resale in 2023? Homeowners insurance for homeowners can cover the home and its contents. If the property is a rental, the landlord insures the property and the tenant is responsible for insuring the contents of the property.

Homeowners and renters insurance requires periodic payments, usually monthly or in one lump sum, and the policy must be in good standing to pay. Unless otherwise stated in the policy, both require payment of a deductible for claims.

Home Fire Insurance For First-time Homebuyers: What To Know

Homeowners insurance policies are purchased by the homeowner. The sum insured usually covers the cost of replacing the home in the event of damage to the home and personal possessions such as furniture, appliances, clothing, jewelry and utensils. If a home costs $200,000 to remodel and $150,000 to replace interior items, a homeowner who wants to cover everything must insure the property for at least $350,000.

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Renter’s insurance is for people who don’t own real estate but want to protect their personal belongings in the home or on the property. Renters should note that the property owner’s insurance policy may not cover them or their belongings in the event of damage or loss. A renter’s insurance policy covers the renter’s property

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