How To Shop For Home Fire Insurance: Comparing Quotes And Policies

How To Shop For Home Fire Insurance: Comparing Quotes And Policies – Your home is probably the most expensive thing you own right now. (Not to be pretentious, but I’m assuming you don’t own a $3 million supercar or yacht.) So it makes sense to protect it.

And in this day and age, instead of digging trenches and adding alligators around your house, protecting your home means buying home insurance.

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

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

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If you have taken out an HDB loan to buy your flat, you will need to purchase compulsory HDB fire insurance. We don’t blame you for thinking you’re already covered on the home insurance front.

HDB fire insurance is meant to cover the cost of repair works if your flat is damaged by fire. But the cover only extends to internal structures, fixtures and HDB-built areas.

It does not cover any furniture, repairs or personal belongings in the flat. That mezzanine loft you added to the renovation? Not covered. That crystal chandelier you installed for the Phantom of the Opera channel? Not covered.

Home insurance, on the other hand, offers much more comprehensive coverage than fire insurance. It not only protects your home (i.e. the building) but also the contents inside it such as furniture, fixtures and appliances. Depending on your policy, this may also include your laptop or jewellery.

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You also don’t have to suffer from fire damage to make a claim. Most policies will compensate you in case of several incidents like floods and break-ins. For example, MSIG home insurance covers you for fire, lightning, wind, flood, burst pipe, earthquake, theft, malicious damage and more.

Most home insurance providers in Singapore package your plans and coverage according to the size of the HDB flat you live in, so you’ll get three-room flat plans, four-room flat plans and more.

If you live in a different HDB flat type, visit the MoneySmart Home Insurance Wizard to compare home insurance policies for your flat size.

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

Private property runs the gamut from shoebox condos to sprawling landed homes, so you’ll need to assess your needs and determine what level of coverage is appropriate.

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As you may have noticed, some of the above plans do not include coverage for building or require that you purchase building coverage as an optional add-on. This is because for many condos, the management committee is responsible for obtaining fire insurance for the entire property.

If you live in a home, look for home insurance that is compatible with landed property. Such plans usually offer a higher amount of building coverage.

Unless you have experience working in the construction industry, it can be difficult to estimate your need for building coverage. You should calculate the cost needed to restore the property, including repairs, if something happens to it.

Imagine that your home is destroyed in a fire or flood. How much would you spend to redo the floors, walls, etc.? The size of your home and the cost of your renovations will play a big role in determining how much it costs. For example, replacing that gorgeous marble flooring or custom-made wood paneling can be expensive.

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When evaluating your need for home contents coverage, you also want to estimate the total value of what’s inside your home. You’ll want to focus on the most expensive items, such as electronics, appliances, jewelry, watches, and high-priced furniture items.

As a tenant, you may be thinking: This is not my property. But you may still want to consider home insurance, as it may protect personal belongings owned by you and not the landlord. It can also cover you for expenses that your landlord is not responsible for.

For example, if there is a house fire or flood, your landlord may have to deal with the costs of renovating and rehabilitating the property. But if you are contractually obligated to service and maintain the air-con unit, refrigerator and toilet, you may have to pay to fix them.

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

Additionally, the cost of any lost or stolen belongings or personal electronics will of course not be borne by the landlord.

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In reality, most renters in Singapore do not buy home insurance. But it’s worth considering if you’re staying in Singapore on a long-term basis and have a lot of high-value items you want to protect.

Home insurance only covers your physical home and its contents, which has nothing to do with whether or not you’ll be able to keep up with your mortgage payments.

However, there is another product called mortgage insurance that will pay off the remaining balance on your home loan if something happens to you (usually death or total and permanent disability). This saves your family from having to foot the bill on your behalf or risk losing your home.

So poop has hit your new ceiling fan, either literally or figuratively, and you need to make a claim.

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

You will be directed to fill out a claim form and attach supporting documents, which, depending on your situation, may include the following:

Also Read: Why People Still Choose New Condos Over Resale Value in 2023: 4 Case Studies That Show PSF Isn’t Everything 5-Year Enhanced Public Housing Contents Insurance Plan or 3-Year Receive a S$50 shopping voucher on successful enrollment Complete Home Plan. For details of this promo, please click here.

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

Basic HDB fire insurance only covers the building structure of your unit but not the contents of your home. EPHCI not only covers the building but also your household contents, valuables and repaired items against insured perils such as fire, rupture and breakdown of water pipes.

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If a fire starts in your home and spreads to your neighbor’s home, you may be liable to pay for the damage. EPHCI can ease your financial stress as it builds on your basic HDB fire insurance and covers you and your immediate family’s legal liability to your neighbours.

Whether large or small, experiencing a loss can be a devastating experience especially when your home is unlivable. Our EPHCI covers alternative accommodation expenses if your insured home is uninhabitable due to insured perils such as fire, bursting and bursting of water pipes.

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

Get 24/7 access to reliable locksmith, electrical support, plumbing, pest control and air-conditioner repair services with Home Insurance. Please refer to the policy wording for more information.

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This policy is protected under the Policy Owners Protection Scheme which is 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 covered under the scheme as well as coverage limits, where applicable, please contact Asia Pacific Insurance Pte. Limited or , visit the GIA or SDIC websites (or or

Two types of hazard insurance typically cover Maine homes and property: a homeowners policy or a residence fire policy. Each can meet your mortgage company’s risk insurance requirements. Homeowners and residential fire policies provide different coverage. There are some major differences.

Maine homeowners insurance policies are designed for owner-occupied properties, typically one- or two-family homes. Insurance companies want to write homeowners policies on year-round homes with good claims history.

How To Shop For Home Fire Insurance: Comparing Quotes And Policies

Homeowners policies provide coverage for more property classes than residence fire policies. Home fire policies typically provide little or no contents coverage, while homeowners policies aim to cover most of your belongings. You can create a homeowners policy for specific types of property, such as jewelry, art, or weapons. Such special items are not well covered by any type of off-the-shelf policy.

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Dwelling fire policies are designed to cover only what you or the insurance company wants. Is your roof damaged? Your insurance company may exclude water leakage damage. Own a main camp without plumbing? You do not need insurance for damage from frozen pipes. Dwelling fire policies allow you to customize your policy by choosing from the basic DP-1 form, the comprehensive DP-2 form, or the most comprehensive DP-3 form.

Do you live in the Portland or Southern Maine area? Do you have a rental or income property? We are happy to answer your questions about your mortgage lender, homeowners insurance or residential fire insurance. We can explain the differences between different policies. We offer several insurance options

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