Seniors And Home Fire Insurance: Tailoring Coverage For Unique Needs – Your home is probably the most expensive thing you own right now. (Not to be arrogant, but I’m assuming you don’t have a $3 million supercar or a yacht.) So it makes sense to protect it.
And in this day and age, instead of digging a hill around your house and adding more, protecting your home means buying home insurance.
Seniors And Home Fire Insurance: Tailoring Coverage For Unique Needs
Here’s a guide to home insurance and the best plans in Singapore, depending on the type of property you live in.
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If you took out an HDB loan to buy your house, you would have been required to purchase HDB’s compulsory 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 work if your house is damaged in a fire. But the cover only extends to the internal structure, facilities and facilities built by HDB.
It does not cover any furniture, fixtures or personal items in the living room. That mezzanine floor you added in the renovation? It is not closed. That crystal chandelier you made for The Phantom of the Opera? It is not closed.
Home insurance, on the other hand, offers more comprehensive benefits than fire insurance. It protects not only your home (ie the building) but also its contents such as furniture, fixtures and appliances. Depending on your goals, this may include a laptop or jewelry.
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You don’t have to suffer from fire damage to make a claim, either. Most policies will pay you in the event of natural disasters such as floods and vandalism. For example, MSIG home insurance covers you for fire, lightning, hurricane, flood, burst pipe, earthquake, theft, vandalism and more.
Most home insurance providers in Singapore tailor their plans and coverage according to the size of the HDB house you live in, so you’ll get three-bedroom plans, four-bedroom plans and so on.
If you live in a different HDB flat type, go to MoneySmart’s home insurance wizard to compare home insurance policies for your flat size.
Private properties run the gamut from condos to mansions, so you need to determine your needs and find the level of coverage that’s right for you.
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As you may have noticed, some of the plans above do not include coverage for the building or require you to purchase coverage as an optional extra. This is because for most condominiums, it is the responsibility of the board of directors to take out fire insurance for the property.
If you live indoors, look for home insurance that is specifically designed for real estate. These types of plans usually offer a large amount of construction.
Unless you have experience working in the construction industry, your need for construction hiring can be difficult to quantify. You should be calculating the cost of restoring the property, including repairs, if something happens to it.
Imagine your home was damaged in a fire or flood. How much will you spend to redo the floors, walls etc.? The size of your home and the value of your renovations will play a big role in determining how much this will cost. For example, marble flooring or hardwood flooring can be expensive to replace.
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When determining your needs to take home contents, you also want to estimate the total value of the contents of your home. You will want to focus on the more expensive items, such as electronics, electronics, jewelry, watches and expensive furniture.
As a tenant, you may be thinking: this is not my property. However, you may want to consider home insurance, since it can protect your possessions and not the homeowner. It can also pay 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 repairing and restoring the property. But if you are required to service and maintain your air conditioner, refrigerator and toilet, you can pay to have them repaired.
In addition, any lost or stolen items or personal electronics will definitely not be paid by the landlord.
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In fact, most renters in Singapore do not buy home insurance. But it is worth considering if you are living in Singapore for a long time and have a lot of valuables that you want to protect.
Home insurance only covers your physical home and its contents, which have nothing to do with whether you can keep up with your mortgage payments.
There is, however, a product called a home mortgage that will pay off any money left on the home loan if something happens to you (usually death or total and permanent disability). This saves your family from having to pay on your behalf or risk losing their home.
So the gig has hit your new fan, either literally or figuratively, and you need to claim it.
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The first thing you should do is 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 asked to complete a claim form and attach supporting documents which, depending on your circumstances, may include the following:
READ ALSO: Why people are still choosing expensive new homes over resale in 2023: 4 case studies that show PSF is nothing House fires can come as a surprise. One minute you’re loading the washing machine or preparing dinner, and the next second, you find the kitchen or laundry room on fire.
Finding a fire or getting out of the house quickly will be important if a fire breaks out, but in the few seconds after discovering the fire, you may not know what to do. Having a good plan in place can help turn things around. that the first shock has begun to work. This is especially true for the elderly, who are the most populous and most vulnerable to home damage and accidents.
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While things like fire insurance can help after a fire breaks out, our guide will help turn your home fire panic into an actionable plan. Read on for what you need to know about fire safety and prevention and what to do if one happens
Home fires can be especially dangerous for the elderly. We’ve gathered some important statistics from the United States Fire Protection Agency (USFA) and the National Fire Protection Association (NFPA) that can help you learn more about the dangers.
What is a pot of vegetables, a cigarette that burns itself in an ashtray and a space heater next to a stack of books? They are all fire hazards in the home.
The NFPA estimates that the US fire department responds to a fire call every 24 seconds, and a house fire breaks out in the US every 93 seconds. While the good news is that kitchen fires – the most common cause a house fire – usually a small, contained fire, it’s important to be prepared in case one breaks out in your home.
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Being safe, smart and prepared can help you escape a house fire while minimizing damage to your family and belongings. Considering that home fires cause $7 billion in damages every year, it’s a good idea to try to reduce that number by learning what causes a fire and what to do if one starts burning.
Power outages are caused by faulty wiring, broken appliances, unused electrical outlets and old breaker boxes. From 2012 to 2016, US fire departments responded to about 50,000 of these fires each year. Half of the reported electricity starts with distribution, lighting and transformers.
It is important to note that an electric fire should never be doused with water, as this will further ignite the fire. Instead, light the fire with a heavy blanket, fire extinguisher or baking soda.
Cooking-related fires account for nearly half of all reported home fires. Unattended cooking, such as leaving nails burning on the stove or baking something in the oven while you are in another room, is a major cause of kitchen fires.
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NFPA recommends smart cooking techniques such as checking recipes frequently on cooking and keeping oven towels and towels away from flammable stove tops to prevent cooking fires.
If a kitchen fire starts, first try to light the fire with a lid or cookie sheet. If the fire is small and carries it, burning the fire will cause them to eat themselves. It is also recommended to remove the equipment that caught fire, if possible.
Heating equipment is one of the causes of house fires. From 2012 to 2016, US fire departments responded to approximately 50,000 heating-related fires each year.
The US Consumer Product Safety Commission estimates that about 25,000 fires per year are caused by space heating alone. Although these devices come in handy during the winter months – especially for the elderly, who can get cold easily
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