Your home is more than just a physical structure of four walls. It’s a place to relax, enjoy and spend quality time with your family and friends. It’s a place where you are surrounded by things you love. Nobody wants to lose their prized possessions. Which is why you might want home content insurance.
Home Content Insurance provides cover for loss or damage to the household items. This includes the things belonging to you, your family or your pets. Loss may be caused by unforeseen events like fire, flood, natural disasters, burglary, explosion or any kind of malicious activity of an outsider.
The average Singaporean household probably spends thousands of dollars on renovation costs. Naturally one would want to protect this. Making it worthwhile having a right coverage to protect the stuff of your homes like furniture, electronics, and precious jewellery or clothes.
However, there are a few things which you might have not thought that Content Insurance can cover:
#1 More Than Just Contents of the Home
Your family, including your pets, are covered under home contents insurance. Another aspect of a home contents policy provides a family with accidental death protection. It covers you, your spouse or children from an accident in the home. In the unfortunate case you or a loved one suffers from severe injury or death, home content insurance provides some coverage.
It covers accidental death or theft of your pet and damage caused by your pet to a third-party property. For example, your pet passes away during a burglary attack in your home, compensation can be claimed.
#2 Temporary Accommodation Expenses
If your home is severely damaged and becomes unfavourable to live in, the Home Content Insurance will provide financial support for a temporary accommodation. During this time, your home can be renovated after a covered incident or event.
#3 Your Glass Wall is also Insured
Glass walls add a touch of luxury to any home. Which is why you will be happy to know that if glass walls, mirrors or light fittings get damaged accidentally, you can claim costs to get them replaced.
#4 Damage or Loss of Belongings of Your Household Help and Guests
If a guest stays over and something valuable, say a gold ornament, of hers is stolen, you can claim this. These things are also covered by your Home Contents Insurance (you have to opt for them at the time of purchase).
#5 Protection Against Personal Liability and Rent
If you accidentally cause damage to your neighbour’s property, the medical expenses or property damage can be covered under Home Content Insurance.
Also, if you are a landlord, and your tenant escapes after causing damage to your personal property without paying the rent, the insurance will provide you the reimbursement for the loss of rental income.
If you have invested in a good bicycle, and your bike is stolen or damaged from your premises, then you can easily claim for it under your Home Content Insurance. It is applicable to your or your family’s bicycles.
#7 Groceries in Your Refrigerator
Most comprehensive content home insurance plans in Singapore cover the contents of your freezer/ refrigerator or chiller. If there is a power outage caused by bad weather, lightning, temperature fluctuation, or a technical problem at your home which causes the food to spoil.
Insurance companies usually approve such claims when you haven’t been home for a few days, say when you are on a vacation, rather than when you have been at home all the time.
*The advice offered in this column is intended for informational purposes only and not intended to replace or substitute for any professional, financial, legal, or other professional advice. If you have specific concerns or a situation in which you require professional help, you should consult with an appropriately trained and qualified adviser.