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Guide To Getting A Personalised Home Insurance

Back then, personalised home insurance plans were being sold as a standard “one-size-fits-all” package. These plans do not consider that everyone has a different home and they require the cover as per their need.

That’s why the transition came in the market and brought a lot of insurance plans that fulfil homeowners’ requirements as per what they want.

These days you have products that offer you great value cover and you can personalise them to suit your requirements and protect your concerns.

Prices of Home Insurance vary widely. So, take your time to find the best policy that is worth buying.

Make sure you compare both, contents and buildings insurance policies across the market before reaching a conclusion. This will help you understand what market is offering and what you need to consider while looking for home insurance policy customised as per your needs.

Consider the factors of why you’re taking Home Insurance

  • Peace of Mind:
    • ‘If I know that in case of any crisis, I will have financial assistance for rebuilding my home which got damaged. That assistance itself makes me feel secure and calm.’
  • Protection against Damages:
    • ‘The insurance companies protect your property for almost all type of damages. It ensures that you will not be left alone in case of any horrible situation affecting you and your property.’
  • Liability Cover:
    • ‘Some Insurance policies provide coverage for injuries or damages caused to a third party in insured client’s property. In this case, coverage may serve you for medical bills, legal fees and any material damages caused.’

Let’s look at the things you should take into consideration. Selecting a great policy that will give you peace of mind while purchasing your beautiful home in Singapore.

Create your own personalised policy by choosing the cover you want

The market offers you an ample number of options with different coverages. Buy the coverage you need! Apart from the standard packages, there are customised ones as well.

Choose a flexible option and pay only for the cover you need. Most homeowners would already have compulsory fire insurance which protects the structure of your home. Thus, it makes sense to look for customised contents insurance plan. Further, it allows you to skew your coverage and premiums and ensure your home content and renovation cost.

Choose the best insurer and take advantage of discounts available

Fortunately in Singapore, there are plenty of insurance companies that can pay you healthy claims. Might be best to choose a leading insurer that can get you the best price for your coverage.

Tip: Buy a longer duration plan!

Some insurers might offer great discounts on your protection plan. Scrutinize the market for such offers. Also, take an insurance cover for various items from one company. You’ll be able to save quite a bit of money.

Don’t under-insure

Home insurance protects assets that have paper value. Further, insurance companies expect to match the value of your home with your coverage. If you have a significantly lower coverage than what you actually need, you might get penalised by the insurance company. This can be in the form of reduced reimbursement when you file a claim.

Ask your insurance company for a customized estimate of your home’s replacement cost. It should consider its construction details, unique features, age, and any other required costs. Keep reviewing your coverage needs every few years.

Reduce the cost of Home Insurance

Insurers charge low premiums if properties have reliable security systems that help in reducing burglary. Install alarms and increase the security of your home. Intimate your insurance providers about the safety measures you are taking and avail the coverage at low premiums.

 

*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.

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