InsureGuru Learn

Guide To Getting Personalised Home Insurance

Back then, personalised home insurance plans were being sold as a standard “one-size-fits-all” package. These plans fail to consider that every home has its individual needs in terms of coverage. Home insurance should be tailored and personalised. 

That’s why the transition came in the market and brought a lot of insurance plans that fulfil homeowners’ wants and needs. 

These days you have insurance premiums 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 for you. 

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

Why Do You Need Home Insurance?

  • Peace of Mind:
    • ‘If I know that in case of any crisis, I will have financial assistance for rebuilding my home which was damaged. That assistance itself makes me feel secure and calm.’
  • Protection Against Damages:
    • ‘The insurance companies protect your property for almost all types of damages. It ensures that you will not be left alone in case of any unfortunate 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.’

You should base your choice of home insurance policy on what you are hoping to achieve from it. 

Create A Personalised Policy

The market offers an ample 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 already have compulsory fire insurance which protects the structure of your home.

Thus, it makes sense to look for a customised contents insurance plan. Further, it allows you to skew your coverage and premiums and ensure your home content and renovation cost coverage.

Choose The Best Insurer & Take Advantage Of Available Discounts

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

Tip: Buy a plan for an extended duration! 

Some insurers might offer great discounts on your protection plan. Scrutinise 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 by doing this.

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 need, you might get penalised by the insurance company. This can be in the form of a reduced reimbursement when you file a claim.

Ask your insurance company for a customised 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. Ask 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.

Adrian Teo

Financial Services Director

Adrian Teo has over 16 years' experience in the Wealth Management & Financial Services. He has been in Pana Harrison since 2008 and is a seasoned Financial Services Director.

He is well versed in the areas of Investments & Retirement Planning and is well known for helping his clients achieve their Financial Freedom through various solutions and products.

He is also passionate in grooming new consultants who wish to embark a career in the Financial Services Industry.