5 reasons you need home insurance on top of fire insurance

A home is a special place, and it is probably our most valuable possession. How certain are you that it is sufficiently insured should accidents happen?

Often, home insurance is one aspect that many homeowners tend to overlook. They also confuse it with the HDB Fire Insurance scheme, and assume they have enough protection.

Here are some facts you might want to know

In Singapore, there were 1,168 reported residential fire cases in 2019 leading to 142 injuries. There was also a 22% increase in house break-ins and robbery cases in between 2017 and 2018.

Whether you live in a landed property, an HDB flat or a condominium, here’s what you can consider when looking for a home insurance cover.

1. Protection for your home contents

As is evident in the name, the HDB Fire Insurance only covers repair work required in the unfortunate event of a fire. The coverage is also limited to the physical structure of the building – that is, reinstating damaged structures that were provided by HDB when you got your keys.

This means that loss and damage to your possessions such as furniture, home appliances and personal belongings are not covered by the fire insurance alone.

It can be reassuring to know that you have a home insurance plan that covers the contents of your home. They are often not included in the coverage by Management Corporation Strata Title (MCST) or bank mortgage insurances.

This will help take a significant financial load off your hands in case of unexpected events, and give you greater peace of mind.

2. Beyond fires

Events other than fire – such as theft, burst pipes, as well as malicious acts by others (such as vandalism) – can be unpleasant surprises.

We often assume an optimism bias and think they will not happen to us. But chances are, they might.

To keep surprises to a minimum, you may want to look out for a comprehensive home insurance plan that doesn’t charge extra for claims due to events beyond fire. Some, like FWD Home insurance, also pay for expenses arising directly from the loss of use of your home. These include laundry, home cleaning services, and fire extinguishing services.

3. Rent for landlord

If you are a landlord, there is always a risk of loss of rent if your tenants are unable to stay due to unfortunate circumstances. They range from natural disasters, fire or explosions, and theft.

Ensuring that such events beyond your control can be covered, can take a lot of stress off your shoulders.

FWD home insurance provides such coverage to landlords; and we also cover tenants for loss or damage to the landlord’s property during their stay.

4. Home assistance

From time to time, homeowners face headaches arising from miscellaneous household issues – such as losing keys and getting locked out, a leaking air-conditioning system or plumbing and electrical problems.

They come as a rude shock, and can cause inconveniences as well as a hole in your pocket. Guard yourself against unexpected expenses in areas such as electrical, plumbing, locksmithing and air-conditioning with a home insurance plan that takes them into consideration. FWD covers four assistance services of $100 for each assistance service in a policy year.

5. Customize your cover

Every home is unique, and requires a different degree of coverage. It is important to find a suitably-priced home insurance plan that fulfils your requirements, and at the same time, is affordable.

With FWD home insurance, you customise according to your needs, and with a few simple steps online, get a Home insurance quote from just S$31.