Why you need home insurance if you don’t have it yet

Owning a home is one of the biggest accomplishments one may have, with the valuable possession serving as a shelter and place often shared by loved ones. However, maintaining the upkeep of a home is admittedly no easy feat. We err on the safe side when it comes to protecting our homes but we can’t control inconveniences that happen (ahem, flash floods).

Home insurance acts as a safeguard and protection for our special place but how exactly? And why own it on top of your existing fire insurance? We discuss the basics of home insurance and why you need it.

What HDB Fire Insurance covers

Just like its name states, HDB Fire Insurance covers any repair work done as a result of an unfortunate fire. The coverage is limited to the physical structure of the building – the structures provided by HDB when you first got your keys.

This means that all loss and damage to your possessions, such as furniture, home appliances and personal belongings, are not covered. This is where home insurance steps in.

Why you need home insurance

1. Protect home contents, including those living under the roof

They say home is where the heart is and admittedly so, what makes our house a home is the contents that gives us a warm feeling when we return to it. It houses special memories, prized possessions and our loved ones.

House fires, which seems to have increased in frequency, are an example of an incident that you, your belongings and loved ones should be protected against. It could also be more common than we may think, with the fire at a Rivervale HDB flat being the third fire in just two days! In dire cases of house fires, all personal belongings could be lost.

Unfortunately, our home contents are also often not included in the coverage by Management Corporation Strata Title (MCST) or bank mortgage insurances. It’s assuring to know that in the case of an unexpected insured event, a home insurance plan can at least help us cope financially with our losses.

For FWD’s Home Insurance plan, they also provide add-ons on top of the basic plan to cover your pets and dogs, as well as personal accidents for insured events.

2. Stay prepared for flash floods

Another specific incident that affects people in Singapore is flash floods. We are no stranger to seasonal heavy rains, or flash floods. We experienced the heaviest rain in August this year in more than 40 years and they caused flash floods in certain areas of Singapore. Causing a similar effect could be the monsoon period that arrives at the end-of-year. With climate change, there will only be more unexpected weather. Floods affect those staying in landed homes in particular, with individuals who manage to lose thousands of dollars’ worth of damage in furniture and electrical appliances.

For those who were caught off guard with the floods this year, it proves even more important to be insured.

3. Maintain your home sweet home

Ever got that “not again” feeling when your air-conditioner decides to leak? Or when you lose your keys? The process of fixing these miscellaneous issues can be a hassle for some, and eats into expenses for that month. Unfortunately, part and parcel of having a livable home is the occasional upkeep of things that are also prone to wear and tear. It is necessary to fix these issues before they escalate and lead to more money needed to fix.

Be it electrical re-wiring, plumbing, locksmithing or air-conditioning services, FWD Home insurance helps you in covering S$100 for each assistance service in a policy year, saving you out-of-pocket costs. It also charges zero excess when you have a claim due to burst pipes or a fire. With regular maintenance, you get to keep your home and its people safe.

4. Save costs as a landlord

A source of income for some is the renting of their homes. Landlords not only have to manage the property but also keep their tenants happy. But what happens when unforeseen circumstances such as theft, fire or pipe bursts occur? These incidents are beyond control and for insured events where your tenant defaults on rent, or for any other reason they are unable to stay in your home, FWD Home Insurance is there to cover the loss of rent.

If you don’t own home insurance yet, you could start protecting your home with Singapore’s #1 home insurer for customer experience of the past two years¹. With FWD Home Insurance, it’s easy to get covered through a few simple steps online and the process is even more convenient now for many, with the introduction of Paynow as a payment method. Get a quote here and be covered within minutes.