In times like this, your home insurance could dole out more than just home content coverage. Read on to find out why you should consider reviewing or even renewing it.
After you’ve exhausted your Circuit Breaker hours with all the Netflix, home cooking, video games and indoor running you can handle, it’s probably a good idea to buckle down and do some adulting. One specific piece of adulting I’m looking at here? Checking in with your finances.
As we’re spending an inordinate amount of time in our humble abodes these days, let’s start with home insurance. Arguably, it is something that even home owners may not pay extra attention to, other than it being a handy portfolio to have in case the house burns down. But given the kind of circumstance we have all been thrust into, home insurance has morphed to become relevant more so than ever — especially in the event that you or anyone in the family is issued a Home Quarantine order.
Case in point: in addition to insuring the contents of your home, such as appliances, furnishings, aircon and your walk-in wardrobe, a good home insurance plan like AXA’s SmartHome also pays out a daily allowance of up to $100 per day of your home quarantine (limited to 14 days).
Check if you already have a home insurance plan or need an upgrade
Some insurers also bundle useful home concierge services with the plan, such as assistance for plumbing, electrician, locksmith and pest control – all the unsexy stuff you’d never think of until you desperately need them.
Many people tend to put off getting home contents insurance because it’s not a mandatory thing, like fire insurance or HDB’s Home Protection Scheme. If you don’t already have a home insurance plan in place, why not get a basic one to start with.
Already have a basic home insurance plan? Check if you have recently done a renovation, installed an expensive new sound system in your home, acquired a vintage wine collecting habit before lockdown or adopted a pet.
If your answer to any of the above is “yes”, upgrading the coverage of your current plan is definitely necessary. You might need to go up to a higher tier or get a rider that covers you for your home improvements.
What you’ll need to do to get your expensive stuff covered is to keep all your receipts and get a valuation of your, say, Birkin Bag collection or art installations. Some plans will cover these items up to a limit or to their full amount if you’re able to declare their value with proof. Never try to exaggerate the actual worth of your items as these would be subject to investigation during claims. If your declarations are found to be false, your entire claim might be rejected.
Home insurance for renters and owners
You don’t need to own your home to get home insurance. If you’re renting an apartment, your landlord’s home insurance will not cover the contents of your apartment. So buy a home insurance plan as a tenant so that the personal valuables you own in your rented apartment (like your home computer or piano) can be protected in the event of a mishap. It would also cover accidents that might happen to you on the premises.
As a homeowner renting out your apartment, you’d need to get a home insurance plan as a landlord. While the plan would not cover you for potential malicious acts carried out by your renter on your property, it would cover accidental damages left behind that might require repairs and renovations for your next tenant.
Find out more about landlord and tenant insurance here.
What’s not covered by Home Insurance
Your home insurance does not cover wear and tear of your home contents, acts of negligence or carelessness that occur in your home. Loss or damages to your property that occur as a result of your building undergoing renovation or repair work are also excluded.
For the latter, check with HDB or your condominium’s MCST on whether they are responsible for making good on any damages or repairs necessary. If any damages happen during your renovation works, they should be claimed from your contractor’s insurance, which many reputable companies do have. So, the best thing to do is ask this upfront before settling on a design company!
Cross this to-do off your list now and save money!
Whether you’re looking for a plan for your current home or wanting to upgrade your coverage to a higher tier, now’s a good time to act because of these attractive promos we have going on! The great thing about getting your insurance sorted during quarantine is that you can do so from the comfort of your home as many insurers like FWD and Income sell general insurance plans online.
From getting a quote to owning a plan, it will probably take you about 15 minutes tops to complete – that’s all the time you need to be able to pat yourself on the back for getting the important adulting stuff down pat.
Read These Next:
Home Insurance Promotions and Discounts To Protect Your Home
How Much Do You Need To Buy Your First Home In Singapore?
Upgrading from HDB to Private Property? Here’s How Your Home Insurance Should Change
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How Insurers and Banks Are Helping You Survive COVID-19 (Whether Quarantine or Debt)