Table of Contents
Is home insurance the same as fire insurance?
Unlike home insurance, fire insurance provides basic coverage for water, smoke and fire damage suffered to interior and exterior structures in the event of a fire, explosion, force majeure, riots and strikes and malicious intent. It does not cover your personal belongings or renovations.
Do I need fire insurance if I have home insurance?
This is incorrect. In fact, only home insurance will cover all damages from a fire. The difference between an
fire insurance and home insurance is that home insurance will cover all your renovations, furniture, and house content. Home insurance will not only cover fire damages but floods and thefts too.
Do we need building coverage for HDB?
If you live in an HDB flat, the compulsory HDB fire insurance policy you would have bought should cover you for the original building, as well as original fixtures and fittings. However, home insurance is needed to cover any renovations or additional fixtures and fittings you might have installed in your home.
Is home insurance compulsory in Singapore?
Home insurance is an optional benefit for any HDB or private property owner, unlike fire insurance which is mandatory in Singapore.
Do I need fire insurance if I have home insurance?
This is incorrect. In fact, only home insurance will cover all damages from a fire. The difference between an
fire insurance and home insurance is that home insurance will cover all your renovations, furniture, and house content. Home insurance will not only cover fire damages but floods and thefts too.
Does home contents insurance cover fire?
In fact, only home insurance will cover all damages from a fire. The difference between an HDB fire insurance and home insurance is that home insurance will cover all your renovations, furniture, and house content. Home insurance will not only cover fire damages but floods and thefts too.
fire insurance and home insurance is that home insurance will cover all your renovations, furniture, and house content. Home insurance will not only cover fire damages but floods and thefts too.
Is home insurance the same as fire insurance?
Unlike home insurance, fire insurance provides basic coverage for water, smoke and fire damage suffered to interior and exterior structures in the event of a fire, explosion, force majeure, riots and strikes and malicious intent. It does not cover your personal belongings or renovations.
What is not usually covered by homeowners insurance?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
Do we need building coverage for HDB?
If you live in an HDB flat, the compulsory HDB fire insurance policy you would have bought should cover you for the original building, as well as original fixtures and fittings. However, home insurance is needed to cover any renovations or additional fixtures and fittings you might have installed in your home.
Is property insurance mandatory in Singapore?
Home insurance is an optional benefit for any HDB or private property owner, unlike fire insurance which is mandatory in Singapore. That is why fire insurance is more common to property owners. If you plan to buy an HDB flat using a bank loan, the bank will most likely require you to purchase fire insurance.
Is it compulsory to insure your home?
Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured.
Is mortgage insurance compulsory for HDB?
Compulsory for HDB flat owners who are using their CPF savings to pay their monthly housing loan instalments. Optional for HDB flat owners who have private life insurance or mortgage-reducing insurance that can sufficiently cover the outstanding housing loan. Compulsory for flat owners with outstanding HDB loans.
What are the 3 reasons you need homeowners insurance?
- Physical damage to the house.
- Damage due to fires, floods, natural disasters, storms, cyclones.
- Damage due to aircrafts.
- Damage due to natural calamities, war, etc.
- Damage due to earthquakes.
- Burglary and theft of items inside the house.