Is home insurance 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.
Does HDB need building coverage?
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.
What are the four basic categories of coverage in a homeowners policy?
A standard policy includes four key types of coverage: dwelling, other structures, personal property and liability. If your home is damaged by a covered event, like strong winds, dwelling coverage can help pay to repair it.
What is the difference between fire insurance and home insurance?
While fire insurance covers for any damages done in the original structure of the building, home insurance policy will cover for the structure, added fittings and the home contents. Contents in home insurance policies may vary depending on whether you are the property owner or you are just a tenant.
What is the difference between home insurance and fire insurance?
While fire insurance covers for any damages done in the original structure of the building, home insurance policy will cover for the structure, added fittings and the home contents. Contents in home insurance policies may vary depending on whether you are the property owner or you are just a tenant.
Does home contents insurance cover 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.
Is home and fire insurance compulsory?
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.