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.
Do I need to buy fire insurance?
Is fire insurance compulsory? Fire insurance is not compulsory. However, if the property is mortgaged, the mortgagee will require you to have a fire insurance policy on the outstanding loan amount.
Is it necessary to buy fire insurance?
Is fire insurance compulsory? Fire insurance is not compulsory. However, if the property is mortgaged, the mortgagee will require you to have a fire insurance policy on the outstanding loan amount.
Why is it called fire insurance?
The term fire insurance refers to a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire.
Is home insurance mandatory 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.
Should I buy fire insurance for a condo?
By law, basic fire insurance is mandatory for all HDBs, whilst condominiums are generally under their building's MC's (management corporation) coverage and landed property owners are directly responsible for insuring their homes.
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.
Is HDB fire insurance Enough?
Depending on the damage to your house after the breakout of a fire, the fire damage restoration costs could vary. However, it is highly likely that the sum insured from the HDB Fire Insurance Scheme is insufficient to cover the fire damage restoration cost.
Is home insurance mandatory 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.
Should I buy fire insurance for a condo?
By law, basic fire insurance is mandatory for all HDBs, whilst condominiums are generally under their building's MC's (management corporation) coverage and landed property owners are directly responsible for insuring their homes.