Top 3 Home Insurance Plans for Fire, Break-Ins, Smoke, and Water Damage

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Discover the trio of home insurance plans that shield your home from fires, smoke, water damage, and break-ins, ensuring your cherished belongings and home are financially covered for your peace of mind.

Owning a home is a significant achievement that comes with potential risks. Unforeseen events like fire, break-ins, smoke, or water damage can cause significant loss and heartbreak. These incidents often lead to substantial out-of-pocket expenses for repairs. That’s where home insurance comes in. A comprehensive policy can provide financial protection, covering the costs associated with these damaging events. 

In this article, we’ll explore the top three home insurance plans that offer robust protection against fire, break-ins, smoke, and water damage. This will help you secure your property and give you comfort.

 

Related Story: Your Guide to The Best Home Insurance in Singapore

 

Table of Contents

  • Best for flexible coverage: FWD home insurance
  • Best for emergency cash cover: Tiq home insurance
  • Best affordable coverage: Singlife home insurance
  • Why is home insurance important?
  • What does home insurance consist of?
  • How does home insurance differ from fire insurance?
  • What else can you do to protect your home?

 

The top three home insurance plans in Singapore

These three plans offer comprehensive coverage, competitive premiums, and help when you need it, ensuring that you and your home are protected. 

 

Best for flexible coverage: FWD home insurance

FWD Home Insurance not only provides excellent value for money but also offers a significant degree of flexibility. With this policy, you have the freedom to customise your coverage based on your specific needs. You can tailor the policy to include the number of rooms in your home, renovation costs, and the desired coverage for both your home contents and building.

In terms of benefits covered for insured events, FWD offers coverage for accidental damage to fixed mirrors and glass within your house and personal accident coverage for dogs and cats from an insured event too.

But that’s not all. FWD introduced an exciting bonus for its customers. When you purchase or renew your FWD Home Insurance, you will now receive complimentary FWD Cyber Insurance as well. This protects you from the financial implications of cyber fraud. It covers online shopping fraud and fraudulent electronic transfers for twelve months.

While the ability to choose your coverage levels may be appealing, it’s essential to exercise caution. Underinsurance should be avoided, as it can affect the coverage you ultimately receive. Take care to ensure that your policy adequately protects you against potential risks.

Best for emergency cash cover: Tiq home insurance

In times of disaster, having access to emergency cash can make all the difference when your home becomes uninhabitable. With Tiq’s comprehensive plan, you can receive up to S$5,000 in emergency cash within just 24 hours, providing you with the assurance and financial support you urgently need.

Tiq Home Insurance offers a range of other impressive benefits at no additional cost. The Home Emergency Assistance benefit ensures that you receive timely support during unexpected home emergencies. The debris removal benefit takes care of the costs associated with clearing debris after a covered event. Additionally, the insurance plan covers credit card theft.

To further enhance your coverage, Tiq Home Insurance gives you the option to choose from a variety of paid add-ons. These can include coverage for accidental death, cyber protection, and protection for your valuable home appliances.

Best affordable coverage: Singlife home insurance

When it comes to finding affordable coverage for your home, Singlife Home Insurance stands out as the go-to choice. Offering three distinct plans—Home Lite, Home, and Home Plus—Singlife ensures that you receive the perfect level of coverage to suit your needs without breaking the bank.

The insurance policy is highly regarded for providing the best-value option to HDB owners seeking great overall contents and renovation coverage. Benefits include coverage for medical expenses, emergency cash allowance for up to S$1,000, round-the-clock emergency home assistance, and household content coverage for up to S$100,000.

 

Why is home insurance important?

Home insurance is crucial for protecting your home and its contents in the event of serious damage or destruction. Picture this: a home fire, explosion, or burst pipes causing water leakage can wreak havoc and make your property uninhabitable.

The cost of repairing and restoring your home can easily reach tens of thousands of dollars. Unless you have an alternative place to live, you can’t simply delay the repairs until you have enough money to cover them.

In other words, when your home suffers severe damage, you are left with no choice but to address the issue immediately. This becomes a problem if you don’t have the necessary financial resources at hand.

Having a home insurance policy in place can offset the substantial costs of repairing your home. This means you won’t have to deplete your savings or emergency fund or scramble to gather money from friends, family, or loans.

With this insurance plan, you can focus on getting your life back on track and minimising any long-term consequences. It provides the financial protection you need to offset home-related risks during challenging times.

 

Related Story: How to Find the Best Home Insurance

 

What does home insurance consist of?

Home insurance provides policyholders the means to restore their homes as closely as possible to what it was before. This includes damage control, replacing personal belongings, appliances, furniture, and renovation works.

Let’s break it down further. A typical home insurance policy covers the following six aspects.

#1 Repairs for the internal structure and its original fixtures

This includes repainting walls and repair work for flooring, pipes, partitions, built-in cabinets, fittings, and more.

#2 Renovation works

If you’ve made additions or renovations to your property, such as installing new furniture, appliances, locks, or windows, home insurance can cover the costs of repairing or replacing them if they are damaged or broken.

#3 Replacing your personal items

Your policy may also cover your belongings that are typically found at home like your laptop, clothing, and accessories. The coverage for each item may have limits, and valuable items like antiques and jewelry may not have full coverage.

#4 Third-party liability

Home insurance policies often include coverage for third-party liability. This protects you from claims by third parties for injuries or damages sustained while on your property. For example, if a guest injures himself during a visit and requires medical treatment, this coverage can help.

#5 Alternative accommodation

If your home becomes uninhabitable because of covered damage, some home insurance plans will cover the cost of alternative accommodations while repairs are underway.

#6 Other home-related benefits

Depending on the policy, home insurance plans may also offer additional benefits that homeowners may find useful. These can include coverage for the loss or unauthorised use of bank cards, reimbursement for spoiled food because of power outages, and even coverage for a handyman or pest control services.

 

Related Story: Everything You Need To Know About HDB Fire Insurance in S’pore

 

How does home insurance differ from fire insurance?

Home insurance plans typically focus on covering your home’s interior. However, as a homeowner, you should also consider the damage that happens to the exterior of your home. An example is a fire that impacts your home internally and externally, too.

In such an instance, walls and common areas may be affected by soot and smoke, power lines could be destroyed, and utility meters might need replacement. In severe cases, there may even be significant damage to the structure and facade of the entire building.

These types of damages and repairs fall under a fire insurance plan.

When purchasing an HDB unit, homeowners are obligated to acquire a fire insurance plan to take possession of their units. As for condominiums, they typically fall under a master insurance plan cover overseen by the property management team. Landed properties often have home insurance that covers the building and its structure, serving a similar purpose as a fire insurance plan. Finally, if you have a mortgage loan for your property, your bank will most probably insist on fire insurance coverage too.

 

What else can you do to protect your home?

There are two added proactive measures you can take to protect your apartment. One crucial step is to invest in a comprehensive security system. This can include features such as surveillance cameras, motion sensors, and door or window alarms. These systems not only act as a deterrent but also provide valuable evidence in the event of a break-in or unauthorised entry. 

You can also create a home emergency kit that includes essentials like flashlights, first aid supplies, and emergency contact information. Familiarise yourself with evacuation procedures and fire escape routes in your building, and regularly check your home fire extinguishers to ensure they function properly.

By implementing these measures, you can rest assured knowing that you’ve taken proactive steps to safeguard your home.

 

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