Living room insured for home and content insurance

Why do I Need Home and Contents Insurance in Singapore?

Posted on July 25, 2019 in ,

One of the many perks of being in Singapore is the low crime rate.

Leaving your door unlocked and allowing your children to catch public transport to school on their own is cited by many as what they love about living here.

So why does anyone need home and contents insurance while they are living in Singapore?

The team at Expat Insurance aim to give you some answers by highlighting some of the questions that they are often asked by expats staying here.

Reach out to our team if you have any questions about home and contents insurance in Singapore and hopefully, we can help you answer some of your queries below.

I rent my property, do I still need home and contents insurance?

If you want your belongings to be protected while you are living here, then yes.

The majority of expats rent while they are living in Singapore and you need to take out an insurance policy that is specific to the items that you own and the property that you live in.

If you change residence, then you must let us know so that your home and contents protection remain valid.

If you have any questions, give our team a call and they can answer these for you.

Is it just theft that I am protected against?

Something that is little known here is that if your property sustains water or fire damage and you are a tenant, you are likely to be the person that is liable to pay for the cost of repairs if you are uninsured.

This may seem unlikely, but it is not impossible and a fire or flood is something that could cause significant financial loss.

Let our team know and we will make sure that your property is insured for any of these events.

On a more positive note, you can also insure your items for unexpected loss with one of our comprehensive covers.

If your Tiffany bracelet suddenly goes missing and there have been no signs of any forced entry into your home, you could be able to claim it back.

Some of our cover is so far reaching, that if you lost something while you are overseas you could look at recovering the cost of the item when you return to Singapore.

We definitely advise all of our clients to look at taking out comprehensive home and contents insurance in conjunction with an annual travel insurance policy to make sure that all of your belongings are protected both here and abroad.

Have a chat to our team today about getting this in order.

Can I just cover my engagement ring?  

We get asked this a lot. It isn’t possible to take out a stand-alone engagement ring policy.

It can be purchased in addition to another comprehensive plan through one of our insurance partners, but not on its own.

For example:

Jacob calls our Home team at Expat Insurance to cover his engagement ring that he has just bought for his (hopefully!) future spouse.

Jacob has home and contents insurance through his bank and just wants to buy a policy to insure the ring.

This cannot be done in Singapore. Jacob will have to take out a comprehensive home and contents plan and add a supplementary policy on top of that to cover the ring.

In short, it’s worth making sure that you have a comprehensive insurance policy set in place so that you aren’t paying for two of the same products just to cover the ring.

If you need clarification on this, let us know and we’ll answer any questions that you might have.

If someone hurts themselves on my property and claims damages, am I covered?

If you have personal liability cover, then you are. Accidents do happen and they are a part of life.

You have no control over how people may react if they are hurt or injured in an accident that happens on your property.

Anyone with children or animals also knows that mishaps are pretty common and that they have no control over this either.

What you do have control over is being protected if someone seeks damages from you if something happens to them on your property.

It isn’t pleasant to think about, but it is an easy conversation to have with our team and then it is taken care of for you.

It’s not likely that you will ever need it, but it’s there if you do.

We hope that we have answered some questions here for you.

If you need to speak to any of our team on any of these points further, please don’t hesitate to get in touch today.

If you need to download this as a PDF for printing, just click here.

 

 

 

 

 

 

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