The cost of restoring damaged internal structures, fittings, and places built and provided by HDB is covered by the HDB fire insurance. Home contents, such as furniture, remodeling, and personal possessions, are not included.
Is my HDB insured?
Many of us in Singapore have our own homes. The majority of us live in HDB flats, where we spend a significant amount of time selecting the perfect flat for us, finding the ideal interior designer to assist us in creating the dream house of our dreams, and, of course, spending time and money outfitting our homes to the best of our abilities. In fact, owners of HDB flats can easily spend $50,000 or more on renovations.
Some homeowners, on the other hand, pay less attention to their apartment’s insurance coverage. However, failing to insure our houses is one of the most costly financial blunders we can make.
Your HDB Flat Is NOT Automatically Insured
Some HDB residents believe that their flats are automatically covered by insurance. They are mistaken. Our HDB flats aren’t automatically covered by insurance.
This myth arises from the fact that, if they have an existing HDB mortgage loan, HDB flat owners are required to purchase a basic fire insurance policy to cover the internal building structures, fixtures, and fittings provided by HDB. As a result, several flat owners believe their flat is insured when it is not.
Our renovation work, additional fixtures installed, and residential contents are not covered by the standard fire insurance policy. Unless we have purchased additional home content insurance, we, the flat owners, shall be responsible for any damages caused by a fire, pipe break, explosion, or any other disaster.
In addition, if we are determined to be at fault, we may be held liable for any third-party damages to your neighbors’ properties.
We, as flat owners, run the danger of incurring a significant financial loss if our homes are damaged because we do not have home content insurance.
Scenarios That Could Lead To Significant Damage In Your Home
Because Singapore is located in an area free of natural disasters, many of us may take our safety at home for granted. However, there are still possibilities that could result in major property damage in our homes.
AXA SmartHome: An Insurance Policy That Home Owners Should Consider
House content insurance, in addition to life and health insurance, is a sort of insurance that everyone who owns a home should have. Home content insurance is a supplement to, not a replacement for, the mandatory HDB fire insurance that we may have purchased for our HDB flat.
We look into AXA SmartHome to gain a better picture of the varied coverage provided by a home content insurance policy.
# 1 Building And Fixtures, Fittings & Renovation
Building: A building is an apartment or HDB flat that contains the structure, fixtures, and fittings based on the developer’s or HDB’s standard specifications.
Fixtures, Fittings, and Renovation: This refers to any additional work you do to renovate your home. Built-in cabinets and wardrobes, flooring, kitchen fittings, feature walls, false ceilings, and electrical work are all included.
Up to 25% of the total building sum insured can be utilised to insure fixtures, fittings, and renovations. For example, if the building sum insured is $500,000, the coverage for fixtures, fittings, and restorations can be $125,000 (25 percent).
Is fire insurance same as home insurance?
Fire insurance refers to coverage for the structure of your home in the case of a fire. Homeowners insurance, to be more precise, is the form of insurance that can assist in the repair of your property in the event of a fire. Fire insurance is not a separate policy from your homeowners insurance. Your house insurance is designed to protect you from fire damage in a variety of ways.
How do I check if I have house insurance?
How can I find out if my house is covered by insurance?
- Checking your bank and/or credit card statements to see if any payments have been made.
- Requesting details of the buildings insurance information you provided when you took out your mortgage from your mortgage provider.
What is the fire insurance policy?
- Fire insurance is a type of property insurance that covers the loss or damage to a structure that has been damaged or destroyed by fire.
- Fire insurance may be capped at a lower rate than the cost of losses, forcing the purchase of a second fire insurance policy.
- The coverage reimburses the policyholder for damages on a replacement-cost or actual cash value basis.
- Fire coverage is included in some homeowner’s insurance policies, although it may not be sufficient for some households.
Does Condo need fire insurance?
If you live in a condominium or apartment that is registered as a Management Corporation Strata Title (MCST) property, your Management Committee (MC) is legally responsible for insuring the entire property against fire damage. If the property is damaged, the MC will file a claim with the insurance company and spend the proceeds to repair it.
The homeowners’ improvements and/or modifications to their individual residences may not be covered by the MCST fire insurance policy. Homeowners should examine their MCST fire insurance policy for coverage and consider purchasing additional or separate fire insurance to cover improvements and/or renovations.
While a MIP protects a bank’s financial interests, an MCST fire insurance policy protects the MC’s interest in repairing damages to the property in the event of a fire. A MIP and an MCST policy’s insurance coverage will not overlap.
Is fire insurance mandatory for home loan?
Although it is necessary to get insurance when taking out a loan, you are not obligated to do so by any bank or non-banking financing organization. Home loan protection plans are not required to be purchased.
How do I check my HPS coverage?
My cpf Online Services – My Messages allows you to check your current sum assured and portion of your Annual Premium Home Protection Scheme (HPS) policy.
Your HPS certificate also contains detailed information on your HPS cover. You can request a duplicate HPS certificate through my cpf Online Services – My Requests > Home Protection Scheme (HPS) > Request my HPS Certificate if you have misplaced your HPS certificate.
How does insurance work when your house burns down?
Items damaged in a house fire are likely to be covered by your homeowner’s insurance. If you have a replacement cost coverage, you will be paid the actual cash value of your damaged things when you file your claim. With an accurate inventory that includes the purchase price, date of purchase, and as thorough a description of the property as you can provide, you can collect the replacement cost (including images whenever possible).