PROPERTY: Home Insurance 101

Here's what you need to know about insuring your home. 

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Choosing a home insurance plan
When choosing a home insurance plan, check the sum insured for major items such as renovations and home contents is sufficient. See what peripheral benefits are included, such as medical expenses, loss following the misuse of ATM or credit cards and the loss of personal papers such as identity cards, driving license and title documents.

The compulsory HDB Fire Insurance plan
This only covers damage to the building, and not to the items inside your home. Home insurance provides protection if there is damage or loss to the contents inside your home through unfortunate events.

Assess the value of your home’s contents.
Take an inventory of all your belongings do you can assess the value of your home’s contents. This will help to determine the amount of insurance you need. The higher the value, the higher the claim limit you will require.

Deductibles and excesses
These are general insurance terms that are used interchangeably. They refer to a specified amount of money you have to fork out in case of a claim, before the policy takes over.

Renting a property
If you’re renting a property, take out insurance too. Your landlord may have a home insurance that protects the building that protects the building, but it may not cover the contents within the space.