Home Content Insurance
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The Type Of Coverage
Insurance plans for the home come in different shapes and sizes. Some plans only provide for the basics, i.e. fire and insured perils such as riots, civil commotion or acts of strike, while other plans have additional features that provide for theft coverage, and the option to purchase an All Risks coverage to protect you against accidental loss. To highlight the difference, let us assume that your child decides to re-enact a scene from Superman. He uses all his strength to lift up the television console and your 52-inch brand-new plasma television falls off and cracks into two pieces. A basic plan would not cover for the damage, but one with All Risks coverage would protect you against the loss. Provision For Home Emergencies Due to the affordability factor, homeowners in Singapore rely less on the "do-it-yourself" approach with regard to property maintenance. Hence, 24-hour home assistance is a must-have. Services such as locksmith, plumbing, electrical, air-con repair and cleaning, and pest control are necessities which home owners have to call upon every now and then. Some plans sweeten the home content protection deal by providing reimbursement for such services. As a responsible home owner, you should check out for such provisions as well. Penalty For Underinsurance Many of us are excited when we buy something new. Whether it is the newest sound system or an exquisite watch, we make sure that all our friends know about it. However, while we bask in the envy of our friends, we completely forget that we have to update our Home Insurance policy to cover these items. When this happens, policies providing waiver of penalty or relief for underinsurance will give us the added assurance should we forget to review our policy during the period of insurance. Choose Wisely At the end of the day, take time out to review the different plans so that you can make an informed choice. Selecting a plan based on the premium alone is not advisable; you might be exposing yourself to a situation which requires you to pay from your own pocket in exchange for a saving on the premium. With so many choices, it makes sense to talk to professionals who are very familiar with the different types of coverage available to help you select the coverage that best suits your needs. To know what is most relevant to you, meet one of our Financial Consultants to assess your needs, and secure the right protection for your home. |