Recently, I have read quite a number of bad news about fire happened in HDB flats and coffee shops in HDB block (above image). Check out the recent news reported by The New Paper from the links below:
http://www.tnp.sg/content/neighbours-save-man-blaze-and-find-showering-sister-also-trapped
http://www.tnp.sg/content/fire-marine-terrace-coffee-shop
http://www.tnp.sg/content/gcfire
http://www.tnp.sg/content/hero-makes-several-trips-save-neighbours-fire-hdb-block
http://www.tnp.sg/content/5000-set-aside-chinese-new-year-flames
http://www.tnp.sg/content/kids-scream-help-grandpa-sleeps-during-fire
http://www.tnp.sg/content/family-lucky-escape-fire
Hence, I decided to write about Fire Insurance as well as Home Insurance. Aren't they the same? Some may ask.
Actually, they are different.
If you have a home loan in Singapore, it will come with the requirement that basic structural or fire insurance needs to be taken up compulsorily.
For condo or private apartment, the whole block may have been registered as a Management Corporation Strata Title (MCST) property, then it is the legal responsibility of the Management Corporation to insure the building and the common property against fire damages. However, the Fire Insurance taken up by MCST does not cover full home contents and your home renovations. This fire or structural insurance cannot cover your home in the event of burst pipes and theft too.
So is the same for the HDB fire insurance that costs only a few dollars for 5 years. It only covers structural damages to your home's interior or any HDB provided fixtures.
So do you know about all these before today??? If not, you need to take action.
Our home may be our most valuable asset and so we should protect it from any damages and destruction due to fire, theft or unforseen circumstances like bursting of pipes that can cause substantial financial losses. Hence, we also need to protect our home with a Home Insurance that provides comprehensive coverage for loss or damage to your renovation, household contents, personal belongings as well as personal liability.
With a home Insurance then can we have a peace of mind.
If you want to take immediate action now but do not know what to do, please email me at esendsure@gmail.com
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