In the first 11 months statistics show that fire in homes has increased considerably. There are many reasons but most common one is Electrical overload and carelessness. Now with festive season around, almost all houses have electrical decorations, christmas trees etc.
The fact to note when there is a fire in one apt, it can cause external & internal damage to apartments above and below.
HDB/ Private property management and even Banks who offer the loan, makes it compulsory for all to take basic fire insurance. This covers the external walls and common area.
However, if there is a fire upstairs and your ceiling is damaged, this will not be covered by the HDB. You have to bare the costs of repairing the ceiling or false ceiling. If you are going to sue your neighbor upstairs, you will have to sort it out legally, which can be very cumbersome.
An easy way to handle such situations is to have a home content plan. This plans will cover the renovations & home content and much more. These types of plans also cover public liability, example should there be fire in your place and causes damage to your neighbors home, the cost of repair, legal cahrges etc, will be borne by the insurer.
There are always add-ons to Home content insurance. You will be covered for theft, loss of valuables, personal accident, and home protection when you are traveling overseas.
Again, the home content insurance has a range of premiums from different insurers.
In this high paced lifestyle we live in, we cant take anything for granted. Its always best to transfer RISK to someone who can handle it better.
The fact to note when there is a fire in one apt, it can cause external & internal damage to apartments above and below.
HDB/ Private property management and even Banks who offer the loan, makes it compulsory for all to take basic fire insurance. This covers the external walls and common area.
However, if there is a fire upstairs and your ceiling is damaged, this will not be covered by the HDB. You have to bare the costs of repairing the ceiling or false ceiling. If you are going to sue your neighbor upstairs, you will have to sort it out legally, which can be very cumbersome.
An easy way to handle such situations is to have a home content plan. This plans will cover the renovations & home content and much more. These types of plans also cover public liability, example should there be fire in your place and causes damage to your neighbors home, the cost of repair, legal cahrges etc, will be borne by the insurer.
There are always add-ons to Home content insurance. You will be covered for theft, loss of valuables, personal accident, and home protection when you are traveling overseas.
Again, the home content insurance has a range of premiums from different insurers.
In this high paced lifestyle we live in, we cant take anything for granted. Its always best to transfer RISK to someone who can handle it better.
