Top 5 Valuable Things to Protect with Home Insurance in Singapore in 2022

Nobody thinks they will be affected by a house fire until it happens to them. In 2020 alone, the interior of 1,054 Singapore residential buildings were lit ablaze by fires that became too wild to tame. That’s nearly three fires a day!

And don’t think you’re safe just because you’re the type of person who checks your gas stove before leaving the house. This Chinese New Year, nearly the entire stack of block 39 Telok Blangah Rise was affected by a case of fire negligence. There are also reported cases of fires starting from exhaust pipes in coffee shops and charging e-bikes. And get this — all those fires happened within the span of a single weekend.

Now, we don’t mean to sound calculative, but there are many things that go into maintaining a home. Apart from money spent on furniture, there are also maintenance and renovation costs, mortgages and maintenance costs. Months and years of payment can literally go up in flames in a moment of carelessness — your own, or your neighbours’.

In this article, we break down the true cost of home accidents and show how much homeowners could potentially lose.

1. Building Coverage: The Home’s Skeleton

Otherwise known as the HDB Fire Insurance Scheme, building coverage would be the first insurance plan secured by most HDB flat owners. This plan allows homeowners to make claims for rebuilding any permanent or semi-permanent fixtures within their home, and is compulsory for all HDB flat owners to purchase.

Of course, your yearly premiums and sum insured will differ depending on the type of flat you own.

*Numbers effective from 16 Aug, 2019 to 15 Aug, 2024. | Source: HDB Fire Insurance

2. Renovation: The Add-ons

The HDB Fire Insurance Scheme does not cover all of your home interior, especially if renovation work has been done. Interior makeovers don’t come cheap, either. Depending on how extensive the reworks are, an average 4-room flat renovation could set you back between $7,400 to $71,370.

I don’t know about you, but that definitely sounds a lot more expensive compared to a free home contents insurance plan. Especially one that will only take an hour for you to sign up.

3. Home Contents: The Ingredients

If fire insurance covers your home’s skeleton, then home contents coverage covers its organs. And those organs can be _very _expensive.

Beds can cost anywhere between $599 to $5000, and we know that you definitely have that work-from-home office setup that cost you over a thousand dollars. Throw in the usual essentials like the fridge and washing machine, and you’ll soon have quite the bill on your hands.

Oh, and did you know that kitchen appliances also count as home contents, even if they came complimentary with the home? That means you’ll have to get your gas stove, hob, and hood covered if you wish to make claims for them when a fire occurs.

4. Personal Legal Liability: The Self

Many human lives have been tragically lost as a result of uncontrolled fires. Should you or your loved ones be an unfortunate victim of a fire accident at home, then Personal Legal Liability will ensure that any financial losses incurred from the loss of life are covered.

Besides death, Personal Legal Liability also covers property damage incurred by guests or tenants, so this is definitely a must-have for landlords or people who hold parties frequently.

5. Flood: The Elements

Flooding is becoming more and more of a possibility these days with erratic weather patterns and rising sea levels. Our tiny island has a grand total of 38 flood prone areas. And yes, this can happen even if you live on a high floor if your pipe breaks.

Floods don’t just make your possessions wet and leave you in peace. They can permanently damage your electrical appliances, clog up the plumbing, or even leave you stranded without a home.

Home Contents Insurance enables you to shore up finances to pay for temporary accommodations and repairs in the likely event that your home happens to flood.

While not as likely, home contents insurance also covers for the following events:

• Earthquake and lightning
• Explosions
• Theft
• Vehicle impacts
• Riots, strikes, and civil commotions

Get Insured For FREE (Seriously!)

Ohmyhome is partnering with AVIVA to offer up to $130,000 in home coverage for a year, all for free. The plan covers household contents, renovations, fixtures and fittings, personal legal liability, and alternative accommodation expenses (details can be found here).

It only takes one unfortunate accident to bust the bank, so grab this opportunity while it lasts. For more details and enquiries, call Ohmyhome at 6886 9009 or WhatsApp at 9727 5270.

DISCLAIMER: Terms and conditions apply. The above products are underwritten by Aviva. Ohmyhome is not an insurance agent or intermediary and is not allowed to solicit any insurance business or give advice on or recommend any product nor be involved in any discussions or negotiations between you and Aviva or in the arrangement of any insurance contract between you and Aviva. Please direct all insurance enquiries to Aviva.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Aviva Ltd or visit the General Insurance Association or SDIC websites (www.gia.org.sg or www.sdic.org.sg). Information is accurate as of September 2021.