It's a real concern. You can control the circumstances in your own home, but not those around you. Also, most home occupiers also don't realise that their standard HDB fire insurance policies only cover the structure (e.g. walls, ceiling). However, there is no coverage for the renovations done to the flat, and no coverage for the contents of the flat (e.g. computers, furniture, appliances, watches, jewellery, clothing, etc.)
Both reno works and personal belongings easily add up to $30K to $60K onwards. Home occupiers need to have a home contents policy to cover these items. If they don't have a home contents policy, a fire could easily destroy tens of thousands of dollars worth of home contents. Such home contents policies start from around $12/month, so it's certainly worth having.
The same applies to commercial properties too - renters or landlords need to ensure they have commercial/industrial property insurance, so that a fire doesn't end up costing their business huge sums of money. Commercial property coverage only starts from $12/month, so it's not a big expense for significant protection.
It's a real concern. You can control the circumstances in your own home, but not those around you. Also, most home occupiers also don't realise that their standard HDB fire insurance policies only cover the structure (e.g. walls, ceiling). However, there is no coverage for the renovations done to the flat, and no coverage for the contents of the flat (e.g. computers, furniture, appliances, watches, jewellery, clothing, etc.)
Both reno works and personal belongings easily add up to $30K to $60K onwards. Home occupiers need to have a home contents policy to cover these items. If they don't have a home contents policy, a fire could easily destroy tens of thousands of dollars worth of home contents. Such home contents policies start from around $12/month, so it's certainly worth having.
The same applies to commercial properties too - renters or landlords need to ensure they have commercial/industrial property insurance, so that a fire doesn't end up costing their business huge sums of money. Commercial property coverage only starts from $12/month, so it's not a big expense for significant protection.