Singapore may be safe, but if you think that means you don’t need home contents insurance, think again! Here’s why a home insurance plan is worth buying. Plus, what home insurance cover you need as a expat here in Singapore.
Why get home insurance?
Home contents insurance offers protection for any unexplained loss or disappearance of valuables. The whole idea is to lessen any financial damage in an unforeseen situation. Whether that situation is theft or flooding, having a home insurance plan can really come in handy.
What home insurance cover do you need as an expat in Singapore?
Here, the experts at Expat Insurance share five of the many scenarios in which home insurance in Singapore can prove invaluable.
#1 You’re renting a condo or landed house
The majority of expats here in Singapore rent their condos or landed homes. Many renters make the common mistake of forgoing home insurance in Singapore, given the city’s low crime rate. However, this type of insurance is still particularly beneficial for renters, for various reasons.
Firstly, a landlord’s insurance may only cover the damage to the building structure itself. This means that, as the tenant, you must pay for any additional repairs or replacements out of pocket. Buying a home contents insurance plan will protect your belongings against any potential risks like fires, or any damage incurred. This is the peace of mind you’ll want whether you’re at work in the CBD or visiting family abroad. No matter where you’re returning from, you can rest easy knowing you’ll come home to your casa without owing thousands of dollars in damage!
And, if you do own your condo or landed house, you’ll want home insurance to protect both the contents in your home and the home itself.
Additionally, the low crime rate in Singapore doesn’t mean no crime at all. While a bicycle theft in this city is considered a big deal, that stolen bike could very well be yours! The same goes for that heirloom bracelet left in your unlocked condo, or that laptop you left on the table while ordering a latte. For many of us, living in Singapore has made us a bit more lax when it comes to letting our belongings out of sight. But, it’s important to remember that things can happen; and chances are, you’ll want your belongings protected in those rare cases!
#2 You’ve got an engagement ring, watch, nice camera, laptop or other valuables
If you own valuable items such as a diamond bracelet, or precious family heirlooms and antiques, you’ll need to make sure you’ve got the right coverage for them. You can either choose to add your valuable possessions to your existing home insurance policy, or purchase specific jewellery cover.
For something like an engagement ring, it’s advisable to get the item listed separately on your insurance policy. Doing so will guarantee that the item will be insured up to its full value.
Additionally, a home insurance policy that covers specific items can be arranged for everything from designer furniture, sporting equipment and high-end handbags to cameras, computers and your coveted watch collection. In fact, coverage for these items can be arranged on an agreed value basis. So, if you insure an item for $10,000 and experience a loss, you’ll receive a cheque of $10,000 once the claim is authenticated and approved.
It’s also important to note that while many home insurance plans cover theft, few cover unexplained loss and mysterious disappearances. Having coverage for these instances is great because it guarantees that your valuables are protected if they go missing or are inadvertently misplaced. It’s worth checking to make sure your type of cover is comprehensive enough to include unexpected losses and other similar situations.
What’s more, it’s important that your policy includes ‘personal possessions’ cover. This ensures that your valuables are protected outside of your home here in Singapore – for example, if your expensive camera gets damaged while out for your friend’s birthday on Club Street, or your emerald earring falls off during a girls’ night out.
#3 You own artwork or want to start collecting art
Already own artwork or want to start collecting? It’s a good idea to check whether or not your home contents insurance policy already covers artwork, or if you’ll need to purchase additional coverage. All too often, art collectors make the mistake of insuring their valuables under a standard home insurance plan without realising that such policies rarely cover the full value of the artworks. So, if damage or loss were to occur, the collector would receive less for the damaged item than what it’s worth.
That said, it’s wise to review the terms and conditions of the policy you’ve already purchased or plan on purchasing. If the policy does not cover the full value of the artwork, you’ll want to select an art insurance coverage plan that provides Agreed Value Cover for limited-edition and high-value pieces. In some cases, this can even insure the loss in market value if damaged.
Expat Insurance offers policies specifically designed to protect your art collection both in Singapore and overseas. The team can facilitate the process of adding art insurance on to your home contents insurance policy, and customise it to your collection. What’s more, they work with dedicated professionals who can value your art, advise on how to transport, store and display the pieces, and offer guidance on maintaining your precious pieces.
#4 You travel for business or pleasure
Most standard travel insurance plans have very minimal coverage for personal possessions. So, if you travel a lot, you’ll want to consider getting comprehensive cover under your home insurance plan. This will ensure that your jewellery, golf clubs and any other portable valuables are covered when taken outside of Singapore.
In conjunction with your travel insurance, Expat Insurance can arrange comprehensive cover under your home insurance on a worldwide basis.
#5 You’re planning to relocate to another country
Protecting your belongings while they’re in transit is just as important as protecting them while they’re in your home. But, getting a house full of boxes from point A to point B across continents always comes with potential risks. That’s why relocation insurance is recommended, especially for long distance moves.
Expat Insurance has a relocation insurance policy that provides protection for household items and valuables. It’s designed to offer maximum cover during one specific move. And, it can be purchased as a stand-alone addition that’s separate from home contents insurance.
The policy starts from the moment those boxes leave your current residence, and continues until they’re delivered to your new doorstep. Don’t know your new address yet? No problem! You can choose to have your belongings kept in storage for up to 60 days upon your arrival.
Want to find out more about home insurance?
Get in touch with Expat Insurance to find out the best ways for you to protect your valuables, with either home contents insurance or travel insurance.