Property/asset damage
What makes it so necessary to buy insurance?
Common reactions from the general population in singapore.
"Not many will think it likely that I'll be so unlucky"
I'm covered against the risk of a fire in my residence.
The above may sound familiar to most of us who do not believe in or have not purchased home contents insurance. But let’s take a look at reality :
If you reside in an apartment, it's possible that uncontrolled fire or water damage from a neighboring unit may cause harm to your living space and personal items without any fault of yours.
When such incidents happen, they can have a major impact on your liquidity. Just think of the amount of work and expense required to fix your property and replace the furnishings and belongings. This potential problem does not apply to only homeowners and landlords, it affects all of them too.
Though Singapore is not at risk of burglaries or extreme weather conditions such as tornadoes and hurricanes, you should still seriously consider obtaining home insurance to protect your property; neglecting to do so could prove costly.
How much is the worth of the items inside your home?
Those days when our ancestors kept their valuable belongings in a Milo tin and tucked the box away beneath the bed are no more. Nowadays, most of us save money in banks instead of having large amounts held at home; however, there can be a much higher worth than expected inside your residence. It may take some time for you to realize it, but things like expensive wristwatches, computers, mobile phones, furniture pieces, carpets and other kitchen appliances all add up to an impressive sum.
Insurance can be a really helpful resource, but it's just one step of many when it comes to securing your home. Whenever you're considering coverage for your house, it's best to err on the side of caution. Here are some things you should know in order to safeguard your dwelling!
