home insurance?

[sgdividends]

Which home insurance covers water pipe burst and damage own and third party property?

I read through the tiq one, very ridiculous, excludes burst pipe if it's concealed!?!

I mean , most private property pipes are concealed right ?

 

[wira]

was reading the recent article on victims of house fires ...

Anyone knows usually whats the process to claim such insurance for fire ? like for eg if my home insurance covers reno damage up to $200K, how do i prove what is the damage ? Do i need to itemise the damage which would be difficult and traumatising to do so esp if you are victim of house fire right ?


https://www.todayonline.com/singapore/victims-house-fire-trauma-scdf-2142201

 

[BernardWYF]

Does anyone has a good cheap home insurance plan to recommend?

 

[rachdanon]

I did some research a month ago, and went for Tiq.

 

[reddevil0728]

Does anyone has a good cheap home insurance plan to recommend?

usually good and cheap doesn't come together.

really depends on what you are looking for.

 

[xtwis7]

Does anyone has a good cheap home insurance plan to recommend?

Make sure the cheaper ones you find aren’t penalising for under insurance clause. Most home insurance isn’t really too far off from one another. Perhaps if you’d like you can state your current housing type and the level of coverage required.

 

[Muneyzmart]

Which home insurance covers water pipe burst and damage own and third party property?

I read through the tiq one, very ridiculous, excludes burst pipe if it's concealed!?!

I mean , most private property pipes are concealed right ?

All insurance companies do not cover the bursting of pipes due to wear and tear. They do cover damages made to your property as a result towards bursting of pipes.

 

[Muneyzmart]

Make sure the cheaper ones you find aren’t penalising for under insurance clause. Most home insurance isn’t really too far off from one another. Perhaps if you’d like you can state your current housing type and the level of coverage required.

Yes, try to search for home insurance policies that has a first loss as opposed to average clause as the likelihood of under insurance is highly likely - more so if you had purchased a 'off the shelf' product

 

[elvintay07]

My friends typically laughing at me for buying home insurance. They claimed that for condo, bank will usually cover. I got no balls because I thought bank usually only cover building. Renovation and content I thought we have to ownself buy

 

[reddevil0728]

My friends typically laughing at me for buying home insurance. They claimed that for condo, bank will usually cover. I got no balls because I thought bank usually only cover building. Renovation and content I thought we have to ownself buy

Banks coverage for condo is more like they require you to cover not they cover for free.

anyway also depends on bank.

some banks accepts MCST insurance.

anyway those are just for “4 walls”

n yes reno n content is on your own.

 

[elvintay07]

Banks coverage for condo is more like they require you to cover not they cover for free.

anyway also depends on bank.

some banks accepts MCST insurance.

anyway those are just for “4 walls”

n yes reno n content is on your own.

Thanks bro Reddevil. My impression is same as yours. Usually banks protect their own interest and as long as we take their loan, they will use MCST insurance which covers only basics. I more concerned about anything that screw my own space. So I need a renovation insurance and content coverage

That is why don’t buy too expensive items. I got no Rolex, Hermes.

 

[reddevil0728]

Thanks bro Reddevil. My impression is same as yours. Usually banks protect their own interest and as long as we take their loan, they will use MCST insurance which covers only basics.

not really they will...depends on the bank if not wrong... some may need u to buy extra

I more concerned about anything that screw my own space. So I need a renovation insurance and content coverage

That is why don’t buy too expensive items. I got no Rolex, Hermes.

the content coverage really depends on what u want to cover. so u can have expensive stuff but opt not to cover those.

 

[~sabaisabai~]

I bought from MSIG

 

[BBCWatcher]

Home (or renter's) insurance is also typically bundled with personal liability insurance. I've seen as much as S$5 million of personal liability coverage bundled with home insurance policies. (Has anyone seen anything higher?)

If you've got some assets to protect from adverse court judgments against you — and presumably you do if you have substantial equity in a private condo in Singapore — then the personal liability insurance coverage can be more important than the "inside the 4 walls" coverage.

As always, read the policy documents carefully before buying any insurance. There are often significant limitations. For example, personal liability insurance sold in Singapore may limit or even exclude legal claims against you lodged outside Singapore.

 

[DevilPlate]

My friends typically laughing at me for buying home insurance. They claimed that for condo, bank will usually cover. I got no balls because I thought bank usually only cover building. Renovation and content I thought we have to ownself buy

recently ocbc loan doesn’t require home insurance as they claimed that MCST building insurance is sufficient.

But i would still recommend to have it more for 3rd party coverage. (Usually less than $100 and also cover up to 30-50k contents)

 

[BBCWatcher]

recently ocbc loan doesn’t require home insurance as they claimed that MCST building insurance is sufficient.

It could be sufficient for OCBC. The mortgage lender is only interested in protecting its (maximum) 75% equity in the home. Whether that insurance coverage is sufficient for the borrower is a separate question.