home insurance?

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chopra

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henrylbh said:
I am more concerned with third party liabilities than own loss. What's the loss of kid bike and wife kitchen equipment when you cannot claim on more expensive equipment like furniture, piano, laptops etc and in my case gold pieces exceeding 20k and a 10k note.
When my kitchen pipe leak and caused damage to my downstairs neighbour's kitchen cabinet I thought insurance would pay. Insurer denied claim unless my neighbor takes legal action against me. In the end I paid for my own and the damages to my neighbor.
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ya i think we all need some datapoints…. i dunno how to gather. probably affected ppl are too traumatised to share ……….



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a4973

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henrylbh said:
I am more concerned with third party liabilities than own loss. What's the loss of kid bike and wife kitchen equipment when you cannot claim on more expensive equipment like furniture, piano, laptops etc and in my case gold pieces exceeding 20k and a 10k note.

When my kitchen pipe leak and caused damage to my downstairs neighbour's kitchen cabinet I thought insurance would pay. Insurer denied claim unless my neighbor takes legal action against me. In the end I paid for my own and the damages to my neighbor.
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Then you should have asked your neighbor to sue you for damages.
 
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DevilPlate

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I just take up the home insurance recommended by my lender (bank) and continue until I sell the property.

If buy property using full cash, then need to do research and DIY liao.

Yes, I will always buy a basic home insurance for peace of mind as it doesn't cost much (~$150/year)
 
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DevilPlate said:
I just take up the home insurance recommended by my lender (bank) and continue until I sell the property.

If buy property using full cash, then need to do research and DIY liao.

Yes, I will always buy a basic home insurance for peace of mind as it doesn't cost much (~$150/year)
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this one is usually fire insurance and cover only building structure and does not include your home contents and renovation costs.
 
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DevilPlate

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wira said:
this one is usually fire insurance and cover only building structure and does not include your home contents and renovation costs.
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My primary residence got top up for home contents. (50k coverage)
 
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sohguanh

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HDB if you pay finish no need to buy fire insurance but so cheap at <10 per year I buy. But this only cover basics not your lost assets so as to speak
 
BBCWatcher

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reddevil0728 said:
I guess when probably many ppl on HDB loan, hence the pool is very big. incidence of fire not as high given the grand scheme of things, hence premium can be low
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There's some information about the relative risk in this ministerial answer.

Here's a rough calculation. There are over 1 million HDB flats in Singapore. If you assume about 120 HDB fires per year and a 50% insurance rate that's 60 fires per year or about 300 over 5 years. FWD is probably collecting about $4 million in premiums for those 5 years (average of $4 per flat). If a fire claim averages $13,000 they're probably breaking even (after administrative costs). In reality FWD probably gets some marketing value out of their HDB fire insurance program, so breaking even on the deal would be just fine.
 
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chopra

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DevilPlate said:
Didn't know basic fire insurance for HDB so cheap.
hdb-fire-insurance.png

Everything You Need To Know About HDB Fire Insurance in S'pore
How much do you know about the HDB fire insurance? Is it really enough? Here are other options available for you!
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www.valuechampion.sg
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it looks like fwd is cheaper than chubb for private



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ahnyaahnya

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DevilPlate said:
I just take up the home insurance recommended by my lender (bank) and continue until I sell the property.

If buy property using full cash, then need to do research and DIY liao.

Yes, I will always buy a basic home insurance for peace of mind as it doesn't cost much (~$150/year)
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Basic for $150 / year ?
Mine is that for 3 years . Yours insured for high amount?
 
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sohguanh

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ahnyaahnya said:
Oh? We need to renew the HDB fire insurance ? Didn't know that . I thought it's auto included.
So I don't have if I didn't renew (my flat is paid up) ?
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That is correct. It is not mandatory if your HDB flat is all paid up. But then at less than $10 per year I think it is well affordable so best to get one. The appointed HDB fire insurer this year they sent me letter is FWD I pay about $7+
 
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ahnyaahnya

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sohguanh said:
That is correct. It is not mandatory if your HDB flat is all paid up. But then at less than $10 per year I think it is well affordable so best to get one. The appointed HDB fire insurer this year they sent me letter is FWD I pay about $7+
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I have insurance from GE . Contents etc.
But HDB one is on infrastructure. My friend replied just now, said... doesn't belong to you , so don't insure!
 
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sohguanh

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ahnyaahnya said:
I have insurance from GE . Contents etc.
But HDB one is on infrastructure. My friend replied just now, said... doesn't belong to you , so don't insure!
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Mandatory if haven't pay finish HDB loan. Pay finish optional but I got some conscience lar $7+year really affordable and chance of my HDB kena fire is low I would think haha
 
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ahnyaahnya

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sohguanh said:
Mandatory if haven't pay finish HDB loan. Pay finish optional but I got some conscience lar $7+year really affordable and chance of my HDB kena fire is low I would think haha
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Me too. Rather pay that $7+ .
When buy insurance, the hope is to not have to try to make a claim.
 
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