With the increased costs of living, most home and business owners choose to forego some things in a bid of making some savings in the long run. One of these things is fire insurance. A cover against fire is not always rushed to as the first kind of insurance, primarily because fires occur less often. And while this kind of reasoning has a strong basis, the importance of home fire insurance Singapore cannot simply be swept aside.
It’s a question that triggers a big debate, but what’s certain is that the risk of a fire starting is very real. And this solitary reason is enough to qualify home insurance Singapore as important. Granted, recently established residences are less prone to fires because of better wiring, and fire prevention and control measures like alarm and sprinkler systems. But that same guarantee cannot be made to the older buildings that are decades old. And even with that, accidental fires do occur because of unattended cooking or lightning strikes on the new residences. Should a fire happen, a fire claim will have one of either two conclusions? The insurance company will pick up the burnt pieces of your house and put it back together, replacing anything and everything that was destroyed in the fire. If not, it will cater to the costs of replacements by offering a compensatory amount equal to said costs.
The importance of home fire insurance Singapore can simply not be understated. Considering the dramatic loss that would occur if your whole house burnt down, you cannot even begin to fathom where to start in case you lack an insurance cover. It doesn’t have to be super expensive to get a fire insurance cover, more so with the abundance of insurance companies that offer attractive packages. With fire insurance, its overall worth will be determined by the kind of policy that you choose.
A comprehensive home insurance Singapore policy will cover everything from the physical house itself, the personal belongings you have, people living in the house, including your pets, and so on. It, however, comes with more expensive premiums because of the extent of the cover. Some policies will only cover the house and the stuff inside it. It is good to define the kind of cover you might want before purchasing one, especially if you know you live in a high-risk area, like one prone to wildfires.
Don’t simply cast aside fire insurance by underestimating the risk of it happening. Take at least a basic policy that will cater to the replacement costs. The premiums associated with it are rather affordable. And remember, it’s better to have it and not use it than need it and not have it.