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Fix the horrible coverage gap you never knew existed [with FWD Home Insurance]

Posted 15 April, 2018 by Surely
in Product Reviews

Do you have Home Insurance?

As a homeowner, you are likely to nod your head. You may vaguely remember that you had to purchase a house insurance at the time of the purchase. After it, it is compulsory, isn’t it?

Unfortunately, it is likely that your answer is incorrect. 7 in 10 home occupants in Singapore do not actually have a Home Insurance that covers the contents in their abode. What you probably have is actually a standard Fire Insurance for either your HDB or condo unit.

Clueless about the difference?
It is high time that you to learn to plug that gaping coverage hole you never knew about.

 

Popping the hood on HDB Fire Insurance

 

Fire Insurance, as the name suggests, is an insurance policy that covers fire-related damages. At the same time, you are also insured against other hazards. This is a non-exhaustive list, arranged from a scale of the expected to plain ridiculous:

– Burst & Overflowing of Water Pipes
– Fire in Adjoining Property
– Damage from Extinguished Fire
– Earthquake, windstorm (well, almost never)
– Aircraft Damage (Wow. Just wow)

Not that we have any complaints about the any of them.  In fact, we are happy to report that list of insured perils looks pretty comprehensive. What really strikes us hard is the following clause:

 

 

The keywords that should set your alarm bells ringing are “by the HDB”. Essentially the policy is set out to provide insurance protection for the items that are installed by the HDB and not your personal items.

This means your clothes, entertainment systems, musical instruments, furniture, and your Roomba – are all not covered.

 

More exposed than you realise

 

What is so frightening about that clause is it renders everything that was installed at your own cost out of the coverage scope of your Fire policy.

Every. Single. Thing.

That includes that customized brick-wall styled TV console that hides those ugly wires. The walk-in wardrobe that attracts gasps from envious visitors, as well as that life-saving air-conditioner that makes the hot season bearable.

 

Say Goodbye to the $88,000 that you have splashed on your home renovation.

 

On a similar note, your possessions are not insured too. We are talking about the pricey but totally-worth-it massage chair, the state-of-art flat screen TV as well as the old and creaky bed that you can’t get rid of because your kids somehow love it.

If you think about it, the irony is strong – your Fire Insurance doesn’t protect your possessions from that one thing that it is named after.

 

FWD Home Insurance – a Policy that actually benefits you

 

Take a moment to let those facts sink in.
It’s pretty shocking and scary, isn’t it?

Having Fire Insurance only is akin to having coverage on your jewellery box without insuring the diamond ring itself –missing the entire point.

You want to have the financial means to replace your home contents.
You want to be able to afford renovation work if your house is burnt down.
You want to have a place to stay and store your undamaged belongings while your home is restored to its former glory.

With little surprise, FWD Home Insurance covers all of the above.
Now you have the assurance that you shall not be left stranded after your home has been ravaged by fire or other insured peril. Speaking of which, loss due to theft (which is not covered under Fire Insurance) is included in FWD Home Insurance, which is a plus point.

Is your rental income affected by the fire?
How about the maintenance charges for your home?
Amazingly, these fringe benefits are included in the package.

As you can see clearly, a Home Insurance looks out for you and your family whereas a Fire Insurance benefits mainly HDB/Building Management.
Your decision to buy has just become rather simple.

 

When it comes to your home, every detail matters

 

An exquisite design does not turn a house into a home.
The DIY painting on the wardrobe, the height measurements markings of the kids on the wall and the fond memories of cuddling up to your partner on the giant beanbag are the difference makers. These minor yet familiar personal touches are surprisingly important.

That is why a reliable Home Insurance is vital.
It has to be omnipresent.
And it has to cover everyone in the household.

When we talk about everyone, we really mean everyone.  With FWD Home Insurance, you have the option of insuring your beloved canine buddy. It is really an awesome add-on for those who consider their animal friends as part of the family.

 

home insurance

Hooman, waddya need to save a few dollars for, you tightwad!

 

If there was one thing that we learnt from the recent Shield Plan saga, is that people get riled up when you make them pay during a time of need.

The concept of “a friend in need is a friend indeed’ is very much applicable here. This is where FWD really shines through – not having to pay any excess during a traumatic period.

We usually call our insurers when really terrible things happen. Not anymore.
Just like a family member who you can contact for minor assistance, FWD has a line open for you whenever you require electrical, plumbing, locksmithing and air-conditioning services.

Be it during peacetime or extreme hardship, you can seek help from your insurer.
It can’t get any more reliable than this.
Make your house a true home

 

A home is a house but a house may not a home.

A house is merely a place that you stay in while a home is a safe haven to seek refuge from. That makes home a place that is definitely worth protecting.

No one can guarantee that your home will not be damaged but now you can have it financially covered so that you can restore it to its original state with little difficulties.

FWD Home Insurance gives you that assurance.
As a direct insurance company, FWD keeps its premium competitive so that you can benefit the most from the cost-saving.
You can check the premium prices and purchase the plan at www.fwd.com.sg/home-insurance.

Simple. Reliable. Direct.
That is the way you want your home insurance to be.
Wait no further and fix your home coverage gap with FWD Home Insurance.

www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

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