Home Content Insurance and Why It Benefits Your Family

family insurance

Your home is your castle, a place of rest, somewhere you can be yourself and enjoy the fruits of your labor. Therefore, it must be protected. With contents insurance, your household possessions are covered against loss, theft, or damage. You could be the most diligent person living in the safest location, but disasters and accidents don’t respect those.

Let’s look at what content insurance is all about and if it’s worth your while.

Knowing how much contents insurance you require

The simple way to know how much your possessions are worth is to know how they cost. Ideally, you want to have enough coverage that will allow replacement if something unexpected happens to your home.

To acquire the total, go around the house and add the items. Include what’s in the loft, the garden, the shed, and the garage. You can use a good old notepad and excel sheet or an app. Be thorough and as accurate as possible.

Valuing items too low leads to you being unable to replace them properly. Valuing too high could mean paying more for the contents insurance. A lot of individual things can quickly add up. For example, you may be surprised at how much your computer peripherals and game collection come to.

Common insurable claims

  • Furniture – Tables, sofas, chairs, beds, and wardrobes
  • Valuables – jewelry, art, and ornaments
  • Floor coverings – carpets and rugs
  • Soft furnishings – curtains and cushions
  • Sport and leisure – computer games, sports equipment, bikes, musical instruments, books, and toys
  • Electronics – TVs, phones, laptops, and games consoles
  • Appliances – ovens, hobs, washing machines, fridge freezers, and microwaves
  • Eating and drinking – utensils, china, glasses, cutlery, food, and drink
  • Garden and DIY – garden furniture, mowers, hot tubs, ladders, and tools
  • Linen – towels and bedding
  • Clothes and shoes

Random disasters and circumstances happen whether we like it or not. Home insurance Singapore insurers offer covers you whether you’re affected by accident in your home or your neighbor’s. Should your home get damaged via an insured event, you can claim for repairs or replacement of renovations and home contents.

You will receive reimbursement for loss of rent and incurring costs for staying at an alternative accommodation, which is claimable if your home becomes uninhabitable due to an insured event.

If a household member becomes legally liable for compensation, you’re insured worldwide. For example, if a fire at your home spreads to the neighbor, you’re sued for damages; you’re covered. This benefit applies to damage to property belonging to others and even accidental death or injury to third parties.

Getting insurance for your home contents

Thankfully, there are good home insurance Singapore banks offer to protect your home against the unexpected with up to S$350,000 coverage. Basic, affordable insurance will help you mitigate losses if you encounter mishaps like a fire or a burst pipe at home.

You can even tailor the policy to suit your needs with optional add-ons. Top home content insurance providers offer the flexibility to add these benefits based on your needs:

  • Optional Add-on 1: Worldwide coverage for your personal belongings.
  • Optional Add-on 2: Coverage for sports equipment at home, such as bicycles or treadmills

Insurance becomes necessary as accidents happen regardless of our preparation and carefulness. Think about managing if your home was damaged by fire or stolen and you didn’t have home contents insurance. Weigh up that peace of mind against the cost.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.