Some Home Fire Insurance Protection Scheme only covered against damage to the internal areas of the house, which generally includes the floor slabs, internal partitions, ceiling, doors, windows, internal sanitary fittings, electrical wiring, etc. Any loss or damage to your renovations, or household contents (like furniture, decorations, electrical appliances and personal possessions etc.) is not covered.
There are some mortgage fire insurance will only cover you against damage to the building structure, including its permanent fixtures and fittings. Any loss or damage to your renovations, or household contents (like furniture, decorations, electrical appliances and personal possessions etc.) is not covered.
Look for a comprehensive home insurance plan
Look for a comprehensive home insurance plan that insures your renovations and contents within your home against fire, explosion, flood, theft and other causes specified in the policy. Best of all, some may even top up with offer benefits like Worldwide Personal Liability, Worldwide Family Accident Protection and Emergency Home Assist at no additional cost.
Does your home protection plan cover risks insured against for home contents?
Look for a home protection insurance scheme that covers for physical loss or damage to the renovations and contents in your house caused by any of the following causes:
1. Fire, lightning, domestic explosion
2. Hurricane, cyclone, typhoon, windstorm, earthquake or flood
3. Water discharged or overflowing or leaking from pipes, water systems or installations, roof, roof guttering and down-pipes in your house
4. Impact by any land vehicle or any animal.
5. Civil commotion, disturbance and riot
6. Malicious act of any person
7. Theft accompanied by violent or forcible entry into Your Home
What is the meaning of Sum Insured?
The "sum insured" is the insured value of the property and the maximum amount an insurer will pay if it is totally destroyed by an insured peril. The sum insured should reflect the cost of replacing the insured property to its original condition (or its equivalent) at the time just before the damage occurred.
How much can I claim for my renovations / contents?
Depending on the insurance plan, the maximum amount that you can claim will be up to the sum insured specified in your Schedule, or not more than a certain percentage of the sum insured on content.
When making a claim, your insurance company may send a loss adjuster to inspect the damaged property and/or assess your loss. Therefore To facilitate the processing of your claim, you should take photographs of the damaged property; present Quotations of repair or replacement of the damaged property; make a Police report if necessary.
Ito Nakamura is An Expert Author in Personal Investment, Credit Loans and Insurance Policy.
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