Property insurance broadly refers to insurance coverage for losses related to residential and commercial properties when certain events occur. There are 3 main types of residential or home insurance which are commonly bought by Singaporeans and they are:
This type of property Insurance covers the cost of repairing the internal and external structures of your property. It does not cover the renovation, valuables, furniture, etc. inside your property.
- Office Contents and Home Contents Insurance
What is not covered in fire insurance is substantially covered by home content insurance in the event of fire. You can be compensated for the renovation, furniture, equipment, valuables which are damaged when there is fire, flood, theft, etc.
Most people borrow from bank or take a loan over many years when they bought their Singapore property. Some even need to service the loan till they retire from workforce. The danger lies with the person servicing the loan or making monthly repayment of loan. What if he or she dies or is permanently disabled and can no longer generate the income to repay the loan? The home owner and his or her family may not have a place to live in if they cannot afford to continue the settlement of loan and are not covered under this type of property insurance (i.e. mortgage insurance).
Fire, home contents and mortgage insurance are popular property insurance because the insurance covers high risk areas which commonly happened and the need for such property insurance is easily understood by home owners.
Commercial Property Insurance
For businesses, commercial property insurance is necessary to cover losses of damaged stocks, office equipment, tools, laptops, computers and servers when there is theft, fire, flood, vandalism or other unfortunate events as well as the loss of income due to such events.
Businesses should also explore other critical insurance like keyman insurance and work injury insurance.
Discuss your needs with our insurance professionals and we will be able to recommend you the appropriate insurance coverage. In addition to local and overseas property related insurance, we also takes care of client's travel insurance, pet insurance and other business insurance needs. We are proud to announce that we are able to source for very competitive rates for travel insurance with great coverage both for personal and business trips.
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