How to Protect Your Home From Unexpected Misfortune

In Singapore, we are blessed not to struggle with natural disasters like tornados or hurricanes.  Most of us stay in high rise buildings that are generally safe. Given that the likelihood of untoward incidents is low; do we need protection for our homes? If so, what is the critical information you need to know to decide?

Understand what the risks are

Risks come in many shapes and sizes. Some are less likely to happen, but can be extremely distressing, such as your house catching fire or being broken into and robbed. Although rare, you do see cases of these in the news from time to time. Other risks such as slipping and falling over an accidental spill in your kitchen, requiring your locks to be changed due to burglary, or you are liable to the property damage belonging to your neighbours.

All risks come with a monetary cost, as well as an emotional cost, often leading to worry or even injury. In most cases, you will have to pay for the damage yourself.

Decide What is Valuable to you

While it may seem silly and require quite a bit of time, if you are serious about protecting your home, you should take a personal inventory of your current situation.

Do you have jewellery or valuable art pieces? Do you own expensive technology systems or devices that if lost, will cause you distress? Determine exactly what is important to you and what you need to protect.

For example, if you have extensive renovations done, you may consider a higher-tier plan to ensure that you receive a higher protection.

Educate Yourself on the Different Insurance Policies Out There

Don’t play guessing games when it comes to your home insurance policy. Be sure of what your policy does, or more importantly, does not cover. For example, homeowners often assume that fire insurance is the same as home contents insurance; this could not be further from the truth.

Do extensive research and educate yourself beforehand to find out what different insurance plans offer. While some plans may sound similar, there are often hidden clauses that could save you a ton of money if you were to pick the right one. Make sure they cover the items you have deemed as valuable to you.

Invest in a Comprehensive Home Contents Plan for Peace of Mind

Investing in a home contents insurance plan may come at a cost now but that small fee is nothing compared to the assurance that covers a potential big loss in the future if it were to happen. One product you can consider is GreatHome, distributed by OCBC Bank. For a starter, it is one of the few home contents insurance that pays on first loss basis. GreatHome is a first-loss policy, which means regardless the actual value of the contents and renovations; you will be covered up to the maximum of the sum insured you have chosen.

GreatHome complements fire insurance with protection against physical loss of or damage to your household contents and renovations. There are three tiers of plans and based on which tier you select; your household contents and renovations coverage can range from S$75,000 to S$250,000. The essential plan will only cost you as little as S$0.38 per day.

Protecting your home is important. Be sure to do your due diligence to understand the risks, decide what items are important to you, and understand exactly what the various products out there are protecting. Who knows? The small investment you make now may save you a lot of time, money, and hassle in the future. Although it won’t bring back what you have lost, it will give you a platform to rebuild again.

OCBC is currently having attractive offers on different plans; all 1-year plan buyers can expect savings up to S$60 for the first year premium. The promotion is valid till 31 Dec 2018.

GreatHome is underwritten by Great Eastern General Insurance Limited, a wholly-owned subsidiary of Great Eastern Holdings Limited and member of the OCBC Group. GreatHome is not a bank deposit or obligation of, or guaranteed by OCBC Bank.

Policy Owners’ Protection Scheme

This plan is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

This article was sponsored by OCBC Bank.