People tend to pay more attention to insuring their lives, but non-life insurance is critical and warrants equal attention as well. Some of the more common products that cater to the individual include motor, personal accident, medical, home and household contents and travel insurance. Liability insurance is still not common here.

Home And Household Contents
Your home is probably the biggest single investment in your life, but are you adequately insured? Many people in Singapore do not bother to have their property insured even though home protection insurance is widely available.

Most of us who are living in HDB flats are under the impression that the HDB insurance scheme gives adequate coverage. However, not many are aware that the scheme covers only the basic structure of the flat up to the condition when it was first sold by HDB. The scheme does not cover the fittings of your homes like renovation structures and pipes, personal belongings and household items. Replacing these can cost a bomb if something unfortunate happens, such as a fire. Many do not insure their homes because they are not aware of the benefits of such a policy or how little it costs. Premiums in Singapore are very competitive and insuring a five-room HDB flat against major disasters and theft can cost only about S$100 per annum.

Home insurance for the structure come either in the form of comprehensive or on a "named perils" basis. Comprehensive policies cover the building, fixtures, fittings and improvements and insure against a long list of disasters which include fire, lightning, explosion, burst pipes, hurricane, riots, accidental breakage of glass, floods and theft by forcible entry. On the other hand, named perils policies cover only specific causes of damage, such as earthquakes or typhoons.

Next>>