3 Tips to Protect Your Home Investment from Accidents and Theft

At least 1 in 5 families has a 20% chance of experiencing either a theft, housebreaking or fire in their residence in any given year, according to ValueChampion's 2019 assessment of the Singapore Police Force and Singapore Civil Defense Force's data.

Although these incidents have been declining in their frequency over the last few years, the math makes out that 1 out of 5-10 families have a 20% chance to experience one of these incidents in a lifespan of 50 years.

Image Source: Value Champion

Most Singaporean homeowners should already have the mandatory fire insurance policy for their residences, which protects the "structure" of your flat or home. However, these policies won't provide protection for their furniture, personal home contents (i.e. jewelries or electronics) or even renovation works, which can easily be worth tens of thousands of dollars.

Image Source: Value Champion


Make Sure To Have a Good Home Insurance Policy

Purchasing a good "home contents insurance" or "home insurance" is a very economical way of protecting yourself from these home hazards. Below, Valuechampion has listed some home content insurance policies that reimburse you for your damaged personal belongings for as little as S$30 to S$50 per year. If you were to consider this over 50 years, the total cost would be around S$2,500 or less - a paltry sum compared to losing $20,000 - S$80,000 worth of renovation work & furniture.

Image Source: Value Champion

Save Records & Receipts, Document Any Damage

In order to make use of these policies, It's important to keep a record of your big "home transactions" like purchase of furniture and renovation work. Insurance companies will require you to provide a record of all items that were destroyed or damaged along with their purchase price in order to qualify for reimbursement. Keeping electronic copies via email or Cloud is a convenient and easy way of storing such records, especially for major renovation work, furniture and appliances.

Prevention Is the Best Remedy

As with medicine and health, prevention is better than cure. It's sobering that the biggest causes of fires in residence are simple things as rubbish chute and unattended cooking  Put out your cigarette bud before throwing it away. Set alarms to remind yourself to check your stove or oven regularly. It’d be prudent to purchase a fire extinguisher and a fire alarm, as well as an actual alarm and some good locks to protect and deter any break-ins.

Infographics and Content Credit: Value Champion

Edited by the Renopedia Team

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