Our home is more than just a physical place that we live in. It is a sanctuary of our own treasure troves – filled with memories of special moments shared with loved ones, of memorabilia collected over time, decorated with items that give us comfort and pride. A place that is filled with indelible marks of our presence. We take much time and effort to build a home just the way we want it to be.
However, how many of us would consider: what if in an unfortunate event that we lose these to causes beyond our control such as fire, theft, or damaged by water leakage and so on? We may lose all the physical items within. In the case of a fire, the place we once call home may become inhabitable.
It is not purchasing a new house in so much as how do we reinstate the place to what we know as home?
While such events cannot erase the beautiful memories created previously, what would it take to reinstate the physical state of the place back to a habitable place? Where would we stay in the meantime?
But wait! Don’t we have Home Insurance? Isn’t that supposed to support us in such situations?
Home insurance, which is usually a mandated requirement by the bank that provides you with a housing loan. This essentially covers fire, flood, or any damages to the physical structure of your home – landed houses, HDB or private condominiums.
Home content insurance
Home Content Insurance however, pays a sum to allow you replace the things within your home should such an unfortunate event occur. Items that can be replaced may include appliances, AV equipment, electronics, furniture, jewelries, and personal effects. The coverage and items included in the policies may vary from one insurance provider to the other. These may be covered in the event of gas explosion, electrical short circuits, water damage, and theft and so on.
Is it worthwhile buying this insurance?
Only you would know the value of your home contents mean to you and your family. If spending about $100 a year (coverage differs with different premium amongst the providers) would you peace of mind, to have the chance to reinstate a guttered home or a home emptied by theft, then it would be worth the while.