It’s no secret that Singaporeans spend a significant amount of our money on property, whether it’s investing in a new condominium or renovating our HDB flat. And in case you didn’t know, we have one of the highest homeownership rates in the world, at 91 per cent.
Yet, many Singaporeans don’t protect their homes with insurance coverage. This is probably because we are not too clued-in when it comes to home insurance despite being proud homeowners – leaving us vulnerable in the long run.
The most common types of risk for Singapore homes include fire or water damage, as well as theft. According to The Straits Times, a 2016 survey by AIG found that water damage accounted for 31 per cent of claims, fire damage for 13 per cent and theft for three per cent.
We decided to take matters into our own hands and share four little-known facts about home insurance that every homeowner should be aware of.