Homeowners insurance covers your house if it burns down, your possessions if there's a break-in, and medical and legal bills if someone gets hurt on your property. Homeowners insurance typically only covers the owners or occupiers, and offer enough coverage to protect assets at risk — building, renovation works, physical household items and personal belongings — for a list of insured events such as theft, natural disasters or any malicious acts by others. Some policies, e.g. FWD policies offers Zero Excess, which guarantees that you’ll not be charged for any excess when you have a claim due to burst pipes or fire.
However, homeowners insurance might not offer protection if you decide to rent out your home. Landlord insurance does. Set aside half a day to research policies.
If you’re renting out your home (whether you’re a homeowner turned landlord or just sub-letting) it might not be covered by home owners insurance, so look into landlord insurance instead. Usually home insurance doesn’t cover rental activities, and a dedicated insurance is usually needed. Why? Landlords face challenges when it comes to maintaining the property and many unpredictable expenses also mean a bigger hole in your budget. That’s why Landlord Insurance is here to patch things up, so your profit stays in your pocket.
The common types of tenant-related risks include loss of rental income while the unit is uninhabitable, and non-payment. In fact, structural damage and property destruction are also hard-to-ignore realities; nothing lasts forever after all. However, there are things that last much longer when you take the right step, like your peace of mind.
Does all of this sound intimidating? Home Insurance protects homeowners against the unanticipated expenses that may arise should you ever encounter challenging situations; Landlord Insurance can help cover potential financial pains.
Whether you’re looking out for the roof over your head, your personal belongings or rental income, you can always rest assured that your peace of mind is protected. Personalise your cover and get the best home insurance in Singapore