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4 reasons why fire insurance is not enough for your house

Fire insurance is not enough for your home.

here's what you should know 

1.    Most fire insurances do not cover what’s inside your house

That’s right. Most fire insurances only cover for the building. That means, it provides coverage for damages to structure, permanent fixtures and fittings caused by risks such as fire, burst water pipes, etc. Most homeowners would have had to purchase one during the tenure of their mortgage.

But what if an electrical fire breaks out in your bedroom? Besides the walls, it could damage things like your flat screen TV, designer bed, walk-in wardrobe, laptop, watches and jewellery! Fire insurance typically does not cover your precious personal belongings, renovation works and furnishings – all items you would have spent much time and money on!

Fire insurance is not enough for your home.

To get coverage for loss or damage of home contents and renovation work that are caused by common risks such as fire, theft or burst water pipes, one should get a home content insurance.

Home content insurances that are more comprehensive, such as the Great Eastern’s HomeGR8 Essential/HomeGr8 Plus, extend coverage to deterioration of food and drinks in the fridge due to a power trip at home, loss of pet dog/cat or breakage of fixed glass and mirrors.

Having both fire insurance and home content insurance is recommended, as they complement each other and helps you rebuild your home when accidents happen.


2.    It doesn’t cover personal liability too

If there’s a fire or burst pipe in your home and it accidentally spreads to your neighbours’ and damages their homes, you’re deemed legally responsible and they can hold you liable for their damages or injuries.

In such an event, fire insurance may not be able to offer you any protection for damages to third parties. This can have a huge financial impact. You may need to pay off damages to both your home and someone else’s.

But home content insurance from Great Eastern can cover you for such damages including other benefits such as covering any Alternative Accommodation/Loss of Rent costs up to S$15,000 that you may incur.

Fire insurance is not enough for your home.

3.    Insuring your home is affordable and only takes a few minutes

You can purchase a home content insurance quickly online and basic plans cost less than S$100 per year.


4.    Home content insurances often provide extra benefits

After a fire occurs, you will likely need emergency cash. You may also need help to process claims, salvage important items or arrange for temporary accommodation for you and your family. Home insurances often provide you with such added support, while most fire insurances only cover the dollar cost of repair work. Any help goes a long way when you’re working to restore your home and its contents.

Plus, plans such as the Great Eastern HomeGr8 Essential and HomeGr8 Plus come with add-on benefits that include:

o   Optional Personal accident coverage for both you and your family

o   Optional Personal Effects cover worldwide to cover you, in the event that there is a loss to your belongings (such as your watch or jewellery) while overseas

o   Option for you to increase coverage for things that matter to you, at an added premium

Products that may interest you

HomeGR8 Essential

HomeGR8 Essential covers you for loss or damage to your Building, Renovation and Home Contents due to Fire, Theft or Insured Perils. And there is no penalty for underinsuring.

HomeGR8 Plus

An all-risk and first-loss basis policy that provides comprehensive cover for accidental loss or damage to your Building, Renovation and Home Contents unless specially excluded.

Your financial representative will recommend the most suitable products (not limited to the list above) based on your unique situation and needs. The above is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.

Home S@fe, HomeGr8 Essential and HomeGr8 Plus are underwritten by Great Eastern General Insurance Limited, a wholly-owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group.

These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your Policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd