Design: Atelier Here
#1. Not knowing what the fire insurance policy actually covers
A fire insurance policy covers the homeowners for losses or structural property damages resulting from a fire. The fire insurance compulsory is compulsory for HDB with HDB loans (commencing on or after 1 September 1994) and private properties brought with bank mortgage. The current appointed insurer for the HDB Fire Insurance Scheme is the FWD Singapore Pte Ltd and the insurance is valid for 5 years. The fire insurance policy does not cover the home contents (such as furniture, renovations and personal belongings) in your property and also, do NOT cover the damage caused by fire if you or one of the home occupants is the fire starter. During such an unfortunate situation, you may be found liable for damages caused to your neighbors or their properties too.
Do you know?
Most fire insurance for buildings cover against damages caused to an apartment/unit by:
Bursting or Overflowing of Water Tanks and Apparatus;
Road Vehicle Impact;
Riot and Strike and;
Earthquake, Windstorm and Flood.
#2. Not getting additional home contents insurance for full protection against damages
Extending protection beyond fire insurance is a must, especially if you have invested so much in the home renovation and furnishing. The good news is that you will be able to purchase a separate home contents insurance policy from an insurer of your choice! You should compare the list of general insurers and its costs at the popular home insurance comparison portal at MoneySmart prior making a choice.
Do you know?
Most Home Contents Insurance covers the following:
Home contents* including furniture, renovations;
Personal belongings against loss and damage from perils like fire, flood, burglary & theft;
Provides extra cover like alternative accommodation expenses or loss of rent when your home becomes uninhabitable and;
and the policy is also applicable to tenants.
*Home contents include the following:
Personal effects** and;
Fixtures & Fittings which do not form part of the building
**Personal effects are the items that you wear or carry outside of the home on a day-to-day basis:
Clothes, Wallets, Purses, Handbags (excluding documents);
Jewellery (including smart watches), Glasses;
Personal organisers, Mobile phones, Mp3 players, Earphones/headphones , Laptops, Tablets;
Cameras (i.e. DSLR, GoPro; including lenses), Portable gaming devices and;
Medication, Small Medical Devices.
Design: Ascend Designs
#3. Not consolidating and inventorying your home contents
Prior purchasing a separate home contents insurance policy, you have to know the total value of your home contents*. As you would have likely purchased new appliances or home furniture after you have moved in, tracking the home content list and the value in an excel sheet is the easiest way. As this list will grow over time, you should maintain and keep a copy in the Google Drive for ease of access.
#4. Not registering and claiming the warranties
Most home appliances, electronic devices and computer peripheral comes with warranties. After registering them, consolidate them with the warranty dates, along with the contact numbers and emails in the excel sheet to keep track of the warranty expiry dates. As your home renovation is also covered under a warranty period, it should also be tracked together in the same list too. Doing your due diligence to claim the warranties where necessary, will save you a lot of time, effort and money down the road.
Design: Zenith Arc
#5. Not reviewing whether the home renovation assumptions are valid
During the renovation phase, there is a list of assumptions which you have made which has impacted the design and the outcome of the home renovation. To find out whether if the assumptions made are actually valid, you should do a quick stock take and review with your renovation professionals after you have moved in for 3-6 months, to ascertain that your interior design is the right lifestyle fit for you and your family. One of the most common assumption is that the storage set aside and the type of lightings used is adequate for the family and that the materials selected need minimal maintenance. If you have discovered a significant gap between the perceived and actual requirements, you should discuss with your renovation professional on the follow-up renovation additional/replacement works where necessary. Since your renovation professional and team is already familiar with you and your property, it will be much easier for them to work on the additional improvement works.
#6. Not recording down the home renovation mistakes and insights
It is likely that you will undergo a few more home renovation projects in your lifetime and avoiding costly renovation mistakes will save you tons headaches and money. Therefore, making a metal note of the mistakes made or insights gained during the renovation journey, might not be enough. This is because you could have forgotten most of them by the time you embark on your next renovation project, years later. Who knows, this might the most valuable knowledge which you can pass down to your children! Hence, the easiest way to get around this is to keep a journal and keep yourself constantly updated with the latest renovation insights and advices from renovation portals like RenoNation.sg.
This article was originally posted on Renonation.sg, Singapore’s leading renovation and interior design site.